UNITED
STATES
SECURITIES AND EXCHANGE COMMISSIONWASHINGTON, D.C. 20549





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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, 2023



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





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(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.)
|                                                               |  |                                     
|30 Hudson Yards, 14th Floor, New York, New York                |  | 10001-2170                          
|(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 1C. Cybersecurity.



Not Applicable





2







Item 2. Properties.



Not Applicable



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





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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



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, 2023 through and including December 31, 2023 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 | 01-17-2023
02-15-2023
03-15-2023
04-17-2023
05-15-2023
06-15-2023
07-17-2023
08-15-2023
09-15-2023
10-16-2023
11-15-2023
12-15-2023 | 01-23-2023
02-27-2023
03-22-2023
04-20-2023
05-24-2023
06-27-2023
07-27-2023
08-24-2023
09-20-2023
10-24-2023
11-17-2023
12-27-2023





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| | 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 23, 2023, 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 27, 2023, 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, 2023, 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, 2023, 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 24, 2023, 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 27, 2023, 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 27, 2023, 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 24, 2023, 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, 2023, 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 24, 2023, 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 17, 2023, 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 27, 2023, as further described in Item 15(a)(1) above, is incorporated herein by reference.





5







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



(c)       Not
Applicable.



Item 16. Form 10-K Summary.



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 29, 2024



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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 23, 2023, 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 27, 2023, 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, 2023, 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, 2023, 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 24, 2023, 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 27, 2023, 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 27, 2023, as further described in Item 15(a)(1) above, is incorporated herein by reference.     | 99.9                            





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|(99.10) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on August 24, 2023, 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, 2023, 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 24, 2023, 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 17, 2023, 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 27, 2023, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.14



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