my invisible characters are not displayed properly

For some reason my invisible characters are not displayed properly. I have to source my vimrc a second time for the 'list' setting to work.

Here is my setting for 'listchars'
set listchars=tab:►\ ,eol:¬,trail:●

The results of the invisibles not being displayed is in the attached file called invisibles_wrong.jpg.

If I source my vimrc again, everything is working. You can see the result in the attached imaged called invisibles_right.jpg

Can anyone explain why this is happening?

Any help is appreciated.

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