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, 2019



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) 214-6277



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”)               



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 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



Item
3. Legal Proceedings.



None



Item
4. Mine Safety Disclosures.



Not
Applicable



2









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



3









Item
14. Principal Accounting Fees and Services.



Not
Applicable



PART
IV



Item
15. Exhibits, 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,
                                         2019 through and including December 31, 2019 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 | 01-15-2019
    02-15-2019
    03-15-2019
    04-15-2019
    05-15-2019
    06-17-2019
    07-15-2019
    08-15-2019
    09-16-2019
    10-15-2019
    11-15-2019
    12-16-2019 | 01-30-2019
    02-27-2019
    03-27-2019
    04-29-2019
    05-28-2019
    06-27-2019
    07-26-2019
    08-28-2019
    09-26-2019
    10-25-2019
    11-27-2019
    12-26-2019



| | 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 30, 2019, 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, 2019, 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 27, 2019, as further
described in Item 15(a)(1) above, is incorporated herein by reference.

4







99.6 - Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on April 29, 2019, 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 28, 2019, 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, 2019, 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, 2019, 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 28, 2019, 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 26, 2019,
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 25, 2019, 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 27, 2019,
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 26, 2019,
as further described in Item 15(a)(1) above, is incorporated herein by reference.



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



| | (c) | 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: Barbara Garafalo                                                                                                         
| | Title: Vice President                                                                                                          





Dated:
March 30, 2020



6









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 30, 2019, 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, 2019, 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 27, 2019, 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 29, 2019, 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 28, 2019, 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, 2019, 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, 2019, 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 with the Securities and Exchange Commission on August 28, 2019, as further described in Item 15(a)(1) above, is incorporated herein by reference.   | 99.10                               





7









|(99.11) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on September 26, 2019, 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 25, 2019, 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 27, 2019, 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 26, 2019, as further described in Item 15(a)(1) above, is incorporated herein by reference.  | 99.14







8