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In an exploratory scale factor analysis of the Combined Schizotypal Traits Questionnaire, Claridge et al. (1996) reported four schizotypal trait dimensions, which they labelled Aberrant Perceptions and Beliefs, Cognitive Disorganisation with Anxiety, Introvertive Anhedonia, and Asocial Behaviour. The present paper reports the findings of a further examination of both scale and item factor analyses, and proposes an alternative five-factor model. Positive and negative schizotypal trait factors emerged separately from general personality factors pertaining to extraversion, neuroticism, and psychoticism, showing that schizotypal traits cannot simply be reduced to the Eysenckian personality dimensions. The positive schizotypal factor also exhibited strong loadings on measures of delusions, suggesting that delusional cognition is a major component of schizotypal personality. The present five-factor model (supported by LISREL confirmatory factor analyses) may have important implications for future research into and clinical assessment of schizotypal personality traits.