<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 2004-2
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                         Beginning
                              Class      Certificate Pass-    Certificate        Interest        Principal
Class          CUSIP       Description     Through Rate         Balance        Distribution     Distribution
-----          -----       -----------     ------------         -------        ------------     ------------
<S>          <C>           <C>           <C>                <C>                <C>              <C>
  A          81744FAN7         SEN           1.45000%       654,247,207.05       790,548.71     7,484,923.62
 X-1         81744FAP2          IO           0.80000%                 0.00       400,352.55             0.00
 X-2         81744FAQ0          IO           0.56609%                 0.00       308,634.78             0.00
 X-B         81744FAR8          IO           0.96927%                 0.00        14,983.31             0.00
 B-1         81744FAT4         SUB           1.60000%        11,550,000.00        15,400.00             0.00
 B-2         81744FAU1         SUB           2.08000%         7,000,000.00        12,133.33             0.00
 B-3         81744FAV9         SUB           2.75040%         3,150,000.00         7,219.81             0.00
 B-4         81744FAW7         SUB           2.75040%         1,750,000.00         4,011.00             0.00
 B-5         81744FAX5         SUB           2.75040%         1,400,000.00         3,208.80             0.00
 B-6         81744FAY6         SUB           2.75040%         3,150,069.00         7,219.97             0.00
 A-R         81744FAS6         RES           2.74862%                 0.00             0.00             0.00
                                                            --------------     ------------     ------------
Totals                                                      682,247,276.05     1,563,712.26     7,484,923.62
                                                            --------------     ------------     ------------

<CAPTION>
                                               Ending
                             Current         Certificate          Total          Cumulative
Class          CUSIP      Realized Loss        Balance         Distribution     Realized Loss
-----          -----      -------------        -------         ------------     -------------
<S>          <C>          <C>              <C>                 <C>              <C>
  A          81744FAN7        0.00         646,762,283.43      8,275,472.33          0.00
 X-1         81744FAP2        0.00                   0.00        400,352.55          0.00
 X-2         81744FAQ0        0.00                   0.00        308,634.78          0.00
 X-B         81744FAR8        0.00                   0.00         14,983.31          0.00
 B-1         81744FAT4        0.00          11,550,000.00         15,400.00          0.00
 B-2         81744FAU1        0.00           7,000,000.00         12,133.33          0.00
 B-3         81744FAV9        0.00           3,150,000.00          7,219.81          0.00
 B-4         81744FAW7        0.00           1,750,000.00          4,011.00          0.00
 B-5         81744FAX5        0.00           1,400,000.00          3,208.80          0.00
 B-6         81744FAY6        0.00           3,150,069.00          7,219.97          0.00
 A-R         81744FAS6        0.00                   0.00              0.00          0.00
                              ----         --------------      ------------          ----
Totals                        0.00         674,762,352.43      9,048,635.88          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
Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)
-----          ------            -------       ------------     ------------    ---------    --------
<S>        <C>               <C>               <C>              <C>             <C>          <C>
  A        671,998,000.00    654,247,207.05         0.00        7,484,923.62       0.00        0.00
 X-1                 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
 X-B                 0.00              0.00         0.00                0.00       0.00        0.00
 B-1        11,550,000.00     11,550,000.00         0.00                0.00       0.00        0.00
 B-2         7,000,000.00      7,000,000.00         0.00                0.00       0.00        0.00
 B-3         3,150,000.00      3,150,000.00         0.00                0.00       0.00        0.00
 B-4         1,750,000.00      1,750,000.00         0.00                0.00       0.00        0.00
 B-5         1,400,000.00      1,400,000.00         0.00                0.00       0.00        0.00
 B-6         3,150,069.00      3,150,069.00         0.00                0.00       0.00        0.00
 A-R               100.00              0.00         0.00                0.00       0.00        0.00
           --------------    --------------         ----        ------------       ----        ----
Totals     699,998,169.00    682,247,276.05         0.00        7,484,923.62       0.00        0.00
           --------------    --------------         ----        ------------       ----        ----

<CAPTION>

          Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class        Reduction          Balance            Percentage        Distribution
-----        ---------          -------            ----------        ------------
<S>       <C>              <C>                 <C>                  <C>
  A         7,484,923.62      646,762,283.43       0.96244674        7,484,923.62
 X-1                0.00                0.00       0.00000000                0.00
 X-2                0.00                0.00       0.00000000                0.00
 X-B                0.00                0.00       0.00000000                0.00
 B-1                0.00       11,550,000.00       1.00000000                0.00
 B-2                0.00        7,000,000.00       1.00000000                0.00
 B-3                0.00        3,150,000.00       1.00000000                0.00
 B-4                0.00        1,750,000.00       1.00000000                0.00
 B-5                0.00        1,400,000.00       1.00000000                0.00
 B-6                0.00        3,150,069.00       1.00000000                0.00
 A-R                0.00                0.00       0.00000000                0.00
            ------------      --------------       ----------        ------------
Totals      7,484,923.62      674,762,352.43       0.96394874        7,484,923.62
            ------------      --------------       ----------        ------------
</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
Class         Amount           Balance       Distribution   Distribution     Accretion      Loss (3)
-----         ------           -------       ------------   ------------     ---------      --------
<S>       <C>               <C>              <C>            <C>              <C>           <C>
  A       671,998,000.00     973.58505092     0.00000000     11.13831235     0.00000000    0.00000000
 X-1                0.00       0.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 X-2                0.00       0.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 X-B                0.00       0.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-1       11,550,000.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-2        7,000,000.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-3        3,150,000.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-4        1,750,000.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-5        1,400,000.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 B-6        3,150,069.00    1000.00000000     0.00000000      0.00000000     0.00000000    0.00000000
 A-R              100.00       0.00000000     0.00000000      0.00000000     0.00000000    0.00000000

<CAPTION>

            Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class          Reduction          Balance            Percentage        Distribution
-----          ---------          -------            ----------        ------------
<S>         <C>              <C>                 <C>                  <C>
  A           11.13831235       962.44673858         0.96244674        11.13831235
 X-1           0.00000000         0.00000000         0.00000000         0.00000000
 X-2           0.00000000         0.00000000         0.00000000         0.00000000
 X-B           0.00000000         0.00000000         0.00000000         0.00000000
 B-1           0.00000000      1000.00000000         1.00000000         0.00000000
 B-2           0.00000000      1000.00000000         1.00000000         0.00000000
 B-3           0.00000000      1000.00000000         1.00000000         0.00000000
 B-4           0.00000000      1000.00000000         1.00000000         0.00000000
 B-5           0.00000000      1000.00000000         1.00000000         0.00000000
 B-6           0.00000000      1000.00000000         1.00000000         0.00000000
 A-R           0.00000000         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-
                                 Current       Certificate/       Current        Unpaid       Current      Supported
           Original Face       Certificate       Notional         Accrued       Interest      Interest     Interest     Realized
Class          Amount             Rate            Balance        Interest      Shortfall     Shortfall     Shortfall    Loss (4)
-----          ------             ----            -------        --------      ---------     ---------     ---------    --------
<S>        <C>                 <C>            <C>              <C>             <C>           <C>           <C>          <C>
  A        671,998,000.00       1.45000%      654,247,207.05     790,548.71       0.00          0.00         0.00         0.00
 X-1                 0.00       0.80000%      600,528.818.95     400,352.55       0.00          0.00         0.00         0.00
 X-2                 0.00       0.56609%      654,247,207.05     308,634.78       0.00          0.00         0.00         0.00
 X-B                 0.00       0.96927%       18,550,000.00      14,983.31       0.00          0.00         0.00         0.00
 B-1        11,550,000.00       1.60000%       11,550,000.00      15,400.00       0.00          0.00         0.00         0.00
 B-2         7,000,000.00       2.08000%        7,000,000.00      12,133.33       0.00          0.00         0.00         0.00
 B-3         3,150,000.00       2.75040%        3,150,000.00       7,219.81       0.00          0.00         0.00         0.00
 B-4         1,750,000.00       2.75040%        1,750,000.00       4,011.00       0.00          0.00         0.00         0.00
 B-5         1,400,000.00       2.75040%        1,400,000.00       3,208.80       0.00          0.00         0.00         0.00
 B-6         3,150,069.00       2.75040%        3,150,069.00       7,219.97       0.00          0.00         0.00         0.00
 A-R               100.00       2.74862%                0.00           0.00       0.00          0.00         0.00         0.00
           --------------                                      ------------       ----          ----         ----         ----
Totals     699,998,169.00                                      1,563,712.26       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           790,548.71        0.00       646,762,283.43
 X-1          400,352.55        0.00       578,365,718.65
 X-2          308,634.78        0.00       646,762,283.43
 X-B           14,983.31        0.00        18,550,000.00
 B-1           15,400.00        0.00        11,550,000.00
 B-2           12,133.33        0.00         7,000,000.00
 B-3            7,219.81        0.00         3,150,000.00
 B-4            4,011.00        0.00         1,750,000.00
 B-5            3,208.80        0.00         1,400,000.00
 B-6            7,219.97        0.00         3,150,069.00
 A-R                0.00        0.00                 0.00
            ------------        ----
Totals      1,563,712.26        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       671,998,000.00    1.45000%        973.58505092        1.17641527      0.00000000    0.00000000    0.00000000    0.00000000
 X-1                0.00    0.80000%        893.64673548        0.59576450      0.00000000    0.00000000    0.00000000    0.00000000
 X-2                0.00    0.56609%        973.58505092        0.45927931      0.00000000    0.00000000    0.00000000    0.00000000
 X-B                0.00    0.96927%       1000.00000000        0.80772561      0.00000000    0.00000000    0.00000000    0.00000000
 B-1       11,550,000.00    1.60000%       1000.00000000        1.33333333      0.00000000    0.00000000    0.00000000    0.00000000
 B-2        7,000,000.00    2.08000%       1000.00000000        1.73333286      0.00000000    0.00000000    0.00000000    0.00000000
 B-3        3,150,000.00    2.75040%       1000.00000000        2.29200317      0.00000000    0.00000000    0.00000000    0.00000000
 B-4        1,750,000.00    2.75040%       1000.00000000        2.29200000      0.00000000    0.00000000    0.00000000    0.00000000
 B-5        1,400,000.00    2.75040%       1000.00000000        2.29200000      0.00000000    0.00000000    0.00000000    0.00000000
 B-6        3,150,069.00    2.75040%       1000.00000000        2.29200376      0.00000000    0.00000000    0.00000000    0.00000000
 A-R              100.00    2.74862%          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            1.17641527     0.00000000      962.44673858
 X-1           0.59576450     0.00000000      860.66583331
 X-2           0.45927931     0.00000000      962.44673858
 X-B           0.80772561     0.00000000     1000.00000000
 B-1           1.33333333     0.00000000     1000.00000000
 B-2           1.73333286     0.00000000     1000.00000000
 B-3           2.29200317     0.00000000     1000.00000000
 B-4           2.29200000     0.00000000     1000.00000000
 B-5           2.29200000     0.00000000     1000.00000000
 B-6           2.29200376     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                          9,224,560.25
         Liquidations, Insurance Proceeds, Reserve Funds                     0.00
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                              46,695.82
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                     ------------
Total Deposits                                                       9,271,256.07

Withdrawals
         Reimbursement for Servicer Advances                             2,633.61
         Payment of Service Fee                                        219,986.59
         Payment of Interest and Principal                           9,048,635.87
                                                                     ------------
Total Withdrawals (Pool Distribution Amount)                         9,271,256.07

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                                   214,585.45
Master Servicing Fee                                    5,401.14
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     219,986.59
                                                      ==========
</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
<C>            <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              55   18,597,161.39   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              1      748,000.00   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
               --------   -------------              --------    --------                --------    --------
                     56   19,345,161.39                     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        2.806122%       2.756103%  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       0.051020%       0.110854%  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%
               --------   -------------              --------    --------                --------    --------
               2.857143%       2.866956%             0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<C>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           55    18,597,161.39
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           1       748,000.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------    -------------
                    0        0.00                      56    19,345,161.39

               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     2.806122%        2.756103%
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    0.051020%        0.110854%
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%               2.857143%        2.866956%
</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  46,695.82
</TABLE>

<TABLE>
<CAPTION>
               Original $        Original%       Current $      Current %       Current Class %     Prepayment %
               ----------        ---------       ---------      ---------       ---------------     ------------
<S>           <C>               <C>            <C>              <C>             <C>                 <C>
Class A       28,000,069.00     4.00002032%    28,000,069.00    4.14961933%        95.850381%         0.000000%
Class X-1     28,000,069.00     4.00002032%    28,000,069.00    4.14961933%         0.000000%         0.000000%
Class X-2     28,000,069.00     4.00002032%    28,000,069.00    4.14961933%         0.000000%         0.000000%
Class B-1     16,450,069.00     2.35001600%    16,450,069.00    2.43790557%         1.711714%        41.249898%
Class B-2      9,450,069.00     1.35001339%     9,450,069.00    1.40050330%         1.037402%        24.999938%
Class B-3      6,300,069.00     0.90001221%     6,300,069.00    0.93367227%         0.466831%        11.249972%
Class B-4      4,550,069.00     0.65001156%     4,550,069.00    0.67432170%         0.259351%         6.249985%
Class B-5      3,150,069.00     0.45001103%     3,150,069.00    0.46684125%         0.207480%         4.999988%
Class B-6              0.00     0.00000000%             0.00    0.00000000%         0.466841%        11.250219%
</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                                3.137335%
Weighted Average Net Coupon                                  2.759903%
Weighted Average Pass-Through Rate                           2.750403%
Weighted Average Maturity (Stepdown Calculation)                  341

Beginning Scheduled Collateral Loan Count                       1,980
Number of Loans Paid in Full                                       20
Ending Scheduled Collateral Loan Count                          1,960

Beginning Scheduled Collateral Balance                 682,247,276.12
Ending Scheduled Collateral Balance                    674,762,352.50
Ending Actual Collateral Balance at 28-May-2004        674,762,998.58

Monthly P&I Constant                                     1,783,698.82
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   8,999,442.96

Ending Scheduled Balance for Premium Loans             674,762,352.50

Scheduled Principal                                              0.00
Unscheduled Principal                                    7,484,923.62
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
One-Month Libor Loan Balance             76,251,246.80
Six-Month Libor Loan Balance            598,511,105.70
Prorata Senior Percentage                    95.895906%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%
</TABLE>