<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: SEPTEMBER 30, 2004
                       DISTRIBUTION DATE: OCTOBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY


<TABLE>
<CAPTION>

                              Certificate                         Beginning
                                 Class        Certificate        Certificate        Interest        Principal        Current
Class             CUSIP       Description     Pass-Through         Balance        Distribution     Distribution   Realized Loss
                                                  Rate
------------------------------------------------------------------------------------------------------------------------------------
<S>             <C>           <C>             <C>                <C>              <C>              <C>            <C>


    NOTE        817419AA2         SEN               2.04125%     307,187,328.42       522,538.44    7,555,174.73            0.00
     L          SHT04002L         DRAW              2.31125%               0.00             0.00            0.00            0.00
     O          SHT04002O          OC               0.00000%       1,509,798.04             0.00            0.00            0.00
   AMBAC                          FEE               0.12000%               0.00        30,718.72            0.00            0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals                                                           308,697,126.46       553,257.16    7,555,174.73            0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>


<TABLE>
<CAPTION>


                                 Ending             Total          Cumulative
Class             CUSIP        Certificate       Distribution     Realized Loss
                                 Balance
-------------------------------------------------------------------------------
<S>             <C>            <C>               <C>              <C>


    NOTE        817419AA2      299,632,153.69      8,077,713.17             0.00
     L          SHT04002L                0.00              0.00             0.00
     O          SHT04002O        1,928,388.47              0.00             0.00
   AMBAC                                 0.00         30,718.72             0.00
--------------------------------------------------------------------------------
Totals                         301,560,542.16      8,108,431.89             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
Class              Amount           Balance       Distribution     Distribution    Accretion    Loss (1)       Principal
                                                                                                               Reduction
--------------------------------------------------------------------------------------------------------------------------------
<S>          <C>                <C>              <C>              <C>               <C>         <C>          <C>

    NOTE       317,044,000.00     307,187,328.42           0.00      3,963,051.02        0.00         0.00     7,555,174.73
     L                   0.00               0.00           0.00              0.00        0.00         0.00             0.00
     O                  81.98       1,509,798.04           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     308,697,126.46           0.00      3,963,051.02        0.00         0.00     7,555,174.73
--------------------------------------------------------------------------------------------------------------------------------
</TABLE>




<TABLE>
<CAPTION>

                Ending              Ending         Total Principal
Class        Certificate         Certificate        Distribution
               Balance            Percentage
------------------------------------------------------------------
<S>         <C>                 <C>               <C>

    NOTE      299,632,153.69          0.94508066       7,555,174.73
     L                  0.00          0.00000000               0.00
     O          1,928,388.47     23,522.66979751               0.00
   AMBAC                0.00          0.00000000               0.00
-------------------------------------------------------------------
Totals        301,560,542.16          0.95116282       7,555,174.73
-------------------------------------------------------------------
</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>

                                     Beginning       Scheduled     Unscheduled                                        Total
               Original Face        Certificate      Principal      Principal                       Realized        Principal
Class             Amount              Balance       Distribution   Distribution     Accretion       Loss (3)        Reduction
---------------------------------------------------------------------------------------------------------------------------------
<S>            <C>                <C>               <C>            <C>              <C>            <C>            <C>

    NOTE       317,044,000.00         968.91071403    0.00000000     12.50000322     0.00000000       0.00000000    23.83005113
     L                   0.00           0.00000000    0.00000000      0.00000000     0.00000000       0.00000000     0.00000000
     O                  81.98     8416663.08855820    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

---------------------------------------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>

                                         Ending           Total
               Ending Certificate      Certificate      Principal
Class               Balance            Percentage      Distribution
------------------------------------------------------------------
<S>            <C>                  <C>              <C>

    NOTE              945.08066290         0.94508066   23.83005113
     L                  0.00000000         0.00000000    0.00000000
     O           23522669.79751160     23522.66979751    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-Supported
                                                 Certificate/       Current        Unpaid       Current      Interest
               Original Face       Current         Notional         Accrued       Interest      Interest     Shortfall
   Class          Amount         Certificate        Balance        Interest      Shortfall     Shortfall
                                    Rate
--------------------------------------------------------------------------------------------------------------------------
<S>          <C>              <C>               <C>              <C>            <C>           <C>          <C>

    NOTE       317,044,000.00         2.04125%   307,187,328.42     522,538.45          0.00          0.00         0.00
     L                   0.00         2.31125%             0.00           0.00          0.00          0.00         0.00
     O                  81.98         0.00000%     1,509,798.04           0.00          0.00          0.00         0.00
   AMBAC                 0.00         0.12000%   307,187,328.42      30,718.73          0.00          0.00         0.00
--------------------------------------------------------------------------------------------------------------------------
   Totals      317,044,081.98                                       553,257.18          0.00          0.00         0.00
--------------------------------------------------------------------------------------------------------------------------

</TABLE>




<TABLE>
<CAPTION>

                                            Remaining         Ending
                                              Unpaid       Certificate/
              Realized    Total Interest     Interest       Notational
   Class      Loss (4)     Distribution     Shortfall         Balance

-------------------------------------------------------------------------
<S>         <C>          <C>              <C>              <C>


    NOTE            0.00       522,538.44          0.00     299,632,153.69
     L              0.00             0.00          0.00               0.00
     O              0.00             0.00          0.00       1,928,388.47
   AMBAC            0.00        30,718.72          0.00     299,632,153.69
--------------------------------------------------------------------------
   Totals           0.00       553,257.16          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-Supported
                                  Current          Beginning         Current      Unpaid        Current      Interest
  Class (5)     Original Face   Certificate      Certificate/        Accrued     Interest      Interest      Shortfall
                   Amount           Rate       Notional Balance     Interest     Shortfall     Shortfall

---------------------------------------------------------------------------------------------------------------------------
<S>          <C>              <C>               <C>              <C>            <C>           <C>          <C>

    NOTE        317,044,000.00      2.04125%         968.91071403   1.64815751    0.00000000    0.00000000    0.00000000
      L                   0.00      2.31125%           0.00000000   0.00000000    0.00000000    0.00000000    0.00000000
      O                  81.98      0.00000%    18416663.08855820   0.00000000    0.00000000    0.00000000    0.00000000
    AMBAC                 0.00      0.12000%         968.91071403   0.09689106    0.00000000    0.00000000    0.00000000
---------------------------------------------------------------------------------------------------------------------------
</TABLE>



<TABLE>
<CAPTION>


                                                 Remaining
                                                  Unpaid
  Class (5)        Realized         Total        Interest    Ending Certificate/
                   Loss (6)        Interest      Shortfall   Notational Balance
                                 Distribution
-----------------------------------------------------------------------------
<S>          <C>               <C>              <C>          <C>

    NOTE            0.00000000      1.64815748   0.00000000         945.08066290
      L             0.00000000      0.00000000   0.00000000           0.00000000
      O             0.00000000      0.00000000   0.00000000    23522669.79751160
    AMBAC           0.00000000      0.09689103   0.00000000         945.08066290
--------------------------------------------------------------------------------
</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

Beginning Balance                                                           0.00

Deposits
         Payments of Interest and Principal                         8,231,699.93
         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                                                      8,231,699.93


Withdrawals
         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       123,268.02
         Payment of Interest and Principal                          8,108,431.91
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        8,231,699.93


Ending Balance                                                              0.00
                                                                    ============




<PAGE>




                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL



Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                            ----

Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                            ====





                                 SERVICING FEES


Gross Servicing Fee                                                   119,409.31
Master Servicing Fee                                                    3,858.71
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     123,268.02
                                                                      ==========




                                 OTHER ACCOUNTS


                         Beginning        Current       Current        Ending
Account Type              Balance       Withdrawals     Deposits       Balance
------------------------------------------------------------------------------

Financial Guaranty          0.00           0.00           0.00           0.00







<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      3       215,195.62  0-29 Days       1        48,000.00
30 Days            5         481,696.03  30 Days        0             0.00  30 Days         0             0.00
60 Days            2         207,600.00  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
                -----------------------                 ------------------                  ------------------
                   7         689,296.03                 3       215,195.62                  1        48,000.00
</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       4          263,195.62
30 Days              0             0.00  30 Days         5          481,696.03
60 Days              0             0.00  60 Days         2          207,600.00
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                  11         952,491.65
</TABLE>


<TABLE>
<CAPTION>


                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      0.000000%    0.000000%    0-29 Days  0.059630%   0.071361%   0-29 Days   0.019877%   0.015917%
30 Days        0.099384%    0.159734%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.039754%    0.068842%    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%
               ----------------------               ---------------------               ---------------------
               0.139137%    0.228576%               0.059630%   0.071361%               0.019877%   0.015917%

</TABLE>


<TABLE>
<CAPTION>


                 No. of     Principal                 No. of      Principal
                  Loans      Balance                  Loans        Balance
<S>            <C>         <C>          <C>         <C>           <C>


0-29 Days       0.000000%   0.000000%   0-29 Days   0.079507%     0.087278%
30 Days         0.000000%   0.000000%   30 Days     0.099384%     0.159734%
60 Days         0.000000%   0.000000%   60 Days     0.039754%     0.068842%
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%               0.218644%     0.315854%

Current Period Class A Insufficient Funds:                            0.00

Principal Balance of Contaminated Properties                          0.00

Periodic Advance                                                      0.00

</TABLE>


<TABLE>
<CAPTION>

<S>       <C>       <C>           <C>            <C>           <C>          <C>

Class L     81.98     0.00002586%   1,928,388.47   0.64358529%   0.000000%    0.000000%
Class O      0.00     0.00000000%           0.00   0.00000000%   0.643585%    0.000000%


</TABLE>


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



<PAGE>




                              COLLATERAL STATEMENT

Collateral Description                                                 Mixed Arm

Weighted Average Gross Coupon                                          4.257049%
Weighted Average Net Coupon                                            3.792868%
Weighted Average Pass-Through Rate                                     3.777868%
Weighted Average Maturity (Stepdown Calculation)                            122

Beginning Scheduled Collateral Loan Count                                 5,177
Number of Loans Paid in Full                                                146
Ending Scheduled Collateral Loan Count                                    5,031

Beginning Scheduled Collateral Balance                           307,187,328.42
Ending Scheduled Collateral Balance                              299,632,153.69
Ending Actual Collateral Balance at 30-Sept-2004                 301,560,542.16

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



MISCELLANEOUS REPORTING

Additional Balance Contributed Amount                                      0.00
Additional Balance                                                11,264,893.22
Cumulative Loss Percent                                                0.00000%
Managed Amortization Period                                                 YES
Overcollateralization Amount                                       1,928,388.47
Six Month Rolling Delinquency                                         0.993595%
Specified Overcollateralization Amount                             3,963,051.02
3 Largest Loan Balance                                             4,875,000.00
Draw Amount                                                       11,264,893.22
Rapid Amortization Event                                                     NO
Excess Cashflow                                                      418,590.42