<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: AUGUST 31, 2004
                      DISTRIBUTION DATE: SEPTEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY
<TABLE>
<CAPTION>
                         Certificate    Certificate       Beginning
                            Class       Pass-Through     Certificate       Interest
  Class        CUSIP     Description       Rate           Balance        Distribution
  -----        -----     -----------    ------------     -----------     ------------
<S>          <C>         <C>            <C>            <C>               <C>

   NOTE      817419AA2      SEN          1.83000%      314,797,350.89     496,068.15
    L        SHT04002L      DRAW         1.92000%                0.00           0.00
    O        SHT04002O       OC          0.00000%        1,064,360.81           0.00
  AMBAC                     FEE          0.12000%                0.00      31,479.73
             ---------   -----------    ------------   --------------     ----------
Totals                                                 315,861,711.70     527,547.88
             =========   ===========    ============   ==============     ==========
</TABLE>


<TABLE>
<CAPTION>
                           Current        Ending                      Cumulative
             Principal     Realized     Certificate       Total         Realized
  Class    Distribution     Loss         Balance      Distribution       Loss
  -----    ------------     ----     --------------   ------------    ---------
<S>        <C>             <C>       <C>              <C>             <C>
   NOTE    7,610,022.47     0.00     307,187,328.42    8,106,090.62      0.00
    L              0.00     0.00               0.00            0.00      0.00
    O              0.00     0.00       1,509,798.04            0.00      0.00
  AMBAC            0.00     0.00               0.00       31,479.73      0.00
           -----------     -----     ---------------   --------------    ----
Totals     7,610,022.47     0.00     308,697,126.46    8,137,570.35      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        Certificate      Principal       Principal
  Class     Face Amount         Balance       Distribution    Distribution     Accretion
  -----     -----------      -------------    ------------    -------------    ---------
<S>        <C>              <C>               <C>             <C>              <C>
   NOTE    317,044,000.00    314,797,350.89         0.00      7,610,022.47      0.00
    L                0.00              0.00         0.00              0.00      0.00
    O               81.98      1,064,360.81         0.00              0.00      0.00
  AMBAC              0.00              0.00         0.00              0.00      0.00
           --------------    --------------         ----      ------------      ----
Totals     317,044,081.98    315,861,711.70         0.00      7,610,022.47      0.00
           ==============    ==============         ====      ============      ====
</TABLE>


<TABLE>
<CAPTION>
                              Total            Ending             Ending          Total
              Realized      Principal        Certificate       Certificate      Principal
  Class       Loss(1)      Reduction          Balance          Percentage      Distribution
  -----      ---------     ---------          -------         ------------     ------------
<S>          <C>          <C>              <C>               <C>               <C>
   NOTE        0.00       7,610,022.47     307,187,328.42         0.96891071    7,610,022.47
    L          0.00               0.00               0.00         0.00000000            0.00
    O          0.00               0.00       1,509,798.04    18,416.66308856            0.00
  AMBAC        0.00               0.00               0.00         0.00000000            0.00
               ----       ------------     --------------    ---------------    ------------
Totals         0.00       7,610,022.47     308,697,126.46         0.97367257    7,610,022.47
               ====       ============     ==============    ===============    ============
</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
                Original        Certificate        Principal      Principal
  Class       Face Amount         Balance        Distribution    Distribution
  -----       -----------     ----------------   ------------    ------------
<S>         <C>               <C>                <C>            <C>
   NOTE     317,044,000.00        992.91376241    0.00000000     24.00304838
    L                 0.00          0.00000000    0.00000000      0.00000000
    O                81.98    2983176.50646500    0.00000000      0.00000000
            --------------    ----------------    ----------      ----------
  AMBAC               0.00          0.00000000    0.00000000      0.00000000
            ==============    ================    ==========      ==========
</TABLE>


<TABLE>
<CAPTION>
                                                Total            Ending              Ending           Total
                               Realized       Principal        Certificate        Certificate        Principal
  Class         Accretion      Loss(3)        Reduction          Balance           Percentage      Distribution
  -----         ---------      --------       ---------     -----------------    --------------    -------------
<S>             <C>           <C>            <C>           <C>                   <C>                <C>
   NOTE          0.00000000    0.00000000    24.00304838         968.91071403         0.96891071    24.00304838
    L            0.00000000    0.00000000     0.00000000           0.00000000         0.00000000     0.00000000
    O            0.00000000    0.00000000     0.00000000    18416663.08855820     18416.66308856     0.00000000
  AMBAC          0.00000000    0.00000000     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.



<PAGE>


                         INTEREST DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>

                                                   Beginning                         Payment of
                                   Current        Certificate/          Current        Unpaid
              Original           Certificate       Notional             Accrued       Interest
  Class     Face Amount              Rate           Balance             Interest     Shortfall
  -----     -----------          -----------      -----------          ----------    ---------
<S>         <C>                  <C>              <C>                  <C>           <C>
   NOTE     317,044,000.00         1.83000%      314,797,350.89         496,068.16       0.00
    L                 0.00         1.92000%                0.00               0.00       0.00
    O                81.98         0.00000%        1,064,360.81               0.00       0.00
  AMBAC               0.00         0.12000%      314,797,350.89          31,479.74       0.00
            --------------         --------      --------------         ----------       ----
  Totals    317,044,081.98                                              527,547.90       0.00
            ==============         ========      ==============         ==========       ====
</TABLE>


<TABLE>
<CAPTION>
                            Non-                                   Remaining         Ending
              Current    Supported                                  Unpaid        Certificate/
              Interest    Interest   Realized    Total Interest    Interest        Notational
  Class      Shortfall   Shortfall    Loss(4)    Distribution      Shortfall        Balance
  -----      ---------   ---------   ---------   ------------      ---------    ---------------
<S>          <C>         <C>         <C>         <C>              <C>           <C>
   NOTE         0.00       0.00       0.00           496,068.15       0.00       307,187,328.42
    L           0.00       0.00       0.00                 0.00       0.00                 0.00
    O           0.00       0.00       0.00                 0.00       0.00         1,509,798.04
  AMBAC         0.00       0.00       0.00            31,479.73       0.00       307,187,328.42
                ----       ----       ----           ----------       ----       --------------
  Totals        0.00       0.00       0.00           527,547.88       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
                               Current                               Current        Unpaid
               Original      Certificate   Beginning Certificate/    Accrued        Interest
  Class(5)    Face Amount       Rate          Notional Balance       Interest      Shortfall
 ---------    -----------    -----------   ----------------------    --------     ----------
<S>          <C>             <C>           <C>                      <C>           <C>
   NOTE      317,044,000.00    1.83000%         992.91376241        1.56466661     0.00000000
     L                 0.00    1.92000%           0.00000000        0.00000000     0.00000000
     O                81.98    0.00000%    12983176.50646500        0.00000000     0.00000000
   AMBAC               0.00    0.12000%         992.91376241        0.09929139     0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                    Non-                                         Remaining           Ending
                  Current       Supported                          Total           Unpaid         Certificate/
                 Interest        Interest         Realized        Interest        Interest         Notational
 Class(5)        Shortfall      Shortfall          Loss(6)       Distribution     Shortfall          Balance
 ---------       ---------      ---------         --------       ------------    ----------       ------------
<S>              <C>            <C>             <C>              <C>             <C>            <C>
   NOTE          0.00000000      0.00000000      0.00000000       1.56466658     0.00000000          968.91071403
     L           0.00000000      0.00000000      0.00000000       0.00000000     0.00000000            0.00000000
     O           0.00000000      0.00000000      0.00000000       0.00000000     0.00000000     18416663.08855820
   AMBAC         0.00000000      0.00000000      0.00000000       0.09929136     0.00000000          968.91071403
</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                    8,265,993.23
        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                                                8,265,993.23

Withdrawals
        Reimbursement for Servicer Advances                           0.00
        Payment of Service Fee                                  128,422.88
        Payment of Interest and Principal                     8,137,570.35
                                                              ------------
Total Withdrawals (Pool Distribution Amount)                  8,265,993.23

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                                      124,474.61
Master Servicing Fee                                       3,948.27
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                               ----

Net Servicing Fee                                        128,422.88
                                                         ==========
</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
--------------------------------------   ------------------------------------------------
<S>         <C>          <C>              <C>             <C>              <C>
             No. of        Principal                         No. of          Principal
             Loans          Balance                          Loans            Balance


0-29 Days      0                0.00       0-29 Days          2             263,080.66
30 Days        2          207,600.00       30 Days            0                   0.00
60 Days        0                0.00       60 Days            0                   0.00
90 Days        0                0.00       90 Days            0                   0.00
120 Days       0                0.00       120 Days           0                   0.00
150 Days       0                0.00       150 Days           0                   0.00
180+ Days      0                0.00       180+ Days          0                   0.00
            --------        --------                       --------           --------
               2          207,600.00                          2             263,080.66


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


0-29 Days   0.000000%      0.000000%       0-29 Days      0.038632%          0.085223%
30 Days     0.038632%      0.067250%       30 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%
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%
            --------       --------                       --------           --------
            0.038632%      0.067250%                      0.038632%          0.085223%
</TABLE>

<TABLE>
<CAPTION>
                   FORECLOSURE                                  REO                                        TOTAL
------------------------------------------   -------------------------------------------   --------------------------------------
<S>             <C>           <C>            <C>             <C>            <C>            <C>             <C>        <C>
                 No. of        Principal                      No. of         Principal                      No. of     Principal
                 Loans          Balance                       Loans           Balance                       Loans       Balance


 0-29 Days         0              0.00        0-29 Days          0               0.00       0-29 Days         2        263,080.66
 30 Days           0              0.00        30 Days            0               0.00       30 Days           2        207,600.00
 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
                --------        --------                     --------         --------                     --------      --------
                   0              0.00                           0               0.00                         4        470,680.66


                 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      0.038632%    0.085223%
 30 Days        0.000000%       0.000000%     30 Days        0.000000%        0.000000%     30 Days        0.038632%    0.067250%
 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%
                --------        --------                     --------         --------                     --------     --------
                0.000000%       0.000000%                    0.000000%        0.000000%                    0.077265%    0.152473%
</TABLE>

<TABLE>
<S>                                           <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>
Class L                         81.98             0.00002586%         1,509,798.04
Class O                          0.00             0.00000000%                 0.00
</TABLE>

<TABLE>
<S>                             <C>                    <C>                 <C>
Class L                         0.49149099%            0.000000%           0.000000%
Class O                         0.00000000%            0.491491%           0.000000%
</TABLE>

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



<PAGE>




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

Weighted Average Gross Coupon                                                       4.184393%
Weighted Average Net Coupon                                                         3.711498%
Weighted Average Pass-Through Rate                                                  3.696498%
Weighted Average Maturity (Stepdown Calculation)                                          123

Beginning Scheduled Collateral Loan Count                                               5,311
Number of Loans Paid in Full                                                              134
Ending Scheduled Collateral Loan Count                                                  5,177

Beginning Scheduled Collateral Balance                                         315,624,668.69
Ending Scheduled Collateral Balance                                            307,187,328.42
Ending Actual Collateral Balance at 31-Aug-2004                                308,697,126.46

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                                  13,856,053.81
Cumulative Loss Percent                                  0.00000%
Managed Amortization Period                                   YES
Overcollateralization Amount                         1,509,798.04
Six Month Rolling Delinquency                            0.00000%
Specified Overcollateralization Amount               3,963,051.02
3 Largest Loan Balance                               4,875,000.00
Draw Amount                                         13,856,053.81
Rapid Amortization Event                                       NO
Excess Cashflow                                        445,437.21
</TABLE>