IE 5 not indenting for LI ( and DD)

I just noticed that a client page build ages ago is not rendering correctly 
in IE5, but it still works fine in Netscape 4!

The problem area is the table of contents to the right of the map on
http://www.IslandTime.com/imperial/index.shtml

The table is currently constructed with embedded <UL>'s,   - you will note 
there is no indenting and no bullets!

I've tried adding </LI>, tried changing the top level to <DL>, <DT> & 
<DD>'s, only embedding the lowest level <UL>'s,
and it continues to render without any indents!

The page validates via according to Homesite/CSE3310

Is this a know IE5 problem?

Can someone see something stupid that I'm missing?

Any insights or help would be apprecidated

Thanks in advance,

david
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       Accessing the World from the Gulf Coast of Florida
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