diff --git a/plugins/content_types/term_context/term_list.inc b/plugins/content_types/term_context/term_list.inc
index c5ea4a6..4585611 100644
--- a/plugins/content_types/term_context/term_list.inc
+++ b/plugins/content_types/term_context/term_list.inc
@@ -77,7 +77,9 @@ function ctools_term_list_content_type_render($subtype, $conf, $panel_args, $con
         }
       }
 
-      $block->content = theme('item_list', array('items' => $items, 'type' => $conf['list_type']));
+      if (!empty($items)) {
+        $block->content = theme('item_list', array('items' => $items, 'type' => $conf['list_type']));
+      }
     }
   }
   else {