<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 2004-1
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning
                     Class      Certificate Pass-   Certificate      Interest      Principal      Current
Class     CUSIP    Description    Through Rate        Balance      Distribution  Distribution  Realized Loss
-----     -----    -----------    ------------        -------      ------------  ------------  -------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>           <C>
  A     81744FAA5      SEN           1.47000%      582,503,964.95    713,567.36  7,770,216.88       0.00
 X-1    81744FAB3       IO           0.80000%                0.00    345,099.69          0.00       0.00
 X-2    81744FAC1       IO           0.48074%                0.00    233,362.94          0.00       0.00
 X-B    81744FAD9       IO           0.81781%                0.00     10,435.22          0.00       0.00
 B-1    81744FAG2      SUB           1.65000%        9,375,000.00     12,890.63          0.00       0.00
 B-2    81744FAH0      SUB           2.15000%        5,937,000.00     10,637.13          0.00       0.00
 B-3    81744FAJ6      SUB           2.66168%        3,437,000.00      7,623.48          0.00       0.00
 B-4    81744FAK3      SUB           2.66168%        1,562,000.00      3,464.61          0.00       0.00
 B-5    81744FAL1      SUB           2.66168%          937,000.00      2,078.32          0.00       0.00
 B-6    81744FAM9      SUB           2.66168%        2,500,468.00      5,546.19          0.00       0.00
 A-R    81744FAF4      RES           2.65940%                0.00          0.00          0.00       0.00
                                                   --------------  ------------  ------------       ----
Totals                                             606,252,432.95  1,344,705.57  7,770,216.88       0.00
                                                   --------------  ------------  ------------       ----

<CAPTION>
                    Ending Certificate      Total       Cumulative
Class     CUSIP          Balance        Distribution  Realized Loss
-----     -----          -------        ------------  -------- ----
<S>     <C>         <C>                 <C>           <C>
  A     81744FAA5    574,733,748.07     8,483,784.24       0.00
 X-1    81744FAB3              0.00       345,099.69       0.00
 X-2    81744FAC1              0.00       233,362.94       0.00
 X-B    81744FAD9              0.00        10,435.22       0.00
 B-1    81744FAG2      9,375,000.00        12,890.63       0.00
 B-2    81744FAH0      5,937,000.00        10,637.13       0.00
 B-3    81744FAJ6      3,437,000.00         7,623.48       0.00
 B-4    81744FAK3      1,562,000.00         3,464.61       0.00
 B-5    81744FAL1        937,000.00         2,078.32       0.00
 B-6    81744FAM9      2,500,468.00         5,546.19       0.00
 A-R    81744FAF4              0.00             0.00       0.00
                     --------------     ------------       ----
Totals               598,482,216.07     9,114,922.45       0.00
                     --------------     ------------       ----
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                           Beginning     Scheduled     Unscheduled
         Original Face    Certificate    Principal      Principal               Realized  Total Principal
Class       Amount          Balance     Distribution   Distribution  Accretion  Loss (1)     Reduction
------  --------------  --------------  ------------  -------------  ---------  --------  ---------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>       <C>
  A     601,250,000.00  582,503,964.95    3,902.67     7,766,314.21     0.00      0.00      7,770,216.88
 X-1              0.00            0.00        0.00             0.00     0.00      0.00              0.00
 X-2              0.00            0.00        0.00             0.00     0.00      0.00              0.00
 X-B              0.00            0.00        0.00             0.00     0.00      0.00              0.00
 B-1      9,375,000.00    9,375,000.00        0.00             0.00     0.00      0.00              0.00
 B-2      5,937,000.00    5,937,000.00        0.00             0.00     0.00      0.00              0.00
 B-3      3,437,000.00    3,437,000.00        0.00             0.00     0.00      0.00              0.00
 B-4      1,562,000.00    1,562,000.00        0.00             0.00     0.00      0.00              0.00
 B-5        937,000.00      937,000.00        0.00             0.00     0.00      0.00              0.00
 B-6      2,500,468.00    2,500,468.00        0.00             0.00     0.00      0.00              0.00
 A-R            100.00            0.00        0.00             0.00     0.00      0.00              0.00
        --------------  --------------    --------     ------------     ----      ----      ------------
Totals  624,998,568.00  606,252,432.95    3,902.67     7,766,314.21     0.00      0.00      7,770,216.88
        --------------  --------------    --------     ------------     ----      ----      ------------

<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class         Balance           Percentage       Distribution
------  ------------------  ------------------  ---------------
<S>     <C>                 <C>                 <C>
  A       574,733,748.07         0.95589813       7,770,216.88
 X-1                0.00         0.00000000               0.00
 X-2                0.00         0.00000000               0.00
 X-B                0.00         0.00000000               0.00
 B-1        9,375,000.00         1.00000000               0.00
 B-2        5,937,000.00         1.00000000               0.00
 B-3        3,437,000.00         1.00000000               0.00
 B-4        1,562,000.00         1.00000000               0.00
 B-5          937,000.00         1.00000000               0.00
 B-6        2,500,468.00         1.00000000               0.00
 A-R                0.00         0.00000000               0.00
          --------------         ----------       ------------
Totals    598,482,216.07         0.95757374       7,770,216.88
          --------------         ----------       ------------
</TABLE>

(1) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.
<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning      Scheduled    Unscheduled
        Original Face   Certificate     Principal     Principal                Realized   Total Principal
Class      Amount         Balance     Distribution  Distribution  Accretion    Loss (3)      Reduction
-----  --------------  -------------  ------------  ------------  ----------  ----------  ---------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>
  A    601,250,000.00   968.82156333   0.00649093    12.91694671  0.00000000  0.00000000    12.92343764
 X-1             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 X-2             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 X-B             0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-1     9,375,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-2     5,937,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-3     3,437,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-4     1,562,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-5       937,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-6     2,500,468.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 A-R           100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000

<CAPTION>
       Ending Certificate  Ending Certificate  Total Principal
Class        Balance           Percentage       Distribution
-----  ------------------  ------------------  ---------------
<S>    <C>                 <C>                 <C>
  A        955.89812569         0.95589813       12.92343764
 X-1         0.00000000         0.00000000        0.00000000
 X-2         0.00000000         0.00000000        0.00000000
 X-B         0.00000000         0.00000000        0.00000000
 B-1      1000.00000000         1.00000000        0.00000000
 B-2      1000.00000000         1.00000000        0.00000000
 B-3      1000.00000000         1.00000000        0.00000000
 B-4      1000.00000000         1.00000000        0.00000000
 B-5      1000.00000000         1.00000000        0.00000000
 B-6      1000.00000000         1.00000000        0.00000000
 A-R         0.00000000         0.00000000        0.00000000
</TABLE>

(3) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                   Payment of                Non-
                                           Certificate/     Current       Unpaid     Current   Supported
        Original Face        Current         Notional       Accrued      Interest   Interest    Interest  Realized
 Class     Amount       Certificate Rate     Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)
------  --------------  ----------------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>               <C>             <C>           <C>         <C>        <C>        <C>
   A    601,250,000.00       1.47000%     582,503,964.95    713,567.36     0.00        0.00       0.00      0.00
  X-1             0.00       0.80000%     517,649,540.32    345,099.69     0.00        0.00       0.00      0.00
  X-2             0.00       0.48074%     582,503,964.95    233,362.94     0.00        0.00       0.00      0.00
  X-B             0.00       0.81781%      15,312,000.00     10,435.22     0.00        0.00       0.00      0.00
  B-1     9,375,000.00       1.65000%       9,375,000.00     12,890.63     0.00        0.00       0.00      0.00
  B-2     5,937,000.00       2.15000%       5,937,000.00     10,637.13     0.00        0.00       0.00      0.00
  B-3     3,437,000.00       2.66168%       3,437,000.00      7,623.48     0.00        0.00       0.00      0.00
  B-4     1,562,000.00       2.66168%       1,562,000.00      3,464.61     0.00        0.00       0.00      0.00
  B-5       937,000.00       2.66168%         937,000.00      2,078.32     0.00        0.00       0.00      0.00
  B-6     2,500,468.00       2.66168%       2,500,468.00      5,546.19     0.00        0.00       0.00      0.00
  A-R           100.00       2.65940%               0.00          0.00     0.00        0.00       0.00      0.00
        --------------                                    ------------     ----        ----       ----      ----
Totals  624,998,568.00                                    1,344,705.57     0.00        0.00       0.00      0.00
        --------------                                    ------------     ----        ----       ----      ----

<CAPTION>
                         Remaining      Ending
                           Unpaid    Certificate/
         Total Interest   Interest    Notational
 Class    Distribution   Shortfall     Balance
------  ---------------  ---------  --------------
<S>     <C>              <C>        <C>
   A        713,567.36      0.00    574,733,748.07
  X-1       345,099.69      0.00    498,558,786.64
  X-2       233,362.94      0.00    574,733,748.07
  X-B        10,435.22      0.00     15,312,000.00
  B-1        12,890.63      0.00      9,375,000.00
  B-2        10,637.13      0.00      5,937,000.00
  B-3         7,623.48      0.00      3,437,000.00
  B-4         3,464.61      0.00      1,562,000.00
  B-5         2,078.32      0.00        937,000.00
  B-6         5,546.19      0.00      2,500,468.00
  A-R             0.00      0.00              0.00
          ------------      ----
Totals    1,344,705.57      0.00
          ------------      ----
</TABLE>

(4) Amount does not include excess special hazard, bankruptcy, or fraud losses
unless otherwise disclosed. Please refer to the prospectus supplement for a full
description.
<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of                 Non-
                         Current       Beginning                         Unpaid     Current    Supported
Class   Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest    Interest    Realized
 (5)        Amount         Rate     Notional Balance      Interest      Shortfall  Shortfall   Shortfall    Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
  A    601,250,000.00    1.47000%      968.82156333     1.18680642     0.00000000  0.00000000  0.00000000  0.00000000
 X-1             0.00    0.80000%      860.95557642     0.57397038     0.00000000  0.00000000  0.00000000  0.00000000
 X-2             0.00    0.48074%      968.82156333     0.38812963     0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.81781%     1000.00000000     0.68150601     0.00000000  0.00000000  0.00000000  0.00000000
 B-1     9,375,000.00    1.65000%     1000.00000000     1.37500053     0.00000000  0.00000000  0.00000000  0.00000000
 B-2     5,937,000.00    2.15000%     1000.00000000     1.79166751     0.00000000  0.00000000  0.00000000  0.00000000
 B-3     3,437,000.00    2.66168%     1000.00000000     2.21806226     0.00000000  0.00000000  0.00000000  0.00000000
 B-4     1,562,000.00    2.66168%     1000.00000000     2.21806018     0.00000000  0.00000000  0.00000000  0.00000000
 B-5       937,000.00    2.66168%     1000.00000000     2.21805763     0.00000000  0.00000000  0.00000000  0.00000000
 B-6     2,500,468.00    2.66168%     1000.00000000     2.21806078     0.00000000  0.00000000  0.00000000  0.00000000
 A-R           100.00    2.65940%        0.00000000     0.00000000     0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                        Remaining
                          Unpaid
Class  Total Interest    Interest  Ending Certificate/
 (5)    Distribution    Shortfall   Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
  A      1.18680642    0.00000000     955.89812569
 X-1     0.57397038    0.00000000     829.20380314
 X-2     0.38812963    0.00000000     955.89812569
 X-B     0.68150601    0.00000000    1000.00000000
 B-1     1.37500053    0.00000000    1000.00000000
 B-2     1.79166751    0.00000000    1000.00000000
 B-3     2.21806226    0.00000000    1000.00000000
 B-4     2.21806018    0.00000000    1000.00000000
 B-5     2.21805763    0.00000000    1000.00000000
 B-6     2.21806078    0.00000000    1000.00000000
 A-R     0.00000000    0.00000000       0.00000000
</TABLE>

(5)   Per $1 denomination

(6)   Amount does not include excess special hazard, bankruptcy, or fraud losses
      unless otherwise disclosed. Please refer to the prospectus supplement for
      a full description.

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                          <C>
Beginning Balance                                                                    0.00

Deposits
            Payments of Interest and Principal                               9,292,258.49
            Liquidations, Insurance Proceeds, Reserve Funds                          0.00
            Proceeds from Repurchased Loans                                          0.00
            Other Amounts (Servicer Advances)                                   24,649.92
            Realized Losses (Gains, Subsequent Expenses & Recoveries)                0.00
            Prepayment Penalties                                                     0.00
                                                                             ------------
Total Deposits                                                               9,316,908.41

Withdrawals
            Reimbursement for Servicer Advances                                  6,851.34
            Payment of Service Fee                                             195,134.62
            Payment of Interest and Principal                                9,114,922.45
                                                                             ------------
Total Withdrawals (Pool Distribution Amount)                                 9,316,908.41

Ending Balance                                                                       0.00
                                                                             ============
</TABLE>

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                      <C>
Total Prepayment/Curtailment Interest Shortfall                               0.00
Servicing Fee Support                                                         0.00
                                                                         ---------

Non-Supported Prepayment Curtailment Interest Shortfall                       0.00
                                                                         =========
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                     <C>
Gross Servicing Fee                                                     190,082.49
Master Servicing Fee                                                      5,052.13
Supported Prepayment/Curtailment Interest Shortfall                           0.00
                                                                        ----------

Net Servicing Fee                                                       195,134.62
                                                                        ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning      Current       Current    Ending
     Account Type         Balance     Withdrawals    Deposits   Balance
---------------------   ----------    -----------    --------   --------
<S>                     <C>           <C>            <C>        <C>
Class X-1 Sub Account    4,500.00        0.00          0.00     4,500.00
Class X-2 Sub Account    4,500.00        0.00          0.00     4,500.00
Class X-B Sub Account    1,000.00        0.00          0.00     1,000.00
</TABLE>

<PAGE>



             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  2,079,160.55   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  2,079,160.55                      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    0.289017%     0.347405%  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%
           --------  ------------               --------   --------              --------   --------
           0.289017%     0.347405%              0.000000%  0.000000%             0.000000%  0.000000%

<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   2,079,160.55
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   2,079,160.55

             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     0.289017%      0.347405%
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%               0.289017%      0.347405%
</TABLE>

<TABLE>
<S>                                        <C>   <C>                                           <C>   <C>               <C>
Current Period Class A Insufficient Funds: 0.00  Principal Balance of Contaminated Properties  0.00  Periodic Advance  24,649.92
</TABLE>

<TABLE>
<CAPTION>
               Original $      Original%      Current $        Current %     Current Class %    Prepayment %
             -------------    -----------  -------------      -----------    ---------------    ------------
<S>          <C>              <C>          <C>                <C>            <C>                <C>
Class A      23,748,468.00    3.79976359%  23,748,468.00      3.96811590%      96.031884%         0.000000%
Class X-1    23,748,468.00    3.79976359%  23,748,468.00      3.96811590%       0.000000%         0.000000%
Class X-2    23,748,468.00    3.79976359%  23,748,468.00      3.96811590%       0.000000%         0.000000%
Class B-1    14,373,468.00    2.29976015%  14,373,468.00      2.40165332%       1.566463%        39.476231%
Class B-2     8,436,468.00    1.34983797%   8,436,468.00      1.40964389%       0.992009%        24.999507%
Class B-3     4,999,468.00    0.79991671%   4,999,468.00      0.83535782%       0.574286%        14.472513%
Class B-4     3,437,468.00    0.54999614%   3,437,468.00      0.57436427%       0.260994%         6.577266%
Class B-5     2,500,468.00    0.40007580%   2,500,468.00      0.41780155%       0.156563%         3.945518%
Class B-6             0.00    0.00000000%           0.00      0.00000000%       0.417802%        10.528965%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                           Mixed Arm
<S>                                                        <C>
Weighted Average Gross Coupon                                    3.047919%
Weighted Average Net Coupon                                      2.671675%
Weighted Average Pass-Through Rate                               2.661675%
Weighted Average Maturity (Stepdown Calculation)                      330

Beginning Scheduled Collateral Loan Count                           1,747
Number of Loans Paid in Full                                           17
Ending Scheduled Collateral Loan Count                              1,730

Beginning Scheduled Collateral Balance                     606,252,433.38
Ending Scheduled Collateral Balance                        598,482,216.50
Ending Actual Collateral Balance at 28-May-2004            598,484,053.13

Monthly P&I Constant                                         1,543,742.84
Special Servicing Fee                                                0.00
Prepayment Penalties                                                 0.00
Realization Loss Amount                                              0.00
Cumulative Realized Loss                                             0.00

Class A Optimal Amount                                       9,072,682.09

Ending Scheduled Balance for Premium Loans                 598,482,216.50

Scheduled Principal                                              3,902.67
Unscheduled Principal                                        7,766,314.21
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                          <C>
One-Month Libor Loan Balance                  93,010,724.00
Six-Month Libor Loan Balance                 505,195,492.50
Prorata Senior Percentage                         96.082743%
Senior Percentage                                100.000000%
Senior Prepayment Percentage                     100.000000%
Subordinate Percentage                             0.000000%
Subordinate Prepayment Percentage                  0.000000%
</TABLE>