Index: wp-includes/formatting.php
===================================================================
--- wp-includes/formatting.php	(revision 7508)
+++ wp-includes/formatting.php	(working copy)
@@ -828,10 +828,7 @@
 
 function wp_trim_excerpt($text) { // Fakes an excerpt if needed
 	if ( '' == $text ) {
-		$text = get_the_content('');
-		$text = apply_filters('the_content', $text);
-		$text = str_replace(']]>', ']]>', $text);
-		$text = strip_tags($text);
+		$text = get_the_content();
 		$excerpt_length = 55;
 		$words = explode(' ', $text, $excerpt_length + 1);
 		if (count($words) > $excerpt_length) {
@@ -839,6 +836,9 @@
 			array_push($words, '[...]');
 			$text = implode(' ', $words);
 		}
+		$text = apply_filters('the_content', $text);
+		$text = str_replace(']]>', ']]>', $text);
+		$text = balancetags($text); //strip_tags($text);
 	}
 	return $text;
 }