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: 333-111858-05, 001-32281

                    Synthetic Fixed-Income Securities, Inc.

                                 on behalf of:

       STRATS(SM) Trust For DaimlerChrysler NA Holding Securities, Series
                                    2004-10
             ------------------------------------------------------
             (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 Class                                  Name of Registered Exchange
--------------                                  ---------------------------

STRATS(SM) Certificates, Series 2004-10         New York Stock Exchange ("NYSE")



<PAGE>


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 August 6, 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 DaimlerChrysler NA Holding Securities,
Series 2004-10 (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 2004-10 (the "Series Supplement")
dated as of August 6, 2004 in respect of the Trust. The Trust's assets consist
solely of notes issued by DaimlerChrysler North America Holding Corporation 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.

DaimlerChrysler AG, the guarantor 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 DaimlerChrysler AG please
see its periodic and current reports filed with the Securities and Exchange
Commission (the "Commission") under its Exchange Act file number, 001-14561.
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 DaimlerChrysler AG 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



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<PAGE>


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 guarantor 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.
         -------------------------------------

     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.
         ---------------------

         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



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<PAGE>


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.
         ---------------------------

         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 DaimlerChrysler NA Holding Securities,
                   Series 2004-10 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 Date        Filed on
--------------------------------------------------------------------------------
STRATS(SM) Trust For DaimlerChrysler             08-15-2004           08-20-2004
  NA Holding Securities, Series 2004-10          09-15-2004           09-29-2004
                                                 10-15-2004           10-27-2004
                                                 11-15-2004           11-24-2004
                                                 12-15-2004           12-29-2004
--------------------------------------------------------------------------------

              2.   None



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<PAGE>


              3.   Exhibits:

                   4.1 - Series Supplement, dated as of August 6, 2004, is set
                   forth as Exhibit 5 on Form 8-A12B filed with the Securities
                   and Exchange Commission, for Registrant on August 16, 2004,
                   and is incorporated herein by reference.

                   4.2 - Amendment, dated December 22, 2004, to Series
                   Supplement as set forth in Registrant's Current Report on
                   Form 8-K filed with the Securities and Exchange Commission
                   on January 4, 2005, 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 September 29,
                   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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<PAGE>




                                   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



                                       6
<PAGE>



                                 EXHIBIT INDEX

---------------- ------------------------------------------ -------------
   Reference              Description of Exhibits             Exhibit
  Number per                                                 Number in
  Item 601 of                                                   this
 Regulation SK                                               Form 10-K
---------------- ------------------------------------------ -------------
     (4.1)       Series Supplement, dated as of  August         4.1
                 6, 2004, is set forth as Exhibit 5 on
                 Form 8-A12B filed with the Securities
                 and Exchange Commission, for Registrant
                 on August 16, 2004, and is incorporated
                 herein by reference.
---------------- ------------------------------------------ -------------
                 Amendment, dated December 22, 2004,
     (4.2)       to Series Supplement as set forth              4.2
                 in Registrant's Current Report on Form
                 8-K filed with the Securities and
                 Exchange Commission on January 4, 2005,
                 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
    (99.4)       Commission on August 20, 2004, as further      99.4
                 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
    (99.5)       Commission on September 29, 2004, as           99.5
                 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
    (99.6)       Commission on October 27, 2004, as             99.6
                 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
    (99.7)       Commission on November 24, 2004, as            99.7
                 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
    (99.8)       Commission on December 29, 2004, as            99.8
                 further described in Item 15(a)(1) above,
                 is incorporated herein by reference.
---------------- ------------------------------------------ -------------



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