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|   | x | ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|--------------------------------------------------------------------------------------|

|   | o | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
|--------|---|-----------------------------------------------------------------------------------------------|

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| Delaware                                                      | 52-2316339                           |
|---------------------------------------------------------------|--------------------------------------|
| (State or other jurisdiction of incorporationor organization) | (I.R.S. Employer Identification No.) |
|                                                          |                                 |
|                                                          |                                 |
| 301 South College, Charlotte, North Carolina                  | 28288                                |
| (Address of principal executive offices)                      | (Zip Code)                           |
|                                                          |                                 |

| Title of each class                  | Name of Registered exchange on which registered |
|--------------------------------------|-------------------------------------------------|
|                                 |                                            |
| STRATSSM Certificates, Series 2004-7 | New York Stock Exchange (“NYSE”)    |

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| Large accelerated filer  o | Accelerated filer   o         |
|--------------------------------------|-----------------------------------------|
| Non- accelerated filer   x | Smaller Reporting Company   o |

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|   | 1. | Trustee’s Distribution Statements documented on Form 8-K of STRATSSM Trust For IBM Corporation Securities, Series 2004-7 to the certificateholders for the period from January 1, 2010 through and including December 31, 2010 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                                                                                                       |
|--------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|----------------------------------------------------------------------------------------------------------------|
| STRATSSM Trust For IBM Corporation Securities, Series 2004-7  | 01-29-201003-01-201003-29-201004-29-201006-01-201006-29-201007-29-201008-30-201010-29-201011-29-201012-29-2010 | 02-12-201003-10-201004-12-201005-10-201006-08-201007-09-201008-09-201009-02-201011-12-201012-13-201001-10-2011 |

|   | 2. | None |
|--------|----|------|

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|   | 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 February 12, 2010, 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 March 10, 2010, 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 April 12, 2010, 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 May 10, 2010, 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 June 8, 2010, 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 July 9, 2010, 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 August 9, 2010, 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 September 2, 2010, 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 November 12, 2010, 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 December 13, 2010, 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 January 10, 2011, as further described in Item 15(a)(1) above, is incorporated herein by reference. |
|--------|----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|

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|   | Synthetic Fixed-Income Securities, Inc.,as Depositor for the Trust |                          |
|--------|--------------------------------------------------------------------|-------------------------------|
|   |                                                               |                          |   |
|   | By:                                                                | /s/ William Threadgill   |   |
|   |                                                               | Name: William Threadgill |   |
|   |                                                               | Title: President         |   |
|   |                                                               |                          |   |

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| 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 February 12, 2010, 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 10, 2010, 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 April 12, 2010, 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 May 10, 2010, 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 June 8, 2010, 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 July 9, 2010, 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 August 9, 2010, 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 September 2, 2010, as further described in Item 15(a)(1) above, is incorporated herein by reference. | 99.10                                 |

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| (99.11) | Registrant’s Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2010, 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 December 13, 2010, 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 January 10, 2011 as further described in Item 15(a)(1) above, is incorporated herein by reference.   | 99.13 |

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