Formatted node to variable

If "ListItem" contains "some text" I get:
"Before some text After"

But I want:
"Before <B>some text</B> After"

My stylesheet:
<xsl:template match = "List">
  	<xsl:variable name="var">
		<xsl:apply-templates select="ListItem"/>
	</xsl:variable>
  	<xsl:value-of select="$var"/>
</xsl:template>

<xsl:template match = "ListItem">
	Before
	<B>
		<xsl:value-of select="."/>
	</B>
	After
</xsl:template>

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