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

[_] 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: 333-111858-15, 001-32633

Synthetic Fixed-Income Securities, Inc.

on behalf of:

STRATS(SM) Trust For Goldman Sachs Capital I Securities, Series 2005-3
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(Exact name of registrant as specified in its charter)

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

301 South College, Charlotte, North Carolina 28288
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(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
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STRATS(SM) Certificates, Series 2005-3 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 [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
2005-3 (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 2005-3 (the "Series Supplement") dated
as of November 15, 2004 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 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.
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Not Applicable

Item 1A. Risk Factors.
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Not Applicable

Item 1B. Unresolved Staff Comments.
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Not Applicable

Item 2. Properties.
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Not Applicable

Item 3. Legal Proceedings.
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None

Item 4. Submission of Matters to a Vote of Security Holders.
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None

PART II

Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and
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Issuer Purchases of Equity Securities.
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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.

Item 6. Selected Financial Data.
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Not Applicable

Item 7. Management's Discussion and Analysis of Financial Condition and
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Results of Operations.
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Not Applicable

Item 7A. Quantitative and Qualitative Disclosures About Market Risk.
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Not Applicable

Item 8. Financial Statements and Supplementary Data.
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Not Applicable

Item 9. Changes in and Disagreements With Accountants on Accounting and
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Financial Disclosure.
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None

Item 9A. Controls and Procedures.
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Not Applicable

Item 9B. Other Information.
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None

PART III

Item 10. Directors and Executive Officers of the Registrant.
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Not Applicable

Item 11. Executive Compensation.
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Not Applicable

Item 12. Security Ownership of Certain Beneficial Owners and Management and
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Related Stock Matters.
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Not Applicable

Item 13. Certain Relationships and Related Transactions.
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None

Item 14. Principal Accounting Fees and Services.
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Not Applicable

PART IV

Item 15. Exhibits, Financial Statement Schedules.
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(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 2005-3 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:

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Trust Description Distribution Filed on
Date
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STRATS(SM) Trust For Goldman Sachs Capital I 01-15-2006 01-25-2006
Securities, Series 2005-3 02-15-2006 02-23-2006
03-15-2006 03-29-2006
04-15-2006 04-28-2006
05-15-2006 05-24-2006
06-15-2006 06-20-2006
07-15-2006 07-21-2006
08-15-2006 08-21-2006
09-15-2006 09-28-2006
10-15-2006 10-23-2006
11-15-2006 11-20-2006
12-15-2006 12-22-2006
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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 25, 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 23, 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 29, 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 28, 2006, 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, 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 20, 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 21, 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 21, 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 28, 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 23, 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 filed with the
Securities and Exchange Commission on November 20, 2006, 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 22, 2006, as
further described in Item 15(a)(1) above, is incorporated
herein by reference.

(b) See Item 15(a) above.

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
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Name: Jimmy Whang
Title: Director

Dated: March 30, 2007

EXHIBIT INDEX

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Reference Description of Exhibits Exhibit
Number per Number in
Item 601 of this
Regulation SK Form 10-K
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Certification by Director of the
Registrant pursuant to 15 U.S.C.
(31.1) Section 7241, as adopted pursuant 31.1
to Section 302 of the
Sarbanes-Oxley Act of 2002.
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Annual Compliance Report by Trustee
pursuant to 15 U.S.C.
(99.1) Section 7241, as adopted pursuant 99.1
to Section 302 of the
Sarbanes-Oxley Act of 2002.
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(99.2) Report of Aston Bell, CPA. 99.2
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on January
(99.3) 25, 2006, as further described in (99.3)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on
(99.4) February 23, 2006, as further (99.4)
described in Item 15(a)(1) above,
is incorporated herein by
reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on March
(99.5) 29, 2006, as further described in (99.5)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on April
(99.6) 28, 2006, as further described in (99.6)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on Form
8-K filed with the Securities
and Exchange Commission on May 24,
(99.7) 2006, as further described in Item (99.7)
15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on June
(99.8) 20, 2006, as further described in (99.8)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on July
(99.9) 21, 2006, as further described in (99.9)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
(99.10) Form 8-K filed (99.10)
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with the Securities and Exchange
Commission on August 21, 2006, as
further described in Item 15(a)(1)
above, is incorporated herein by
reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on
(99.11) September 28, 2006, as further (99.11)
described in Item 15(a)(1) above,
is incorporated herein by
reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on October
(99.12) 23, 2006, as further described in (99.12)
Item 15(a)(1) above, is incorporated
herein by reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on
(99.13) November 20, 2006, as further (99.13)
described in Item 15(a)(1) above,
is incorporated herein by
reference.
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Registrant's Current Report on
Form 8-K filed with the Securities
and Exchange Commission on
(99.14) December 22, 2006, as further (99.14)
described in Item 15(a)(1) above,
is incorporated herein by
reference.
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