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, 2006

                                      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: 333-111858-14, 001-32611

                    Synthetic Fixed-Income Securities, Inc.

                                 on behalf of:

         STRATS(SM) Trust For JPMorgan Chase Capital XVII Securities,
                                 Series 2005-2
            ------------------------------------------------------
            (Exact name of registrant as specified in its charter)

           Delaware                                     52-2316339
------------------------------------------------------------------------------
(State or other jurisdiction of           (I.R.S. Employer Identification No.)
  incorporation or organization)


 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:

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

STRATS(SM) Certificates,      New York Stock Exchange ("NYSE")
Series 2005-2


<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:
Not Applicable.

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 JPMorgan Chase Capital XVII Securities,
Series 2005-2 (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 2005-2 (the
"Series Supplement") dated as of December 22, 2004 in respect of the Trust.
The Trust's assets consist solely of notes issued by JPMorgan Chase Capital
XVII. 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>

JPMorgan Chase & Co., the guarantor of the junior subordinated debentures, the
sole assets held by JPMorgan Chase Capital XVII, 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 JPMorgan Chase & Co. please see its periodic and current
reports filed with the Securities and Exchange Commission (the "Commission")
under its Exchange Act file number, 001-05805. 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
JPMorgan Chase & Co. 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 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. The 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 JPMorgan Chase Capital XVII Securities,
                  Series 2005-2 to the certificateholders for the period from
                  January 1, 2006 through and including December 31, 2006 have
                  been filed with the Securities and Exchange Commission and
                  are hereby incorporated by reference. Filing dates are
                  listed below:

<TABLE>
<CAPTION>

------------------------------------------------------------- ----------------- -----------------
                                                                 Distribution
             Trust Description                                      Date            Filed on
------------------------------------------------------------- ----------------- -----------------
<S>                                                              <C>               <C>
STRATS(SM) Trust For JPMorgan Chase Capital XVII Securities,     01-01-2006        01-09-2006
Series 2005-2                                                    02-01-2006        02-06-2006
                                                                 03-01-2006        03-14-2006
                                                                 04-01-2006        04-11-2006
                                                                 05-01-2006        05-09-2006
                                                                 06-01-2006        06-08-2006
                                                                 07-01-2006        07-11-2006
                                                                 08-01-2006        08-11-2006
                                                                 09-01-2006        09-13-2006
                                                                 10-01-2006        10-12-2006
                                                                 11-01-2006        11-09-2006
                                                                 12-01-2006        12-07-2006
------------------------------------------------------------- ----------------- -----------------
</TABLE>

            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 9, 2006,
                  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 6, 2006,
                  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 14, 2006, 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 11, 2006, as
                  further described in Item 15(a)(1) above, is incorporated
                  herein by reference.


                                      5
<PAGE>


                  99.7 - Registrant's Current Report on Form 8-K filed with
                  the Securities and Exchange Commission on May 9, 2006, 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 8, 2006, 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 11, 2006, 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 11, 2006,
                  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 13,
                  2006, 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 12, 2006,
                  as further described in Item 15(a)(1) above, is incorporated
                  herein by reference.

                  99.13 - Registrant's Current Report on Form 8-K and 8-K/A
                  filed with the Securities and Exchange Commission on November
                  9, 2006 and January 18, 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 and 8-K/A
                  filed with the Securities and Exchange Commission on December
                  7, 2006 and January 18, 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 30, 2007


                                      7
<PAGE>


                                 EXHIBIT INDEX

<TABLE>
<CAPTION>
------------------- ---------------------------------------------------- ----------------
 Reference Number                                                         Exhibit Number
 per Item 601 of                   Description of Exhibits                   in this
  Regulation SK                                                             Form 10-K
------------------- ---------------------------------------------------- ----------------
      <S>           <C>                                                       <C>
                    Certification by Director of the Registrant
      (31.1)        pursuant to 15 U.S.C. Section 7241, as adopted            31.1
                    pursuant to Section 302 of the Sarbanes-Oxley Act
                    of 2002.
------------------- ---------------------------------------------------- ----------------
                    Annual Compliance Report by Trustee pursuant to 15
      (99.1)        U.S.C. Section 7241, as adopted pursuant to               99.1
                    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
      (99.3)        the Securities and Exchange Commission on January         99.3
                    9, 2006, 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 on February
      (99.4)        6, 2006, as further described in Item 15(a)(1)            99.4
                    above, is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
                    the Securities and Exchange Commission on March
      (99.5)        14, 2006, as further described in Item 15(a)(1)           99.5
                    above, is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
                    the Securities and Exchange Commission on April
      (99.6)        11, 2006, as further described in Item 15(a)(1)           99.6
                    above, is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
                    the Securities and Exchange Commission on May 9,
      (99.7)        2006, as further described in Item 15(a)(1) above,        99.7
                    is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
                    the Securities and Exchange Commission on June 8,
      (99.8)        2006, as further described in Item 15(a)(1) above,        99.8
                    is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
                    the Securities and Exchange Commission on July 11,
      (99.9)        2006, as further described in Item 15(a)(1) above,        99.9
                    is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K filed with
      (99.10)       the Securities and Exchange Commission on August          99.10
                    11, 2006, as further described in Item
------------------- ---------------------------------------------------- ----------------


                                      8
<PAGE>


------------------- ---------------------------------------------------- ----------------
                    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
     (99.11)        September 13, 2006, as further described in Item          99.11
                    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 October
     (99.12)        12, 2006, as further described in Item 15(a)(1)           99.12
                    above, is incorporated herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K and 8-K/A
                    filed with the Securities and Exchange Commission on
     (99.13)        November 9, 2006 and January 18, 2007, as further         99.13
                    described in Item 15(a)(1) above, is incorporated
                    herein by reference.
------------------- ---------------------------------------------------- ----------------
                    Registrant's Current Report on Form 8-K and 8-K/A
                    filed with the Securities and Exchange Commission on
     (99.14)        December 7, 2006 and January 18, 2007, as further         99.14
                    described in Item 15(a)(1) above, is incorporated
                    herein by reference.
------------------- ---------------------------------------------------- ----------------
</TABLE>


                                      9