<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

                                SHT SERIES 2004-1
                           RECORD DATE: MARCH 31, 2005
                        DISTRIBUTION DATE: APRIL 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                       Beginning                                  Current
                      Class     Certificate Pass-   Certificate      Interest      Principal    Realized
Class     CUSIP    Description     Through Rate       Balance      Distribution   Distribution    Loss
------  ---------  -----------  -----------------  --------------  ------------  -------------  --------
<S>     <C>        <C>          <C>                <C>             <C>           <C>            <C>
 NOTE   817419AA2      SEN           3.08000%      268,627,949.61    689,478.40  11,136,871.53    0.00
  L     SHT04002L      DRAW          0.00000%                0.00          0.00           0.00    0.00
  O     SHT04002O       OC           0.00000%        3,963,051.02    398,850.69           0.00    0.00
AMBAC                  FEE           0.12000%                0.00     26,862.79           0.00    0.00
                                     -------       --------------  ------------  -------------    ----
Totals                                             272,591,000.63  1,115,191.88  11,136,871.53    0.00
                                     -------       --------------  ------------  -------------    ----

<CAPTION>
         Ending Certificate     Total         Cumulative
Class          Balance       Distribution   Realized Loss
------   ------------------  -------------  -------------
<S>      <C>                 <C>            <C>
 NOTE      257,491,078.08    11,826,349.93       0.00
  L                  0.00             0.00       0.00
  O          3,963,051.02       398,850.69       0.00
AMBAC                0.00        26,862.79       0.00
           --------------    -------------       ----
Totals     261,454,129.10    12,252,063.41       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>
 NOTE   317,044,000.00  268,627,949.61      0.00      11,136,871.53     0.00      0.00     11,136,871.53
  L               0.00            0.00      0.00               0.00     0.00      0.00              0.00
  O              81.98    3,963,051.02      0.00               0.00     0.00      0.00              0.00
AMBAC             0.00            0.00      0.00               0.00     0.00      0.00              0.00
        --------------  --------------      ----      -------------     ----      ----     -------------
Totals  317,044,081.98  272,591,000.63      0.00      11,136,871.53     0.00      0.00     11,136,871.53
        --------------  --------------      ----      -------------     ----      ----     -------------

<CAPTION>
        Ending Certificate  Ending Certificate  Total Principal
Class        Balance            Percentage       Distribution
------  ------------------  ------------------  ---------------
<S>     <C>                 <C>                 <C>
 NOTE     257,491,078.08           0.81216197    11,136,871.53
  L                 0.00           0.00000000             0.00
  O         3,963,051.02      48,341.68114174             0.00
AMBAC               0.00           0.00000000             0.00
          --------------      ---------------    -------------
Totals    261,454,129.10           0.82466176    11,136,871.53
          --------------      ---------------    -------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                              Scheduled     Unscheduled                              Total
         Original Face       Beginning        Principal      Principal                Realized     Principal
Class        Amount     Certificate Balance  Distribution   Distribution   Accretion   Loss (3)     Reduction
-----   --------------  -------------------  ------------   ------------  ----------  ----------  -----------
<S>     <C>             <C>                  <C>            <C>           <C>         <C>         <C>
 NOTE   317,044,000.00        847.28917630    0.00000000    35.12721114   0.00000000  0.00000000  35.12721114
  L               0.00          0.00000000    0.00000000     0.00000000   0.00000000  0.00000000   0.00000000
  O              81.98    8341681.14174190    0.00000000     0.00000000   0.00000000  0.00000000   0.00000000
AMBAC             0.00          0.00000000    0.00000000     0.00000000   0.00000000  0.00000000   0.00000000

<CAPTION>
                                 Ending        Total
        Ending Certificate    Certificate    Principal
Class         Balance          Percentage   Distribution
-----   ------------------  --------------  ------------
<S>     <C>                 <C>             <C>
 NOTE         812.16196515      0.81216197   35.12721114
  L             0.00000000      0.00000000    0.00000000
  O      48341681.14174190  48341.68114174    0.00000000
AMBAC           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.

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                            Beginning                 Payment of                Non-
                                           Certificate/    Current      Unpaid     Current   Supported
        Original Face        Current         Notional      Accrued     Interest    Interest   Interest
Class       Amount      Certificate Rate     Balance       Interest    Shortfall  Shortfall  Shortfall
-----   --------------  ----------------  --------------  ----------  ----------  ---------  ---------
<S>     <C>             <C>               <C>             <C>         <C>         <C>        <C>
 NOTE   317,044,000.00      3.08000%      268,627,949.61  689,478.40     0.00        0.00       0.00
  L               0.00      0.00000%                0.00        0.00     0.00        0.00       0.00
  O              81.98      0.00000%        3,963,051.02        0.00     0.00        0.00       0.00
AMBAC             0.00      0.12000%      268,627,949.61   26,862.79     0.00        0.00       0.00
        --------------      -------       --------------  ----------     ----        ----       ----
Totals  317,044,081.98                                    716,341.19     0.00        0.00       0.00
        --------------      -------       --------------  ----------     ----        ----       ----

<CAPTION>
                                  Remaining     Ending
                                    Unpaid    Certificate/
        Realized  Total Interest   Interest   Notational
Class   Loss (4)   Distribution   Shortfall     Balance
-----   --------  --------------  ---------  --------------
<S>     <C>       <C>             <C>        <C>
 NOTE     0.00       689,478.40      0.00    257,491,078.08
  L       0.00             0.00      0.00              0.00
  O       0.00       398,850.69      0.00      3,963,051.02
AMBAC     0.00        26,862.79      0.00    257,491,078.08
          ----     ------------      ----    --------------
Totals    0.00     1,115,191.88      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.

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                  Payment of                 Non-
                                                                      Current       Unpaid      Current    Supported
           Original Face       Current       Beginning Certificate/   Accrued      Interest    Interest    Interest
Class (5)     Amount       Certificate Rate     Notional Balance      Interest     Shortfall   Shortfall   Shortfall
---------  --------------  ----------------  ----------------------  ----------   ----------  ----------  ----------
<S>        <C>             <C>               <C>                     <C>          <C>         <C>         <C>
  NOTE     317,044,000.00      3.08000%              847.28917630    2.17470887   0.00000000  0.00000000  0.00000000
    L                0.00      0.00000%                0.00000000    0.00000000   0.00000000  0.00000000  0.00000000
    O               81.98      0.00000%         48341681.14174190    0.00000000   0.00000000  0.00000000  0.00000000
  AMBAC              0.00      0.12000%              847.28917630    0.08472890   0.00000000  0.00000000  0.00000000

<CAPTION>
                                         Remaining
                                           Unpaid
            Realized    Total Interest    Interest   Ending Certificate/
Class (5)   Loss (6)     Distribution     Shortfall   Notational Balance
---------  ----------  ----------------  ----------  -------------------
<S>        <C>         <C>               <C>         <C>
  NOTE     0.00000000        2.17470887  0.00000000        812.16196515
    L      0.00000000        0.00000000  0.00000000          0.00000000
    O      0.00000000  4865219.44376677  0.00000000   48341681.14174190
  AMBAC    0.00000000        0.08472890  0.00000000        812.16196515
</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                         12,365,530.02
    Liquidations, Insurance Proceeds, Reserve Funds                     0.00
    Proceeds from Repurchased Loans                                     0.00
    Other Amounts (Servicer Advances)                                   0.00
    Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
    Prepayment Penalties                                                0.00
                                                               -------------
Total Deposits                                                 12,365,530.02

Withdrawals
    Reimbursement for Servicer Advances                                 0.00
    Payment of Service Fee                                        113,466.60
    Payment of Interest and Principal                          12,252,063.42
                                                               -------------
Total Withdrawals (Pool Distribution Amount)                   12,365,530.02

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                                    110,059.21
Master Servicing Fee                                     3,407.39
Supported Prepayment/Curtailment Interest Shortfall          0.00
                                                       ----------

Net Servicing Fee                                      113,466.60
                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                     Beginning    Current     Current   Ending
   Account Type       Balance   Withdrawals  Deposits  Balance
   ------------      ---------  -----------  --------  -------
<S>                  <C>        <C>          <C>       <C>
Financial Guaranty     0.00        0.00        0.00      0.00
</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         4   222,897.22   0-29 Days         0        0.00
30 Days           2   68,657.55   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
           --------   ---------              --------   ----------              --------    --------
                  2   68,657.55                     4   222,897.22                     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  0.094073%    0.085253%  0-29 Days  0.000000%   0.000000%
30 Days    0.047037%   0.026260%  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%
           --------   ---------              --------   ----------              --------    --------
           0.047037%   0.026260%             0.094073%    0.085253%             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         4   222,897.22
30 Days           0       0.00   30 Days           2    68,657.55
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                     6   291,554.77

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.094073%    0.085253%
30 Days    0.000000%  0.000000%  30 Days    0.047037%    0.026260%
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%             0.141110%    0.111513%
</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      0.00
</TABLE>

<TABLE>
<S>         <C>    <C>          <C>           <C>          <C>        <C>
Class L     81.98  0.00002586%  3,963,051.02  1.53910227%  0.000000%  0.000000%
Class O      0.00  0.00000000%          0.00  0.00000000%  1.539102%  0.000000%
</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                            5.408800%
Weighted Average Net Coupon                              4.924297%
Weighted Average Pass-Through Rate                       4.909297%
Weighted Average Maturity (Stepdown Calculation)              116

Beginning Scheduled Collateral Loan Count                   4,400
Number of Loans Paid in Full                                  148
Ending Scheduled Collateral Loan Count                      4,252

Beginning Scheduled Collateral Balance             268,627,949.61
Ending Scheduled Collateral Balance                257,491,078.08
Ending Actual Collateral Balance at 31-Mar-2005    261,454,129.10

Monthly P&I Constant                                         0.00
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realized Loss Amount                                         0.00
Cumulative Realized Loss                                     0.00
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
Additional Balance Contributed Amount           0.00
Additional Balance                      9,075,721.00
Cumulative Loss Percent                      0.00000%
Managed Amortization Period                      YES
Overcollateralization Amount            3,963,051.02
Six Month Rolling Delinquency              0.2661378%
Specified Overcollateralization Amount  3,963,051.02
3 Largest Loan Balance                  5,583,441.03
Draw Amount                             9,075,721.00
Rapid Amortization Event                          NO
Excess Cashflow                           398,850.70
</TABLE>