<PAGE>
                                                                    EXHIBIT 10.1
CONTACT:CUSTOMER SERVICES -- CTSLINK
        WELLS FARGO BANK MINNESOTA, N.A.
        SECURITIES ADMINISTRATION SERVICES
        7485 NEW HORIZON WAY
        FREDERICK, MD  21703
        WWW.CTSLINK.COM
        TELEPHONE:    (301) 815-6600
        FAX:          (301) 315-6660



                                SMT SERIES 2003-3

                           RECORD DATE: JULY 31, 2003
                       DISTRIBUTION DATE: AUGUST 20, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>

                               Certif-                                                                                      Cumul-
                                icate                                               Current                                 ative
                  Certificate   Pass-                    Beginning                   Real-      Ending          Total        Real
                    Class      Through   Certificate     Interest      Principal     ized    Certificate        Distri-      ized
Class  CUSIP      Description   Rate       Balance       Distribution  Distribution  Loss      Balance          bution       Loss
-----------------------------------------------------------------------------------------------------------------------------------
<S>    <C>        <C>          <C>       <C>            <C>           <C>           <C>     <C>              <C>           <C>
 A-1   81743PAT3     SEN       1.43000%  377,786,741.68   450,195.87   2,135,365.94   0.00   375,651,375.74   2,585,561.81   0.00
 A-2   81743PAU0     SEN       1.34000%  149,750,535.83   167,221.43   1,233,081.22   0.00   148,517,454.61   1,400,302.65   0.00
X-1A   81743PAV8      IO       1.20496%            0.00   100,243.14           0.00   0.00             0.00     100,243.14   0.00
X-1B   81743PAW6      IO       1.32791%            0.00   307,583.84           0.00   0.00             0.00     307,583.84   0.00
 X-2   81743PAX4      IO       1.41168%            0.00   176,166.73           0.00   0.00             0.00     176,166.73   0.00
 X-B   81743PAY2      IO       0.98286%            0.00     7,432.86           0.00   0.00             0.00       7,432.86   0.00
 A-R   81743PBA3      R        2.63729%            0.00         0.00           0.00   0.00             0.00           0.00   0.00
 B-1   81743PBB1     SUB       1.75000%    9,075,000.00    13,234.38           0.00   0.00     9,075,000.00      13,234.38   0.00
 B-2   81743PBC9     SUB       2.73286%    4,675,000.00    10,646.76           0.00   0.00     4,675,000.00      10,646.76   0.00
 B-3   81743PBD7     SUB       2.73286%    2,475,000.00     5,636.52           0.00   0.00     2,475,000.00       5,636.52   0.00
 B-4   81743PBE5     SUB       2.73286%    1,650,000.00     3,757.68           0.00   0.00     1,650,000.00       3,757.68   0.00
 B-5   81743PBF2     SUB       2.73286%      825,000.00     1,878.84           0.00   0.00       825,000.00       1,878.84   0.00
 B-6   81743PBG0     SUB       2.73286%    1,925,608.17     4,385.34           0.00   0.00     1,925,608.17       4,385.34   0.00
-----------------------------------------------------------------------------------------------------------------------------------
Totals                                   548,162,885.68 1,248,383.39   3,368,447.16   0.00   544,794,438.52   4,616,830.55   0.00
-----------------------------------------------------------------------------------------------------------------------------------
</TABLE>
All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.




<PAGE>
<TABLE>
<CAPTION>
                             Beginning      Current      Current         Ending
Account Type                  Balance     Withdrawals   Deposits        Balance
--------------------------------------------------------------------------------
<S>                          <C>          <C>           <C>             <C>
Reserve Fund                 5,000.00        0.00         0.00          5,000.00
Reserve Fund                 2,500.00        0.00         0.00          2,500.00
Reserve Fund                 2,500.00        0.00         0.00          2,500.00
</TABLE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                 DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
-----------------------------------------------------------------------------------------------------------------------------------
                    No. of       Principal                       No. of      Principal                     No. of       Principal
                    Loans         Balance                        Loans        Balance                      Loans         Balance
<S>               <C>            <C>           <C>             <C>           <C>          <C>            <C>            <C>
0-29 Days             0                  0.00  0-29 Days           0                0.00  0-29 Days          0                 0.00
30 Days               5          2,386,715.01  30 Days             0                0.00  30 Days            0                 0.00
60 Days               0                  0.00  60 Days             0                0.00  60 Days            0                 0.00
90 Days               0                  0.00  90 Days             0                0.00  90 Days            0                 0.00
120 Days              0                  0.00  120 Days            0                0.00  120 Days           0                 0.00
150 Days              0                  0.00  150 Days            0                0.00  150 Days           0                 0.00
180+ Days             0                  0.00  180+ Days           0                0.00  180+ Days          0                 0.00
                  ---------------------------                  -------------------------                 --------------------------
                      5          2,386,715.01                      0                0.00                     0                 0.00

                    No. of       Principal                       No. of      Principal                     No. of       Principal
                    Loans         Balance                        Loans        Balance                      Loans         Balance

0-29 Days         0.000000%      0.000000%     0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days           0.316656%      0.438094%     30 Days         0.000000%     0.000000%    30 Days        0.000000%      0.000000%
60 Days           0.000000%      0.000000%     60 Days         0.000000%     0.000000%    60 Days        0.000000%      0.000000%
90 Days           0.000000%      0.000000%     90 Days         0.000000%     0.000000%    90 Days        0.000000%      0.000000%
120 Days          0.000000%      0.000000%     120 Days        0.000000%     0.000000%    120 Days       0.000000%      0.000000%
150 Days          0.000000%      0.000000%     150 Days        0.000000%     0.000000%    150 Days       0.000000%      0.000000%
180+ Days         0.000000%      0.000000%     180+ Days       0.000000%     0.000000%    180+ Days      0.000000%      0.000000%
                  ---------------------------                  -------------------------                 --------------------------
                  0.316656%      0.438094%                     0.000000%     0.000000%                   0.000000%      0.000000%
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                  REO                                        TOTAL
-------------------------------------------------------------------------------------
                 No. of      Principal                     No. of        Principal
                 Loans        Balance                      Loans          Balance
<S>            <C>           <C>          <C>            <C>             <C>
0-29 Days          0                0.00  0-29 Days          0                   0.00
30 Days            0                0.00  30 Days            5           2,386,715.01
60 Days            0                0.00  60 Days            0                   0.00
90 Days            0                0.00  90 Days            0                   0.00
120 Days           0                0.00  120 Days           0                   0.00
150 Days           0                0.00  150 Days           0                   0.00
180+ Days          0                0.00  180+ Days          0                   0.00
               -------------------------                 ----------------------------
                   0                0.00                     5           2,386,715.01

                 No. of      Principal                     No. of        Principal
                 Loans        Balance                      Loans          Balance

0-29 Days      0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
30 Days        0.000000%     0.000000%    30 Days        0.316656%       0.438094%
60 Days        0.000000%     0.000000%    60 Days        0.000000%       0.000000%
90 Days        0.000000%     0.000000%    90 Days        0.000000%       0.000000%
120 Days       0.000000%     0.000000%    120 Days       0.000000%       0.000000%
150 Days       0.000000%     0.000000%    150 Days       0.000000%       0.000000%
180+ Days      0.000000%     0.000000%    180+ Days      0.000000%       0.000000%
               -------------------------                 ----------------------------
               0.000000%     0.000000%                   0.316656%       0.438094%
</TABLE>

Current Period Class A Insufficient Funds:                                  0.00

Principal Balance of Contaminated Properties                                0.00

Periodic Advance                                                        5,736.71
<PAGE>
Subordinated Level/Credit Enhancement/Class Percentage and Prepayment Percentage

<TABLE>
<CAPTION>
                Original $        Original %        Current $        Current %      Current Class %    Prepayment %
               -------------     ------------     -------------     -----------     ---------------    ------------
<S>            <C>               <C>              <C>               <C>             <C>                <C>
 Class A       20,625,608.17      3.75009211%     20,625,608.17     3,78594323%        96.214057%        0.000000%
Class X-2      20,625,608.17      3.75009211%     20,625,608.17     3.78594323%         0.000000%        0.000000%
Class B-1      11,550,608.17      2.10010024%     11,550,608.17     2.12017733%         1.665766%       43.998703%
Class B-2       6,875,608.17      1.25010442%      6,875,608.17     1.26205550%         0.858122%       22.665998%
Class B-3       4,400,608.17      0.80010664%      4,400,608.17     0.80775571%         0.454300%       11.999646%
Class B-4       2,750,608.17      0.50010811%      2,750,608.17     0.50488918%         0.302867%        7.999764%
Class B-5       1,925,608.17      0.35010885%      1,925,608.17     0.35345592%         0.151433%        3.999882%
Class B-6               0.00      0.00000000%              0.00     0.00000000%         0.353456%        9.336007%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>
                          DELINQUENCY STATUS BY GROUP

                                    GROUP 1

<TABLE>
<CAPTION>
-----------------------------------------------------------------------------------------------------------------------------------
                 DELINQUENT                                   BANKRUPTCY                                 FORECLOSURE
-----------------------------------------------------------------------------------------------------------------------------------
                    No. of        Principal                      No. of      Principal                     No. of       Principal
                     Loans         Balance                       Loans        Balance                      Loans         Balance
<S>                <C>            <C>          <C>             <C>    <C>    <C>
0-29 Days              0                 0.00  0-29 Days           0                0.00  0-29 Days          0                 0.00
30 Days                2           425,089.01  30 Days             0                0.00  30 Days            0                 0.00
60 Days                0                 0.00  60 Days             0                0.00  60 Days            0                 0.00
90 Days                0                 0.00  90 Days             0                0.00  90 Days            0                 0.00
120 Days               0                 0.00  120 Days            0                0.00  120 Days           0                 0.00
150 Days               0                 0.00  150 Days            0                0.00  150 Days           0                 0.00
180+ Days              0                 0.00  180+ Days           0                0.00  180+ Days          0                 0.00
                   --------------------------                  -------------------------                 --------------------------
                       2           425,089.01                      0                0.00                     0                 0.00

                    No. of        Principal                      No. of      Principal                     No. of       Principal
                     Loans         Balance                       Loans        Balance                      Loans         Balance

0-29 Days          0.000000%      0.000000%    0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days            0.178412%      0.108876%    30 Days         0.000000%     0.000000%    30 Days        0.000000%      0.000000%
60 Days            0.000000%      0.000000%    60 Days         0.000000%     0.000000%    60 Days        0.000000%      0.000000%
90 Days            0.000000%      0.000000%    90 Days         0.000000%     0.000000%    90 Days        0.000000%      0.000000%
120 Days           0.000000%      0.000000%    120 Days        0.000000%     0.000000%    120 Days       0.000000%      0.000000%
150 Days           0.000000%      0.000000%    150 Days        0.000000%     0.000000%    150 Days       0.000000%      0.000000%
180+ Days          0.000000%      0.000000%    180+ Days       0.000000%     0.000000%    180+ Days      0.000000%      0.000000%
                   --------------------------                  -------------------------                 --------------------------
                   0.178412%      0.108876%                    0.000000%     0.000000%                   0.000000%      0.000000%
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                  REO                                        TOTAL
-------------------------------------------------------------------------------------
                 No. of      Principal                     No. of        Principal
                 Loans        Balance                      Loans          Balance
<S>            <C>           <C>          <C>            <C>             <C>
0-29 Days          0                0.00  0-29 Days          0                   0.00
30 Days            0.               0.00  30 Days            2             425,089.01
60 Days            0                0.00  60 Days            0                   0.00
90 Days            0                0.00  90 Days            0                   0.00
120 Days           0                0.00  120 Days           0                   0.00
150 Days           0                0.00  150 Days           0                   0.00
180+ Days          0                0.00  180+ Days          0                   0.00
               -------------------------                 ----------------------------
                   0                0.00                     2             425,089.01

                 No. of      Principal                     No. of        Principal
                 Loans        Balance                      Loans          Balance

0-29 Days      0.000000%     0.000000%    0-29 Days      0.000000%       0.000000%
30 Days        0.000000%     0.000000%    30 Days        0.178412%       0.108876%
60 Days        0.000000%     0.000000%    60 Days        0.000000%       0.000000%
90 Days        0.000000%     0.000000%    90 Days        0.000000%       0.000000%
120 Days       0.000000%     0.000000%    120 Days       0.000000%       0.000000%
150 Days       0.000000%     0.000000%    150 Days       0.000000%       0.000000%
180+ Days      0.000000%     0.000000%    180+ Days      0.000000%       0.000000%
               -------------------------                 ----------------------------
               0.000000%     0.000000%                   0.178412%       0.108876%
</TABLE>

                                    GROUP 2

<TABLE>
<CAPTION>
--------------------------------------------------------------------------------------------------------------------------------
                DELINQUENT                                  BANKRUPTCY                                FORECLOSURE
--------------------------------------------------------------------------------------------------------------------------------
                   No. of       Principal                     No. of       Principal                     No. of      Principal
                   Loans         Balance                      Loans         Balance                      Loans        Balance
<S>              <C>           <C>           <C>            <C>            <C>          <C>            <C>           <C>
0-29 Days            0                 0.00  0-29 Days          0                 0.00  0-29 Days          0                0.00
30 Days              3         1,961,626.00  30 Days            0                 0.00  30 Days            0                0.00
60 Days              0                 0.00  60 Days            0                 0.00  60 Days            0                0.00
90 Days              0                 0.00  90 Days            0                 0.00  90 Days            0                0.00
120 Days             0                 0.00  120 Days           0                 0.00  120 Days           0                0.00
150 Days             0                 0.00  150 Days           0                 0.00  150 Days           0                0.00
180+ Days            0                 0.00  180+ Days          0                 0.00  180+ Days          0                0.00
                 --------------------------                 --------------------------                 -------------------------
                     3         1,961,626.00                     0                 0.00                     0                0.00

                   No. of       Principal                     No. of       Principal                     No. of      Principal
                   Loans         Balance                      Loans         Balance                      Loans        Balance

0-29 Days        0.000000%      0.000000%    0-29 Days      0.000000%      0.000000%    0-29 Days      0.000000%     0.000000%
30 Days          0.655022%      1.270819%    30 Days        0.000000%      0.000000%    30 Days        0.000000%     0.000000%
60 Days          0.000000%      0.000000%    60 Days        0.000000%      0.000000%    60 Days        0.000000%     0.000000%
90 Days          0.000000%      0.000000%    90 Days        0.000000%      0.000000%    90 Days        0.000000%     0.000000%
120 Days         0.000000%      0.000000%    120 Days       0.000000%      0.000000%    120 Days       0.000000%     0.000000%
150 Days         0.000000%      0.000000%    150 Days       0.000000%      0.000000%    150 Days       0.000000%     0.000000%
180+ Days        0.000000%      0.000000%    180+ Days      0.000000%      0.000000%    180+ Days      0.000000%     0.000000%
                 --------------------------                 --------------------------                 -------------------------
                 0.655022%      1.270819%                   0.000000%      0.000000%                   0.000000%     0.000000%
</TABLE>

<TABLE>
<CAPTION>
-------------------------------------------------------------------------------------
                   REO                                       TOTAL
-------------------------------------------------------------------------------------
                 No. of       Principal                     No. of       Principal
                  Loans        Balance                      Loans         Balance
<S>             <C>           <C>          <C>            <C>            <C>
0-29 Days           0                0.00  0-29 Days          0                  0.00
30 Days             0                0.00  30 Days            3          1,961,626.00
60 Days             0                0.00  60 Days            0                  0.00
90 Days             0                0.00  90 Days            0                  0.00
120 Days            0                0.00  120 Days           0                  0.00
150 Days            0                0.00  150 Days           0                  0.00
180+ Days           0                0.00  180+ Days          0                  0.00
                -------------------------                 ---------------------------
                    0                0.00                     3          1,961,626.00

                 No. of       Principal                     No. of       Principal
                  Loans        Balance                      Loans         Balance

0-29 Days       0.000000%     0.000000%    0-29 Days      0.000000%      0.000000%
30 Days         0.000000%     0.000000%    30 Days        0.655022%      1.270819%
60 Days         0.000000%     0.000000%    60 Days        0.000000%      0.000000%
90 Days         0.000000%     0.000000%    90 Days        0.000000%      0.000000%
120 Days        0.000000%     0.000000%    120 Days       0.000000%      0.000000%
150 Days        0.000000%     0.000000%    150 Days       0.000000%      0.000000%
180+ Days       0.000000%     0.000000%    180+ Days      0.000000%      0.000000%
                -------------------------                 ---------------------------
                0.000000%     0.000000%                   0.655022%      1.270819%
</TABLE>
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<S>                                                               <C>
Collateral Description                                                 Mixed Arm

Weighted Average Gross Coupon                                          3.118894%
Weighted Average Net Coupon                                            2.742874%
Weighted Average Pass-Through Rate                                     2.732874%
Weighted Average Maturity (Stepdown Calculation)                             356

Beginning Scheduled Collateral Loan Count                                  1,585
Number of Loans Paid in Full                                                   6
Ending Scheduled Collateral Loan Count                                     1,579

Beginning Scheduled Collateral Balance                            548,162,885.68
Ending Scheduled Collateral Balance                               544,794,438.52
Ending Actual Collateral Balance at 31-July-2003                  544,794,611.13

Monthly P&I Constant                                                1,424,718.46
Special Servicing Fee                                                       0.00
Prepayment Penalties                                                        0.00
Realized Loss Amount                                                        0.00
Cumulative Realized Loss                                                    0.00

Class A Optimal Amount                                              4,569,858.17

Ending Scheduled Balance for Premium Loans                        544,794,438.52

Scheduled Principal                                                         0.00
Unscheduled Principal                                               3,368,447.16
</TABLE>
<PAGE>
MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
Group 1 One Month Libor Loan Balance                              103,612,149.27
Group 1 Six Month Libor Loan Balance                              286,823,116.34
Group 2 Six Month Libor Loan Balance                              154,359,172.91

Pro-Rata Senior Percent                                               96.237321%
Group 1 Senior Percent                                               100.000000%
Group 2 Senior Percent                                               100.000000%
Group 1 Senior Prepayment Percent                                    100.000000%
Group 2 Senior Prepayment Percent                                    100.000000%
</TABLE>

<TABLE>
<CAPTION>
          GROUP                           1                2                 TOTAL
<S>                                 <C>              <C>                <C>
Collateral Description                Mixed ARM        Mixed ARM           Mixed ARM
Weighted Average Coupon Rate              3.111845         3.136682           3.118894
Weighted Average Net Rate                 2.735420         2.761682           2.742874
Pass-Through Rate                         2.725420         2.751682           2.732874
Weighted Average Maturity                      331              335                356
Record Date                             07/31/2003       07/31/2003         07/31/2003
Principal and Interest Constant       1,018,015.66       406,702.80       1,424,718.46
Beginning Loan Count                         1,125              460              1,585
Loans Paid in Full                               4                2                  6
Ending Loan Count                            1,121              458              1,579
Beginning Scheduled Balance         392,570,631.55   155,592,254.13     548,162,885.68
Ending Scheduled Balance            390,435,265.61   154,359,172.91     544,794,438.52
Scheduled Principal                           0.00             0.00               0.00
Unscheduled Principal                 2,135,365.94     1,233,081.22       3,368,447.16
Scheduled Interest                    1,018,015.66       406,702.80       1,424,718.46
Servicing Fee                           123,144.46        48,622.58         171,767.04
Master Servicing Fee                      3,271.42         1,296.61           4,568.03
Trustee Fee                                   0.00             0.00               0.00
FRY Amount                                    0.00             0.00               0.00
Special Hazard Fee                            0.00             0.00               0.00
Other Fee                                     0.00             0.00               0.00
Pool Insurance Fee                            0.00             0.00               0.00
Spread 1                                      0.00             0.00               0.00
Spread 2                                      0.00             0.00               0.00
Spread 3                                      0.00             0.00               0.00
Net Interest                            891,599.78       356,783.61       1,248,383.39
Realized Loss Amount                          0.00             0.00               0.00
Cumulative Realized Loss                      0.00             0.00               0.00
Percentage of Cumulative Losses               0.00             0.00               0.00
Prepayment Penalties                          0.00             0.00               0.00
Special Servicing Fee                         0.00             0.00               0.00
</TABLE>