UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549










FORM 10-K



(Mark One)





| | x                                           | ANNUAL REPORT PURSUANT TO
SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934    
| | ------------------------------------------- | ----------------------------------------------------------------------------------------
| |                                             |                                                                                         
| | For the fiscal year ended December 31,
2014
| |                                             | or                                                                                      
| |                                             |                                                                                         
| | o                                           | TRANSITION REPORT PURSUANT
TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934



For the transition period from ________
to ________



Commission File Numbers: 333-111858-13,
001-32527



Synthetic Fixed-Income Securities, Inc.



on behalf of:





| | STRATS Trust For Goldman Sachs Capital I
Securities, Series 2005-1 | 
| | ------------------------------------------------------------------ | 
| | (Exact name of registrant as specified in its charter)             | 





|Delaware                                                       | 52-2316339                          
|-------------------------------------------------------------- | ------------------------------------
|(State or other jurisdiction of incorporation
or organization) | (I.R.S. Employer Identification No.)
|                                                               |                                     
|                                                               |                                     
|301 South College, Charlotte, North Carolina                   | 28288                               
|(Address of principal executive offices)                       | (Zip Code)                          
|                                                               |                                     



Registrant’s telephone number, including area code: (212)
214-6277



Securities registered pursuant to Section 12(b) of the
Act:



|Title of each class                | Name of Registered exchange on which registered
|---------------------------------- | -----------------------------------------------
|                                   |                                                
|STRATS Certificates, Series 2005-1 | New York Stock Exchange (“NYSE”)               





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Securities registered pursuant to Section 12(g) of the
Act: None



Indicate by check mark if the registrant is a well-known seasoned
issuer, as defined in Rule 405 of the Securities Act.
Yes o   No x



Indicate by check mark if the registrant is not required to
file reports pursuant to Section 13 or Section 15(d) of the Act.
Yes o   No x



Indicate by check mark whether the registrant: (1) Has
filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding
12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to
such filing requirements for the past 90 days.
Yes x  No  o



Indicate by check mark whether the registrant has submitted
electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant
to Rule 405 of Regulation S-T (§ 232.405 of this chapter) during the preceding 12 months (or for such shorter period that
the registrant was required to submit and post such files).



Yes x  No  o



Indicate by check mark if disclosure of delinquent filers pursuant
to Item 405 of Regulation S-K is not contained herein, and will not be contained, to the best of registrant’s
knowledge, in definitive proxy or information statements incorporated by reference in Part III of this Form 10-K
or any amendment to this Form 10-K.
Not applicable.



Indicate by check mark whether the registrant is a large accelerated
filer, an accelerated filer, a non-accelerated filer or a smaller reporting company. See the definitions of “large accelerated
filer,” “accelerated filer” and “smaller reporting company” in Rule 12b-2 of the Exchange Act.

|Large accelerated filer  o | Accelerated filer  o      
|-------------------------- | --------------------------
|                           |                           
|Non- accelerated filer  x  | Small Reporting Company  o



Indicate by check mark whether the registrant is a shell company
(as defined in Rule 12b-2 of the Act).
Yes o   No x



State the aggregate market value of the voting and non-voting
common equity held by non-affiliates computed by reference to the price at which the common equity was last sold, or the average
bid and asked price of such common equity, as of the last business day of the registrant’s most recently completed second
fiscal quarter:



The registrant has no voting stock or class of common stock
that is held by non-affiliates.



DOCUMENTS INCORPORATED BY REFERENCE



The following documents are incorporated by reference into
Part IV of this Annual Report: The distribution reports to security holders filed on Form 8-K during the fiscal
year, in lieu of reports on Form 10-Q, which include the reports filed on Form 8-K listed in Item 15(a)
hereto.



Introductory Note



Synthetic Fixed-Income Securities, Inc. (the “Depositor”)
is the Depositor in respect of the STRATS Trust For Goldman Sachs Capital I Securities, Series 2005-1 (the “Trust”),
a common law trust formed pursuant to the Base Trust Agreement, dated as of September 26, 2003, between the Depositor and U.S.
Bank Trust National Association,



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as trustee (the “Trustee”), as supplemented by the STRATS Certificates Series Supplement
2005-1 (the “Series Supplement”) dated as of June 13, 2005 in respect of the Trust. The Trust’s assets consist
solely of notes issued by Goldman Sachs Capital I. The Certificates do not represent obligations of or interests in the Depositor
or the Trustee.



Pursuant to staff administrative positions established in Corporate
Asset Backed Corporation (available August 9, 1995), the Trust is not required to respond to various items of Form 10-K.
Such items are designated herein as “Not Applicable.” Distribution reports detailing receipts and distributions by
the Trust are filed after each distribution date on Form 8-K in lieu of reports on Form 10-Q.



The Goldman Sachs Group, Inc. (“Goldman”), the issuer
of the junior subordinated debentures, the sole assets held by the issuer of the underlying securities, is subject to the information
reporting requirements of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). For information on
Goldman please see its periodic and current reports filed with the Securities and Exchange Commission (the “Commission”)
under its Exchange Act file number, 001-14965. The Commission maintains a site on the World Wide Web at “http://www.sec.gov”
at which users can view and download copies of reports, proxy and information statements and other information filed electronically
through the Electronic Data Gathering, Analysis and Retrieval system, or “EDGAR.” Periodic and current reports and
other information required to be filed pursuant to the Exchange Act by Goldman may be accessed on this site. Neither Synthetic
Fixed-Income Securities, Inc. nor the Trustee has participated in the preparation of such reporting documents, or made any due
diligence investigation with respect to the information provided therein. Neither Synthetic Fixed-Income Securities, Inc. nor the
Trustee has verified the accuracy or completeness of such documents or reports. There can be no assurance that events affecting
the issuer of the underlying securities, the issuer of the junior subordinated debentures, or the underlying securities themselves
have not occurred or have not yet been publicly disclosed which would affect the accuracy or completeness of the publicly available
documents described above.



PART I



Item 1. Business.



Not Applicable



Item 1A. Risk Factors.



Not Applicable



Item 1B. Unresolved Staff Comments.



Not Applicable



Item 2. Properties.



Not Applicable



Item 3. Legal Proceedings.



None



Item 4. Mine Safety Disclosures.



Not Applicable





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PART II



Item 5. Market for Registrant’s Common Equity, Related
Stockholder Matters and Issuer Purchases of Equity Securities.



The publicly offered Certificates representing
investors’ interest in the Trust are represented by one or more physical Certificates registered in the name of “Cede
& Co.”, the nominee of The Depository Trust Company. Those publicly offered Certificates are listed on the NYSE.



Item 6. Selected Financial Data.



Not Applicable



Item 7. Management’s Discussion and Analysis of Financial
Condition and Results of Operations.



Not Applicable



Item 7A. Quantitative and Qualitative Disclosures About Market
Risk.



Not Applicable



Item 8. Financial Statements and Supplementary Data.



Not Applicable



Item 9. Changes in and Disagreements With Accountants on
Accounting and Financial Disclosure.



None



Item 9A. Controls and Procedures.



Not Applicable



Item 9B. Other Information.



None



PART III



Item 10. Directors, Executive Officers and Corporate Governance.



Not Applicable



Item 11. Executive Compensation.



Not Applicable



Item 12. Security Ownership of Certain Beneficial Owners
and Management and Related Stockholder Matters.



Not Applicable



Item 13. Certain Relationships and Related Transactions,
and Director Independence.



None





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Item 14. Principal Accounting Fees and Services.



Not Applicable



PART IV



Item 15. Exhibits, Financial Statement Schedules.





| | (a) | The following documents have been
filed as part of this report.
| | --- | ---------------------------------------------------------------





| | 1. | Trustee’s Distribution Statements documented on Form 8-K of STRATS Trust For Goldman Sachs Capital I Securities,
Series 2005-1 to the certificateholders for the period from January 1, 2014 through and including December 31, 2014 have been filed
with the Securities and Exchange Commission and are hereby incorporated by reference. Filing dates are listed below:
| | -- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



|Trust Description                                                  | Distribution Date                                                                                                                   | Filed on                                                                                                                           
|------------------------------------------------------------------ | ----------------------------------------------------------------------------------------------------------------------------------- | -----------------------------------------------------------------------------------------------------------------------------------
|STRATS Trust For Goldman Sachs Capital I Securities, Series 2005-1 | 01-15-2014
02-18-2014
03-17-2014
04-15-2014
05-15-2014
06-16-2014
07-15-2014
08-15-2014
09-15-2014
10-15-2014
11-17-2014
12-15-2014 | 01-22-2014
02-24-2014
03-24-2014
04-21-2014
05-21-2014
06-24-2014
07-21-2014
08-22-2014
09-19-2014
10-22-2014
11-24-2014
12-23-2014

| | 2. | None
| | -- | ----



| | 3. | Exhibits:
| | -- | ---------



| |  | 31.1 – Certification by Director of the Registrant pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
99.1 – Annual Compliance Report by Trustee pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302
of the Sarbanes-Oxley Act of 2002.
99.2 – Report of Aston Bell, CPA.
99.3 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 22, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
99.4 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 24, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
99.5 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2014, as further
described in Item 15(a)(1) above, is incorporated herein by reference.
| |  | --------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------

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| |  | 99.6 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2014, as further
described in Item 15(a)(1) above, is incorporated herein by reference.
99.7 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 21, 2014, as further
described in Item 15(a)(1) above, is incorporated herein by reference.
99.8 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2014, as further
described in Item 15(a)(1) above, is incorporated herein by reference.
99.9 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 21, 2014, as further
described in Item 15(a)(1) above, is incorporated herein by reference.
99.10 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 22, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
99.11 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 19, 2014,
as further described in Item 15(a)(1) above, is incorporated herein by reference.
99.12 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 22, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
99.13 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
99.14 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2014, as
further described in Item 15(a)(1) above, is incorporated herein by reference.
| |  | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------



| | (b) | See Item 15(a) above.
| | --- | ---------------------





| | (c) | Not Applicable.
| | --- | ---------------









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SIGNATURE



Pursuant to the requirements of Section
13 or 15(d) of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the
undersigned thereunto duly authorized.





| | Synthetic Fixed-Income Securities, Inc.,
                    as Depositor for the Trust
| | ---------------------------------------------------------------------------------------
| |                                                                                        
| |                                                                                        
| | By:                                                                                    
| | Name:                                                                                  
| | Title:                                                                                 
| |                                                                                        
| |                                                                                        





Dated: March 31, 2015





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EXHIBIT INDEX



|Reference Number per Item 601 of Regulation SK | Description of Exhibits                                                                                                                                                                           | Exhibit Number in this Form 10-K
|---------------------------------------------- | ------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | --------------------------------
|(31.1)                                         | Certification by Director of the Registrant pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                             | 31.1                            
|(99.1)                                         | Annual Compliance Report by Trustee pursuant to 15 U.S.C. Section 7241, as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.                                                     | 99.1                            
|(99.2)                                         | Report of Aston Bell, CPA.                                                                                                                                                                        | 99.2                            
|(99.3)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 22, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.3                            
|(99.4)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on February 24, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference. | 99.4                            
|(99.5)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on March 24, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.    | 99.5                            
|(99.6)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 21, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.    | 99.6                            
|(99.7)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on May 21, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.      | 99.7                            
|(99.8)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on June 24, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.     | 99.8                            
|(99.9)                                         | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on July 21, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.     | 99.9                            
|(99.10)                                        | Registrant’s Current Report on Form 8-K filed                                                                                                                                                     | 99.10                           



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|        | with the Securities and Exchange Commission on August 22, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.                                                  |      
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----
|(99.11) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 19, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference. | 99.11
|(99.12) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on October 22, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.   | 99.12
|(99.13) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 24, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.13
|(99.14) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on December 23, 2014, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.14



9