diff --git a/CHANGES b/CHANGES
index 978ff7b1e..6f1745e5e 100644
--- a/CHANGES
+++ b/CHANGES
@@ -27,6 +27,7 @@ Bugs fixed
 * #2684: `sphinx.ext.intersphinx` crashes with six-1.4.1
 * #2679: ``float`` package needed for ``'figure_align': 'H'`` latex option
 * #2671: image directive may lead to inconsistent spacing in pdf
+* #2705: `toctree` generates empty bullet_list if ``:titlesonly:`` specified
 
 
 Release 1.4.4 (released Jun 12, 2016)
diff --git a/sphinx/environment.py b/sphinx/environment.py
index 9d4c174cc..0ff9b781a 100644
--- a/sphinx/environment.py
+++ b/sphinx/environment.py
@@ -1453,7 +1453,10 @@ class BuildEnvironment:
                             # nodes with length 1 don't have any children anyway
                             if len(toplevel) > 1:
                                 subtrees = toplevel.traverse(addnodes.toctree)
-                                toplevel[1][:] = subtrees
+                                if subtrees:
+                                    toplevel[1][:] = subtrees
+                                else:
+                                    toplevel.pop(1)
                     # resolve all sub-toctrees
                     for subtocnode in toc.traverse(addnodes.toctree):
                         if not (subtocnode.get('hidden', False) and
@@ -1499,6 +1502,9 @@ class BuildEnvironment:
         _toctree_add_classes(newnode, 1)
         self._toctree_prune(newnode, 1, prune and maxdepth or 0, collapse)
 
+        if len(newnode[-1]) == 0:  # No titles found
+            return None
+
         # set the target paths in the toctrees (they are not known at TOC
         # generation time)
         for refnode in newnode.traverse(nodes.reference):