diff --git a/wp-includes/category-template.php b/wp-includes/category-template.php
index 3194ff3d2c..9b685edb11 100644
--- a/wp-includes/category-template.php
+++ b/wp-includes/category-template.php
@@ -606,7 +606,11 @@ function wp_list_categories( $args = '' ) {
 
 			// Fallback for the 'All' link is the posts page.
 			if ( ! $posts_page ) {
-				$posts_page = 'page' == get_option( 'show_on_front' ) && get_option( 'page_for_posts' ) ? get_permalink( get_option( 'page_for_posts' ) ) : home_url( '/' );
+				if ( 'page' == get_option( 'show_on_front' ) && get_option( 'page_for_posts' ) ) {
+					$posts_page = get_permalink( get_option( 'page_for_posts' ) );
+				} else {
+					$posts_page = home_url( '/' );
+				}
 			}
 
 			$posts_page = esc_url( $posts_page );
diff --git a/wp-includes/version.php b/wp-includes/version.php
index ed1be92e5f..7c8c0d3989 100644
--- a/wp-includes/version.php
+++ b/wp-includes/version.php
@@ -4,7 +4,7 @@
  *
  * @global string $wp_version
  */
-$wp_version = '4.4-alpha-35292';
+$wp_version = '4.4-alpha-35293';
 
 /**
  * Holds the WordPress DB revision, increments when changes are made to the WordPress DB schema.