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

                                     ----

                                   FORM 10-K
                       FOR ANNUAL AND TRANSITION REPORTS
                    PURSUANT TO SECTIONS 13 OR 15(d) OF THE
                        SECURITIES EXCHANGE ACT OF 1934

(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, 2007

                                      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

                    Synthetic Fixed-Income Securities, Inc.

                                 on behalf of:

    STRATS(SM) 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            (I.R.S. Employ
                   or organization)                        Identification No.)


    301 South College, Charlotte, North Carolina                  28288
-------------------------------------------------------------------------------
      (Address of principal executive offices)                  (Zip Code)

Registrant's telephone number, including area code: (704) 383-7727

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

                                               Name of Registered exchange
Title of each class                            on which registered
-------------------                            --------------------------------

STRATS(SM) Certificates, Series 2005-1,        New York Stock Exchange ("NYSE")
Class A-1

<PAGE>

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 [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 [ ]  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 [ ]

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 large accelerated filer, an
accelerated filer or a non-accelerated filer. See the definition of
"accelerated filer and large accelerated filer" in Rule 12b-2 of the Exchange
Act. (check one):

Large accelerated filer [ ]   Accelerated filer [ ]   Non-accelerated filer [X]

Indicate by check mark whether the registrant is a shell company (as defined
in Rule 12b-2 of the Act).
Yes [ ]  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(SM) 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(SM) 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.



                                      2
<PAGE>

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 Sachs Capital I 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. Submission of Matters to a Vote of Security Holders.
-----------------------------------------------------------

         None


                                    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.



                                      3
<PAGE>

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 and Executive Officers of the Registrant.
-----------------------------------------------------------

         Not Applicable

Item 11. Executive Compensation.
-------------------------------

         Not Applicable

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

         Not Applicable

Item 13. Certain Relationships and Related Transactions.
-------------------------------------------------------

         None

Item 14. Principal Accounting Fees and Services.
-----------------------------------------------

         Not Applicable



                                      4
<PAGE>

                                    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(SM) Trust For Goldman Sachs Capital I Securities, Series
              2005-1 to the certificateholders for the period from January 1,
              2007 through and including December 31, 2007 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(SM) Trust For Goldman Sachs Capital I     01-16-2007          01-29-2007
Securities, Series 2005-1                        02-15-2007          02-23-2007
                                                 03-15-2007          03-29-2007
                                                 04-16-2007          04-20-2007
                                                 05-15-2007          05-25-2007
                                                 06-15-2007          06-21-2007
                                                 07-15-2007          07-20-2007
                                                 08-15-2007          08-23-2007
                                                 09-17-2007          09-25-2007
                                                 10-15-2007          10-19-2007
                                                 11-15-2007          11-21-2007
                                                 12-17-2007          12-28-2007
--------------------------------------------------------------------------------

          2.  None

          3.  Exhibits:

              33.1 - 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 29, 2007, 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 23, 2007, 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 29, 2007, 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, 2007, 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



                                      5
<PAGE>

              Commission on May 25, 2007, 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 21, 2007, 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 20, 2007, 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 23, 2007, 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 25, 2007, 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 19, 2007, 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, 2007, 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 28, 2007, as
              further described in Item 15(a)(1) above, is incorporated herein
              by reference.

     (b)  See Item 15(a) above.

     (c)  Not Applicable.



                                      6
<PAGE>

                                   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:   /s/ Jimmy Whang
                                             ---------------------------------
                                       Name:   Jimmy Whang
                                       Title:  Director


Dated:  March 28, 2008



                                      7
<PAGE>

                                 EXHIBIT INDEX

--------------------------------------------------------------------------------
 Reference Number                                                 Exhibit Number
 per Item 601 of              Description of Exhibits                 in this
  Regulation SK                                                      Form 10-K
--------------------------------------------------------------------------------
                    Certification by Director of the
      (33.1)        Registrant pursuant to 15 U.S.C. Section          (33.1)
                    7241, as adopted pursuant to Section 302
                    of the Sarbanes-Oxley Act of 2002.
--------------------------------------------------------------------------------
                    Annual Compliance Report by Trustee
      (99.1)        pursuant to 15 U.S.C. Section 7241, as            (99.1)
                    adopted pursuant to Section 302 of the
                    Sarbanes-Oxley Act of 2002.
--------------------------------------------------------------------------------
      (99.2)        Report of Aston Bell, CPA.                        (99.2)
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.3)        January 29, 2007, as further described in         (99.3)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.4)        February 23, 2007, as further described in        (99.4)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.5)        March 29, 2007, as further described in           (99.5)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.6)        April 20, 2007, as further described in           (99.6)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.7)        May 25, 2007, as further described in             (99.7)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission on
      (99.8)        June 21, 2007, as further described in            (99.8)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission
      (99.9)        on July 20, 2007, as further described in         (99.9)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
     (99.10)        Registrant's Current Report on Form 8-K filed     (99.10)
--------------------------------------------------------------------------------



                                      8
<PAGE>

--------------------------------------------------------------------------------
                    with the Securities and Exchange Commission
                    on August 23, 2007, as further described in
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission
     (99.11)        on September 25, 2007, as further described in    (99.11)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission
     (99.12)        on October 19, 2007, as further described in      (99.12)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission
     (99.13)        on November 21, 2007, as further described in     (99.13)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------
                    Registrant's Current Report on Form 8-K filed
                    with the Securities and Exchange Commission
     (99.14)        on December 28, 2007, as further described in     (99.14)
                    Item 15(a)(1) above, is incorporated herein
                    by reference.
--------------------------------------------------------------------------------



                                      9