Index: src/wp-includes/default-filters.php
===================================================================
--- src/wp-includes/default-filters.php	(revision 35700)
+++ src/wp-includes/default-filters.php	(working copy)
@@ -131,7 +131,6 @@
 
 add_filter( 'the_content', 'wptexturize'                       );
 add_filter( 'the_content', 'convert_smilies'                   );
-add_filter( 'the_content', 'convert_chars'                     );
 add_filter( 'the_content', 'wpautop'                           );
 add_filter( 'the_content', 'shortcode_unautop'                 );
 add_filter( 'the_content', 'prepend_attachment'                );
Index: src/wp-includes/formatting.php
===================================================================
--- src/wp-includes/formatting.php	(revision 35700)
+++ src/wp-includes/formatting.php	(working copy)
@@ -276,12 +276,13 @@
 				// Searching for a digit is 10 times more expensive than for the x, so we avoid doing this one!
 				$curl = preg_replace( '/\b(\d(?(?<=0)[\d\.,]+|[\d\.,]*))x(\d[\d\.,]*)\b/', '$1&#215;$2', $curl );
 			}
+
+			// Replace each & with &#038; unless it already looks like an entity.
+			$curl = preg_replace( '/&(?!#(?:\d+|x[a-f0-9]+);|[a-z1-4]{1,8};)/i', '&#038;', $curl );
 		}
 	}
-	$text = implode( '', $textarr );
 
-	// Replace each & with &#038; unless it already looks like an entity.
-	return preg_replace( '/&(?!#(?:\d+|x[a-f0-9]+);|[a-z1-4]{1,8};)/i', '&#038;', $text );
+	return implode( '', $textarr );
 }
 
 /**