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, 2004

                                      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: 333-111858-04, 001-32251

                    Synthetic Fixed-Income Securities, Inc.

                                 on behalf of:

    STRATS(SM) Trust For J.P. Morgan Chase & Co. Securities, Series 2004-9
            ------------------------------------------------------
            (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 No.)
   Incorporation or Organization)


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 Class                                 Name of Registered Exchange
--------------                                 ---------------------------

STRATS(SM) Certificates, Series 2004-9         New York Stock Exchange ("NYSE")


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Securities registered pursuant to Section 12(g) of the Act: None

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
file 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 an accelerated filer (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: (i) 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, and (ii) the Series
Supplement, dated as of July 15, 2004, filed on Form 8-A12B during the fiscal
year.

                               Introductory Note

Synthetic Fixed-Income Securities, Inc. (the "Depositor") is the Depositor in
respect of the STRATS(SM) Trust For J.P. Morgan Chase & Co. Securities, Series
2004-9 (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 2004-9 (the "Series Supplement")
dated as of July 15, 2004 in respect of the Trust. The Trust's assets consist
solely of notes issued by JPMorgan Chase & Co. and rights under the Swap
Agreement described in the Series Supplement. 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.

JPMorgan Chase & Co., formerly named J.P. Morgan Chase & Co., 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.


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There can be no assurance that events affecting the issuer of the underlying
securities, 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 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.
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     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.
-------------------------------

      Not Applicable

Item 7. Management's Discussion and Analysis of Financial Condition and
Results of Operations.
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     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.
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     None


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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 Stockholder Matters.
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     None

Item 13. Certain Relationships and Related Transactions.
-------------------------------------------------------

     None

Item 14. Principal Accounting Fees and Services.
-----------------------------------------------

     None

                                    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 J.P. Morgan Chase & Co. Securities, Series
               2004-9 to the certificateholders for the period from January 1,
               2004 through and including December 31, 2004 have been filed
               with the Securities and Exchange Commission and are hereby
               incorporated by reference. Filing dates are listed below:

-------------------------------------------------------------------------------
                Trust Description                   Distribution     Filed on
                                                        Date
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STRATS(SM) Trust For J.P. Morgan Chase & Co.         08-15-2004     08-20-2004
Securities, Series 2004-9                            09-15-2004     10-01-2004
                                                     10-15-2004     10-27-2004
                                                     11-15-2004     11-24-2004
                                                     12-15-2004     12-29-2004
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          2.   None


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<PAGE>


          3.   Exhibits:

               4.1 - Series Supplement, dated as of July 15, 2004, is set
               forth as Exhibit 5 on Form 8-A12B filed with the Securities and
               Exchange Commission, for Registrant on July 22, 2004, and is
               incorporated herein by reference.

               99.1 - 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.

               99.2 - 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.

               99.3 - Report of Aston Bell, CPA.

               99.4 - Registrant's Current Report on Form 8-K filed with the
               Securities and Exchange Commission on August 20, 2004, 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 October 1, 2004, 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 October 27, 2004, 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 November 24, 2004, 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 December 29, 2004, as
               further described in Item 15(a)(1) above, is incorporated
               herein by reference.

     (b)  See Item 15(a) above.

     (c)  Not Applicable.


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                                   SIGNATURE

      Pursuant to the requirements 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 28, 2005



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                                 EXHIBIT INDEX


---------------- ------------------------------------------ -------------
   Reference                                                  Exhibit
  Number per                                                 Number in
  Item 601 of             Description of Exhibits               this
 Regulation SK                                               Form 10-K
---------------- ------------------------------------------ -------------
                 Series Supplement, dated as of  July 15,
                 2004, is set forth as Exhibit 5 on Form
                 8-A12B filed with the Securities and
     (4.1)       Exchange Commission, for Registrant on         4.1
                 July 22, 2004, and is incorporated
                 herein by reference.
---------------- ------------------------------------------ -------------
                 Certification by Director of the
                 Registrant pursuant to 15 U.S.C.
    (99.1)       Section 7241, as adopted pursuant to           99.1
                 Section 302 of the Sarbanes-Oxley Act of
                 2002.
---------------- ------------------------------------------ -------------
                 Annual Compliance Report by Trustee
                 pursuant to 15 U.S.C. Section 7241, as
    (99.2)       adopted pursuant to Section 302 of the         99.2
                 Sarbanes-Oxley Act of 2002.
---------------- ------------------------------------------ -------------
    (99.3)       Report of Aston Bell, CPA.                     99.3
---------------- ------------------------------------------ -------------
                 Registrant's Current Report on Form 8-K
                 filed with the Securities and Exchange
                 Commission on August 20, 2004, as
    (99.4)       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 October 1, 2004, as
    (99.5)       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 October 27, 2004, as
    (99.6)       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 November 24, 2004, as
    (99.7)       further described in Item 15(a)(1)             99.7
                 above, is incorporated herein by
                 reference.
---------------- ------------------------------------------ -------------
                 Registrant's Current Report on Form 8-K
                 filed with the Securities and Exchange
                 Commission on December 29, 2004, as
    (99.8)       further described in Item 15(a)(1)             99.8
                 above, is incorporated herein by
                 reference.
---------------- ------------------------------------------ -------------


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