Saxon and MSXML3 differences

I've encountered unexpected output with both
Instant Saxon and MSXML3.  Do you think it is
the ™ entity, defined in my DTD?

Thanks in anticipation,
lee goddard

<?xml version="1.0" encoding="utf-8" standalone="no"?>
<!DOCTYPE SPC SYSTEM "dtd.dtd">
<?cocoon-process type="xslt"?>
<?xml-stylesheet type="text/xsl" href="test.xsl"?>

<SPC>
	<PRODUCT>ALDARA&trade; 5% CREAM</PRODUCT>
</SPC>

<xsl:template match="/SPC">
	Begin:
        <xsl:for-each select="PRODUCT">
          <xsl:value-of select="text()"/>.&#160;
        </xsl:for-each>
	:End
</xsl:template>

Saxon: 

	Begin:
   | &nbsp;

	:End

MSXML3:

Begin: ALDARA |   :End 

-- 

Lee Goddard     <mail@xxxxxxxxxxxxxx>
-------------------------------------


 XSL-List info and archive:  http://www.mulberrytech.com/xsl/xsl-list