UNITED
STATESSECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549








FORM 10-K



(Mark
One)



| | ☒ | ANNUAL
                                         REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
| | - | -----------------------------------------------------------------------------------------------------------------------------



For
the fiscal year ended December 31, 2022



or



| | ☐ | 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
Central Index Key Number: 0001328989



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) 214-6289



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



|Title
    of Each Class                | Trading
    Symbol(s) | Name
    of Each Exchange on which Registered
|-------------------------------------- | --------------------- | ---------------------------------------------
|STRATS
    Certificates, Series 2005-1 | N/A                   | New
    York Stock Exchange (“NYSE”)         



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 ☐ No ☒



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 ☐ No ☒



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 ☒ No ☐



Indicate
by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted 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 such files).

Yes
☒ No ☐



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



|Large
    accelerated filer ☐ | Accelerated
    filer ☐        
|----------------------------- | -------------------------------
|Non-accelerated
    filer ☒   | Smaller
    Reporting Company ☐
|                              | Emerging growth
    Company ☐  



If
an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for
complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐



Indicate
by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness
of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered
public accounting firm that prepared or issued its audit report. ☐





If securities are registered pursuant to Section 12(b) of the Act, indicate
by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously
issued financial statements. ☐



Indicate by check mark whether any of those error corrections are
restatements that required a recovery analysis of incentive-based compensation received by any of the registrant’s executive officers
during the relevant recovery period pursuant to §240.10D-1(b). ☐

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



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, 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

2





Item 3. Legal Proceedings.

None

Item 4. Mine Safety Disclosures.

Not Applicable

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. [Reserved]

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

Item 9C. Disclosure Regarding Foreign Jurisdictions that Prevent
Inspections.

Not Applicable

PART III

Item 10. Directors, Executive Officers and Corporate Governance.

Not Applicable

3





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

Item 14. Principal Accounting Fees and Services.

Not Applicable

PART IV

Item 15. Exhibit and Financial Statement Schedules.

(a)       List
the following documents filed as a part of the 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, 2022 through and including December 31, 2022 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 | 01-18-2022
02-15-2022
03-15-2022
04-19-2022
05-16-2022
06-15-2022
07-15-2022
08-15-2022
09-15-2022
10-17-2022
11-15-2022
12-15-2022 | 01-28-2022
03-01-2022
03-22-2022
04-20-2022
05-20-2022
06-23-2022
07-26-2022
08-19-2022
09-20-2022
10-26-2022
11-21-2022
12-20-2022



| | 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.

4





99.3 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on January 28, 2022, 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 March 01, 2022, 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 22, 2022, as further described in Item 15(a)(1) above, is incorporated herein by reference.99.6 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 20, 2022, 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 20, 2022, 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 23, 2022, 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 26, 2022, 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 19, 2022, 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 20, 2022, 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 26, 2022, 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 21, 2022, 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 20, 2022, as further described in Item 15(a)(1) above, is incorporated herein by reference.

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

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

Item 16. Form 10-K Summary.

Not Applicable

5





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 30, 2023



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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 28, 2022, 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 March 01, 2022, 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 22, 2022, 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 20, 2022, 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 20, 2022, 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 23, 2022, 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 26, 2022, as further described in Item 15(a)(1) above, is incorporated herein by reference.    | 99.9                            

7







|(99.10) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 19, 2022, as further described in Item 15(a)(1) above, is incorporated herein by reference.    | 99.10
|------- | -------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------- | -----
|(99.11) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 20, 2022, 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 26, 2022, 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 21, 2022, 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 20, 2022, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.14





8