File: Data.xml
<?xml version="1.0" encoding="utf-8"?>
<ul>
<li>T</li>
<li>S</li>
<li>W</li>
</ul>
File: Transform.xslt
<?xml version="1.0"?>
<xsl:stylesheet version="2.0"
xmlns:xsl="http://www.w3.org/1999/XSL/Transform">
<xsl:output method="text"/>
<xsl:template match="/">
<xsl:apply-templates select="ul/li"/>
</xsl:template>
<xsl:template match="li">
<xsl:variable name="sub1" select="replace(., '&', '^&')"/>
<xsl:variable name="sub2" select="replace($sub1, '\|', '^|')"/>
<xsl:value-of select='replace($sub2, "'", "''")'/>
<xsl:text>
</xsl:text>
</xsl:template>
</xsl:stylesheet>
Output:
T
S
W