Index: includes/plugins.inc
===================================================================
--- includes/plugins.inc	(revision 789)
+++ includes/plugins.inc	(working copy)
@@ -499,7 +499,7 @@
   if (empty($pane->cache['method'])) {
     $content = panels_ct_get_content($pane->type, $pane->configuration, $args, $context, $incoming_content);
     foreach (module_implements('panels_pane_content_alter') as $module) {
-      $function = $module . 'panels_pane_content_alter';
+      $function = $module . '_panels_pane_content_alter';
       $function($content, $pane, $args, $context);
     }
   }