Mystery bullet point on list

On this page I have a list of my categories. I accomplished this by running Exec-PHP and placing the following code in my post box:
<ul>< ?php list_cats(FALSE, ' ', 'name'); ?></ul>

For some reason it’s spitting out an extra bullet at the top of the list.

I have used this method on my archives page as well with no trouble, and on a few other pages. I can’t figure out where this random bullet is coming from, and I only noticed it after upgrading (though I don’t navigate to that page often). Any ideas? I’m sure it’s totally obvious but I have gotten rusty in my CSS skills lately.

Thanks in advance.