STRATS Trust 2005-3 Files 10-K, Highlights Pass-Through Structure

TL;DR

This 10-K confirms STRATS Trust 2005-3 is a stable, administrative pass-through vehicle, making it a reliable, albeit low-growth, component for fixed-income portfolios.

AI Summary

The STRATS Trust For Goldman Sachs Capital I Securities, Series 2005-3, a common law trust, filed its 10-K for the fiscal year ended December 31, 2025. As a pass-through entity, the Trust's assets consist solely of notes issued by Goldman Sachs Capital I, which are backed by junior subordinated debentures from The Goldman Sachs Group, Inc. The Trust itself does not report traditional revenue or net income, as its primary function is to distribute receipts from its underlying assets to certificate holders. Key business changes are not applicable as the Trust operates under a static structure established by the Base Trust Agreement from September 26, 2003, and the Series Supplement from September 30, 2005. The filing explicitly states 'Not Applicable' for sections like Business, Risk Factors, Management's Discussion and Analysis, and Financial Statements, reflecting its administrative nature. The strategic outlook remains tied to the performance and distributions of the underlying Goldman Sachs Capital I notes and The Goldman Sachs Group, Inc.'s junior subordinated debentures. The Trust filed 12 distribution reports on Form 8-K throughout 2025, detailing monthly receipts and distributions to security holders.

Why It Matters

This 10-K filing for STRATS Trust For Goldman Sachs Capital I Securities, Series 2005-3 is crucial for investors holding its NYSE-listed Certificates, as it confirms the continued administrative operation and compliance of this structured product. While the Trust itself doesn't generate revenue, its stability directly impacts the distributions received by investors, which are dependent on the performance of Goldman Sachs Capital I notes. For employees and customers of Goldman Sachs, this filing indirectly reflects the ongoing financial health of the underlying issuer, The Goldman Sachs Group, Inc., whose junior subordinated debentures are the ultimate asset. In the broader market, these structured products offer a specific risk-return profile, and their consistent reporting, even with 'Not Applicable' sections, reinforces transparency in the securitized debt market, providing competitive context for similar fixed-income instruments.

Risk Assessment

Risk Level: low — The risk level is low because the Trust is a static pass-through entity with no active business operations, as indicated by numerous 'Not Applicable' sections for business, risk factors, and management's discussion. Its sole function is to distribute income from Goldman Sachs Capital I notes, making its risk profile primarily dependent on the creditworthiness of The Goldman Sachs Group, Inc., which is a well-established financial institution.

Analyst Insight

Investors should view this filing as confirmation of the Trust's continued administrative function and stability. Given its pass-through nature, investors should focus their due diligence on the financial health and credit ratings of The Goldman Sachs Group, Inc., the ultimate obligor of the underlying junior subordinated debentures, rather than the Trust itself.

Financial Highlights

debt To Equity

N/A

revenue

N/A

operating Margin

N/A

total Assets

N/A

total Debt

N/A

net Income

N/A

eps

N/A

gross Margin

N/A

cash Position

N/A

revenue Growth

N/A

Key Numbers

• 2005-3 — Series Number (Identifies the specific series of the STRATS Trust)
• 2025-12-31 — Fiscal Year End (The period covered by this 10-K filing)
• 12 — Number of Form 8-K Filings (Represents monthly distribution reports filed during 2025)
• 2003-09-26 — Base Trust Agreement Date (Date the foundational trust agreement was established)
• 2005-09-30 — Series Supplement Date (Date the specific series supplement was established)
• 001-14965 — Goldman Sachs Exchange Act File Number (Allows access to Goldman Sachs' periodic reports)

Key Players & Entities

• STRATS Trust For Goldman Sachs Capital I Securities, Series 2005-3 (company) — Registrant
• Synthetic Fixed-Income Securities, Inc. (company) — Depositor for the Trust
• U.S. Bank Trust National Association (company) — Trustee
• Goldman Sachs Capital I (company) — Issuer of notes held by the Trust
• The Goldman Sachs Group, Inc. (company) — Issuer of junior subordinated debentures underlying the Trust's assets
• Barbara Garafalo (person) — President of Synthetic Fixed-Income Securities, Inc.
• New York Stock Exchange (regulator) — Exchange where Certificates are listed
• Securities and Exchange Commission (regulator) — Regulatory body for filings
• Aston Bell, CPA (person) — Auditor
• Cede & Co. (company) — Nominee of The Depository Trust Company

FAQ

Industry Context

The STRATS Trust operates within the structured finance and securitization industry, which involves pooling assets to create securities. This sector is heavily influenced by the creditworthiness of the underlying issuers and broader market conditions affecting debt instruments. The performance of such trusts is directly tied to the financial health and payment capabilities of the entities whose debt they hold.

Regulatory Implications

As a pass-through entity, the Trust's primary regulatory interaction involves filing distribution reports on Form 8-K and its annual 10-K. Compliance with SEC reporting requirements is crucial. The 'Not Applicable' designations for many standard 10-K sections highlight the unique regulatory treatment of these types of trusts.

What Investors Should Do

1. Review Goldman Sachs Group, Inc. filings (File Number 001-14965)
2. Analyze monthly Form 8-K distribution reports

Key Dates

• 2003-09-26: Base Trust Agreement established — Establishes the foundational legal framework for the STRATS Trust.
• 2005-09-30: Series Supplement established — Defines the specific terms and structure for Series 2005-3 of the STRATS Trust.
• 2025-12-31: Fiscal Year End — Marks the end of the reporting period for the 10-K filing.
• 2025-01-28: First Form 8-K filing for 2025 distributions — Indicates the commencement of monthly distribution reporting for the fiscal year.
• 2025-12-19: Last Form 8-K filing for 2025 distributions — Marks the final monthly distribution report for the fiscal year.

Glossary

STRATS Trust

Structured Trust Asset Repackaging Trust. A type of trust that holds assets and issues securities backed by those assets. (This is the specific entity filing the 10-K, representing a securitization vehicle.)

Pass-through entity

An entity that is not taxed separately from its owners. Income and losses are passed through to the owners. (Explains why the Trust itself does not report traditional revenue or net income.)

Junior subordinated debentures

Debt instruments that rank below other debt in the event of bankruptcy or liquidation. (These are the underlying assets that back the notes held by the Trust, impacting its performance.)

Form 8-K

A report of unscheduled material events or corporate changes. (Used by the Trust to file monthly distribution reports in lieu of Form 10-Q.)

Form 10-K

An annual report required by the U.S. Securities and Exchange Commission (SEC), which gives a comprehensive summary of a company's financial performance. (The primary filing for this analysis, detailing the Trust's structure and activities for the fiscal year.)

Cede & Co.

The nominee name for The Depository Trust Company (DTC), a securities depository. (Indicates that the Certificates are held in 'street name' through DTC.)

Year-Over-Year Comparison

This filing covers the fiscal year ended December 31, 2025. As the Trust is a static pass-through entity with 'Not Applicable' for many standard financial and business sections, year-over-year comparisons of traditional metrics like revenue growth or net income are not meaningful. The primary comparison would be to the number and timing of Form 8-K filings, which totaled 12 for the 2025 fiscal year, indicating consistent monthly distribution reporting.

Filing Documents

• strats20053-10k_123125.htm (10-K) — 87KB
• ex31-1.htm (EX-31.1) — 9KB
• ex99-1.htm (EX-99.1) — 9KB
• ex99-2.htm (EX-99.2) — 10KB
• 0001999371-26-007164.txt ( ) — 116KB

(a) above

Item 15(a) above. (c) Not Applicable. Item 16. Form 10-K Summary . Not Applicable 6 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/ Barbara Garafalo Name: Barbara Garafalo Title: President Dated: March 30, 2026 7 EXHIBIT INDEX Reference Number per

of

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 28, 2025, 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 March 3, 2025, 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 31, 2025, 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 30, 2025, 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 21, 2025, 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 30, 2025, 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 28, 2025, as further described in Item 15(a)(1) above, is incorporated herein by reference. 99.9 8 (99.10) Registrant’s Current Report on For

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