The term “dream” can only be applied to the results of the dream-work, i.e. to the form into which the latent thoughts have been rendered by the dream-work.
Freud insists on a categorical distinction between dream and latent thoughts, reserving the term ‘dream’ exclusively for the product of the dream-work’s transformation of latent content.
, Introductory Lectures on Psycho-Analysis, 1917thesis