Document:

<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 2005-2
                            RECORD DATE: MAY 31, 2005
                        DISTRIBUTION DATE: JUNE 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate
                      Class     Pass-Through       Beginning         Interest     Principal      Current     Ending Certificate
 Class     CUSIP   Description      Rate      Certificate Balance Distribution   Distribution Realized Loss       Balance
-------  --------- -----------  ------------  ------------------- ------------- ------------- ------------- -------------------
<S>      <C>       <C>          <C>           <C>                 <C>           <C>           <C>           <C>
    A-1  81744FGY7      SEN          3.31000%      194,810,989.86    537,353.65  4,889,923.21     0.00           189,921,066.65
    A-2  81744FGZ4      SEN          3.36000%      116,624,656.95    326,549.04  5,269,309.43     0.00           111,355,347.52
    A-R  81744FHJ9      REZ          3.84812%                0.00          0.40          0.00     0.00                     0.00
    X-A  81744FHD2      IO           0.55328%                0.00    143,591.39          0.00     0.00                     0.00
    B-1  81744FHA8      SUB          3.48000%        6,016,000.00     17,446.40          0.00     0.00             6,016,000.00
    B-2  81744FHB6      SUB          3.76000%        3,266,000.00     10,233.47          0.00     0.00             3,266,000.00
    X-B  81744FHE0      IO           0.30330%                0.00      2,346.05          0.00     0.00                     0.00
    B-3  81744FHC4      SUB          3.88183%        1,890,000.00      6,113.88          0.00     0.00             1,890,000.00
    B-4  81744FHF7      SUB          3.88183%        1,231,000.00      3,982.11          0.00     0.00             1,231,000.00
    B-5  81744FHG5      SUB          3.88183%          687,000.00      2,222.35          0.00     0.00               687,000.00
    B-6  81744FHH3      SUB          3.88183%        1,549,605.55      5,012.75          0.00     0.00             1,549,605.55
                                              ------------------- ------------- -------------     ----      -------------------
Totals                                             326,075,252.36  1,054,851.49 10,159,232.64     0.00           315,916,019.72
                                              ------------------- ------------- -------------     ----      -------------------

<CAPTION>
             Total      Cumulative
 Class   Distribution  Realized Loss
-------  ------------- -------------
<S>      <C>           <C>
    A-1   5,427,276.86     0.00
    A-2   5,595,858.47     0.00
    A-R           0.40     0.00
    X-A     143,591.39     0.00
    B-1      17,446.40     0.00
    B-2      10,233.47     0.00
    X-B       2,346.05     0.00
    B-3       6,113.88     0.00
    B-4       3,982.11     0.00
    B-5       2,222.35     0.00
    B-6       5,012.75     0.00
         -------------     ----
Totals   11,214,084.13     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  Ending Certificate
 Class       Amount         Balance      Distribution  Distribution Accretion Loss (1)     Reduction          Balance
-------  --------------  --------------  ------------ ------------- --------- -------- ----------------  ------------------
<S>      <C>             <C>             <C>          <C>           <C>       <C>      <C>               <C>
    A-1  202,462,000.00  194,810,989.86        291.64  4,889,631.57   0.00      0.00       4,889,923.21      189,921,066.65
    A-2  126,737,000.00  116,624,656.95        484.30  5,268,825.13   0.00      0.00       5,269,309.43      111,355,347.52
    A-R          100.00            0.00          0.00          0.00   0.00      0.00               0.00                0.00
    X-A            0.00            0.00          0.00          0.00   0.00      0.00               0.00                0.00
    B-1    6,016,000.00    6,016,000.00          0.00          0.00   0.00      0.00               0.00        6,016,000.00
    B-2    3,266,000.00    3,266,000.00          0.00          0.00   0.00      0.00               0.00        3,266,000.00
    X-B            0.00            0.00          0.00          0.00   0.00      0.00               0.00                0.00
    B-3    1,890,000.00    1,890,000.00          0.00          0.00   0.00      0.00               0.00        1,890,000.00
    B-4    1,231,000.00    1,231,000.00          0.00          0.00   0.00      0.00               0.00        1,231,000.00
    B-5      687,000.00      687,000.00          0.00          0.00   0.00      0.00               0.00          687,000.00
    B-6    1,549,605.55    1,549,605.55          0.00          0.00   0.00      0.00               0.00        1,549,605.55
         --------------  --------------  ------------ -------------   ----      ----   ----------------  ------------------
Totals   343,838,705.55  326,075,252.36        775.94 10,158,456.70   0.00      0.00      10,159,232.64      315,916,019.72
         --------------  --------------  ------------ -------------   ----      ----   ----------------  ------------------

<CAPTION>
         Ending Certificate   Total Principal
 Class       Percentage        Distribution
-------  ------------------   ---------------
<S>      <C>                  <C>
    A-1          0.93805784      4,889,923.21
    A-2          0.87863329      5,269,309.43
    A-R          0.00000000              0.00
    X-A          0.00000000              0.00
    B-1          1.00000000              0.00
    B-2          1.00000000              0.00
    X-B          0.00000000              0.00
    B-3          1.00000000              0.00
    B-4          1.00000000              0.00
    B-5          1.00000000              0.00
    B-6          1.00000000              0.00
         ------------------   ---------------
Totals           0.91879132     10,159,232.64
         ------------------   ---------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning    Scheduled    Unscheduled
         Original Face   Certificate   Principal    Principal                Realized  Total Principal  Ending Certificate
 Class       Amount        Balance    Distribution Distribution  Accretion   Loss (3)     Reduction           Balance
-------  -------------- ------------- ------------ ------------  ---------- ---------- ---------------  ------------------
<S>      <C>            <C>           <C>          <C>           <C>        <C>        <C>              <C>
    A-1  202,462,000.00  962.21014245   0.00144047  24.15086075  0.00000000 0.00000000     24.15230122        938.05784122
    A-2  126,737,000.00  920.21001720   0.00382130  41.57290397  0.00000000 0.00000000     41.57672527        878.63329194
    A-R          100.00    0.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000          0.00000000
    X-A            0.00    0.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000          0.00000000
    B-1    6,016,000.00 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000
    B-2    3,266,000.00 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000
    X-B            0.00    0.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000          0.00000000
    B-3    1,890,000.00 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000
    B-4    1,231,000.00 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000
    B-5      687,000.00 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000
    B-6    1,549,605.55 1000.00000000   0.00000000   0.00000000  0.00000000 0.00000000      0.00000000       1000.00000000

<CAPTION>
                         Ending
         Certificate Total Principal
 Class   Percentage    Distribution
-------  ----------- ---------------
<S>      <C>         <C>
    A-1   0.93805784     24.15230122
    A-2   0.87683329     41.57672527
    A-R   0.00000000      0.00000000
    X-A   0.00000000      0.00000000
    B-1   1.00000000      0.00000000
    B-2   1.00000000      0.00000000
    X-B   0.00000000      0.00000000
    B-3   1.00000000      0.00000000
    B-4   1.00000000      0.00000000
    B-5   1.00000000      0.00000000
    B-6   1.00000000      0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                             Beginning                 Payment of               Non-
                                            Certificate/     Current     Unpaid     Current  Supported
          Original Face     Current           Notional       Accrued    Interest    Interest  Interest Realized Total Interest
 Class        Amount     Certificate Rate     Balance       Interest   Shortfall   Shortfall Shortfall Loss (4)  Distribution
------    -------------- ----------------  -------------- ------------ ----------  --------- --------- -------- --------------
<S>       <C>            <C>               <C>            <C>          <C>         <C>       <C>       <C>      <C>
  A-1     202,462,000.00          3.31000% 194,810,989.86   537,353.65     0.00       0.00      0.00     0.00       537,353.65
  A-2     126,737,000.00          3.36000% 116,624,656.95   326,549.04     0.00       0.00      0.00     0.00       326,549.04
  A-R             100.00          3.84812%           0.00         0.00     0.00       0.00      0.00     0.00             0.40
  X-A               0.00          0.55328% 311,435,646.81   143,591.39     0.00       0.00      0.00     0.00       143,591.39
  B-1       6,016,000.00          3.48000%   6,016,000.00    17,446.40     0.00       0.00      0.00     0.00        17,446.40
  B-2       3,266,000.00          3.76000%   3,266,000.00    10,233.47     0.00       0.00      0.00     0.00        10,233.47
  X-B               0.00          0.30330%   9,282,000.00     2,346.05     0.00       0.00      0.00     0.00         2,346.05
  B-3       1,890,000.00          3.88183%   1,890,000.00     6,113.88     0.00       0.00      0.00     0.00         6,113.88
  B-4       1,231,000.00          3.88183%   1,231,000.00     3,982.11     0.00       0.00      0.00     0.00         3,982.11
  B-5         687,000.00          3.88183%     687,000.00     2,222.35     0.00       0.00      0.00     0.00         2,222.35
  B-6       1,549,605.55          3.88183%   1,549,605.55     5,012.75     0.00       0.00      0.00     0.00         5,012.75
          --------------                                  ------------     ----       ----      ----     ----   --------------
Totals    343,838,705.55                                  1,054,851.09     0.00       0.00      0.00     0.00     1,054,851.49
          --------------                                  ------------     ----       ----      ----     ----   --------------

<CAPTION>
          Remaining
           Unpaid
          Interest   Ending Certificate/
 Class    Shortfall   Notational Balance
------    ---------  -------------------
<S>       <C>        <C>
  A-1        0.00         189,921,066.65
  A-2        0.00         111,355,347.52
  A-R        0.00                   0.00
  X-A        0.00         301,276,414.17
  B-1        0.00           6,016,000.00
  B-2        0.00           3,266,000.00
  X-B        0.00           9,282,000.00
  B-3        0.00           1,890,000.00
  B-4        0.00           1,231,000.00
  B-5        0.00             687,000.00
  B-6        0.00           1,549,605.55
             ----
Totals       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  Total Interest
 (5)       Amount          Rate       Notional Balance      Interest      Shortfall  Shortfall Shortfall    Loss (6)   Distribution
-----   --------------  -----------   ----------------  ---------------  ---------- ---------- ----------  ---------- --------------
<S>     <C>             <C>           <C>               <C>              <C>        <C>        <C>         <C>        <C>
 A-1    202,462,000.00      3.31000%      962.21014245       2.65409632  0.00000000 0.00000000 0.00000000  0.00000000     2.65409632
 A-2    126,737,000.00      3.36000%      920.21001720       2.57658805  0.00000000 0.00000000 0.00000000  0.00000000     2.57658805
 A-R            100.00      3.84812%        0.00000000       0.00000000  0.00000000 0.00000000 0.00000000  0.00000000     4.00000000
 X-A              0.00      0.55328%      946.04068302       0.43618416  0.00000000 0.00000000 0.00000000  0.00000000     0.43618416
 B-1      6,016,000.00      3.48000%     1000.00000000       2.90000000  0.00000000 0.00000000 0.00000000  0.00000000     2.90000000
 B-2      3,266,000.00      3.76000%     1000.00000000       3.13333435  0.00000000 0.00000000 0.00000000  0.00000000     3.13333435
 X-B              0.00      0.30330%     1000.00000000       0.25275264  0.00000000 0.00000000 0.00000000  0.00000000     0.25275264
 B-3      1,890,000.00      3.88183%     1000.00000000       3.23485714  0.00000000 0.00000000 0.00000000  0.00000000     3.23485714
 B-4      1,231,000.00      3.88183%     1000.00000000       3.23486784  0.00000000 0.00000000 0.00000000  0.00000000     3.23485784
 B-5        687,000.00      3.88183%     1000.00000000       3.23486172  0.00000000 0.00000000 0.00000000  0.00000000     3.23486172
 B-6      1,549,605.55      3.88183%     1000.00000000       3.23485548  0.00000000 0.00000000 0.00000000  0.00000000     3.23485548

<CAPTION>
        Remaining
         Unpaid
Class   Interest   Ending Certificate/
 (5)    Shortfall   Notational Balance
-----   ---------- -------------------
<S>     <C>        <C>
 A-1    0.00000000        938.05784122
 A-2    0.00000000        878.63329194
 A-R    0.00000000          0.00000000
 X-A    0.00000000        915.18022281
 B-1    0.00000000       1000.00000000
 B-2    0.00000000       1000.00000000
 X-B    0.00000000       1000.00000000
 B-3    0.00000000       1000.00000000
 B-4    0.00000000       1000.00000000
 B-5    0.00000000       1000.00000000
 B-6    0.00000000       1000.00000000
</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                                   11,308,621.03
           Liquidations, Insurance Proceeds, Reserve Funds                               0.00
           Proceeds from Repurchased Loans                                               0.00
           Other Amounts (Servicer Advances)                                        14,115.21
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                     0.00
           Prepayment Penalties                                                          0.00
                                                                                -------------
Total Deposits                                                                  11,322,736.24

Withdrawals
           Reimbursement for Servicer Advances                                           0.00
           Payment of Service Fee                                                  108,652.11
           Payment of Interest and Principal                                    11,214,084.13
                                                                                -------------
Total Withdrawals (Pool Distribution Amount)                                    11,322,736.24

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                                                                103,896.84
Master Servicing Fee                                                                 4,755.27
Supported Prepayment/Curtailment Interest Shortfall                                      0.00
                                                                                   ----------

Net Servicing Fee                                                                  108,652.11
                                                                                   ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                   Beginning         Current      Current          Ending
Account Type        Balance        Withdrawals    Deposits        Balance
------------       ---------       -----------    --------        --------
<S>                <C>             <C>            <C>             <C>
Reserve Fund        4,500.00           0.00         0.00          4,500.00
Reserve Fund        4,500.00           0.00         0.00          4,500.00
Reserve Fund        1,000.00           0.00         0.00          1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                   -------       ------------
<S>                <C>           <C>
0-29 Days                0               0.00
30 Days                  9       4,194,312.26
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                   -------       ------------
                         9       4,194,312.26
</TABLE>

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
                  ---------      ---------
<S>               <C>            <C>
0-29 Days         0.000000%      0.000000%
30 Days           1.047730%      1.327665%
60 Days           0.000000%      0.000000%
90 Days           0.000000%      0.000000%
120 Days          0.000000%      0.000000%
150 Days          0.000000%      0.000000%
180+ Days         0.000000%      0.000000%
                  --------       --------
                  1.047730%      1.327665%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                   No. of      Principal
                   Loans        Balance
                   ------      ---------
<S>                <C>         <C>
0-29 Days               0           0.00
30 Days                 0           0.00
60 Days                 0           0.00
90 Days                 0           0.00
120 Days                0           0.00
150 Days                0           0.00
180+ Days               0           0.00
                   ------      ---------
                        0           0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of      Principal
                   Loans        Balance
                 ---------     ----------
<S>              <C>           <C>
0-29 Days        0.000000%      0.000000%
30 Days          0.000000%      0.000000%
60 Days          0.000000%      0.000000%
90 Days          0.000000%      0.000000%
120 Days         0.000000%      0.000000%
150 Days         0.000000%      0.000000%
180+ Days        0.000000%      0.000000%
                 --------      ---------
                 0.000000%      0.000000%
</TABLE>

                                  FORECLOSURE
<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
                  ---------    ----------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------     ---------
                  0.000000%     0.000000%
</TABLE>

                                      REO

<TABLE>
<CAPTION>
                   No. of      Principal
                    Loans       Balance
                  -------      ---------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
                  ---------    ----------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------     ---------
                  0.000000%     0.000000%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                    ------        ------------
<S>                 <C>           <C>
0-29 Days                0                0.00
30 Days                  9        4,194,312.26
60 Days                  0                0.00
90 Days                  0                0.00
120 Days                 0                0.00
150 Days                 0                0.00
180+ Days                0                0.00
                    ------        ------------
                         9        4,194,312.26
</TABLE>

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                  ---------        ---------
<S>               <C>              <C>
0-29 Days         0.000000%        0.000000%
30 Days           1.047730%        1.327665%
60 Days           0.000000%        0.000000%
90 Days           0.000000%        0.000000%
120 Days          0.000000%        0.000000%
150 Days          0.000000%        0.000000%
180+ Days         0.000000%        0.000000%
                  --------         --------
                  1.047730%        1.327665%
</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  14,115.21
</TABLE>

<TABLE>
<CAPTION>
                Original $    Original%     Current $       Current %  Current Class %   Prepayment %
              -------------   ----------   -------------   ----------  ---------------   ------------
<S>           <C>             <C>          <C>             <C>         <C>               <C>
Class A       14,639,605.55   4.25769563%  14,639,605.55   4.63401810%       95.365982%      0.000000%
Class B-1      8,623,605.55   2.50803805%   8,623,605.55   2.72971455%        1.904304%     41.094003%
Class B-2      5,357,605.55   1.55817407%   5,357,605.55   1.69589550%        1.033819%     22.309344%
Class B-3      3,467,605.55   1.00849773%   3,467,605.55   1.09763524%        0.598260%     12.910184%
Class B-4      2,236,605.55   0.65048103%   2,236,605.55   0.70797472%        0.389661%      8.408697%
Class B-5      1,549,605.55   0.45067804%   1,549,605.55   0.49051186%        0.217463%      4.692749%
Class B-6              0.00   0.00000000%           0.00   0.00000000%        0.490512%     10.585023%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

GROUP ONE

                                   DELINQUENT

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                  4       1,350,799.99
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                         4       1,350,799.99
</TABLE>

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                  ---------       -----------
<S>               <C>             <C>
0-29 Days         0.000000%          0.000000%
30 Days           0.764818%          0.679015%
60 Days           0.000000%          0.000000%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  0.764818%          0.679015
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                  No. of       Principal
                   Loans        Balance
                 --------      ---------
<S>              <C>           <C>
0-29 Days               0          0.00
30 Days                 0          0.00
60 Days                 0          0.00
90 Days                 0          0.00
120 Days                0          0.00
150 Days                0          0.00
180+ Days               0          0.00
                 --------      --------
                        0          0.00
</TABLE>

<TABLE>
<CAPTION>
                  No. of       Principal
                   Loans        Balance
                 --------      ---------
<S>              <C>           <C>
0-29 Days        0.000000%     0.000000%
30 Days          0.000000%     0.000000%
60 Days          0.000000%     0.000000%
90 Days          0.000000%     0.000000%
120 Days         0.000000%     0.000000%
150 Days         0.000000%     0.000000%
180+ Days        0.000000%     0.000000%
                 --------      --------
                 0.000000%     0.000000%
</TABLE>

                                  FORECLOSURE

<TABLE>
<CAPTION>
                   No. of      Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------      --------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans        Balance
                  ---------    ----------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------      --------
                  0.000000%     0.000000%
</TABLE>

                                      REO

<TABLE>
<CAPTION>
                    No. of      Principal
                    Loans        Balance
                  --------     ----------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of      Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------     ---------
                  0.000000%     0.000000%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
                   No. of          Principal
                    Loans           Balance
                  --------        ------------
<S>               <C>             <C>
0-29 Days                0                0.00
30 Days                  4        1,350,799.99
60 Days                  0                0.00
90 Days                  0                0.00
120 Days                 0                0.00
150 Days                 0                0.00
180+ Days                0                0.00
                  --------        ------------
                         4        1,350,799.99
</TABLE>

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                  --------        ------------
<S>               <C>             <C>
0-29 Days         0.000000%           0.000000%
30 Days           0.764818%           0.679015%
60 Days           0.000000%           0.000000%
90 Days           0.000000%           0.000000%
120 Days          0.000000%           0.000000%
150 Days          0.000000%           0.000000%
180+ Days         0.000000%           0.000000%
                  --------        ------------
                  0.764818%           0.679015%
</TABLE>

GROUP TWO

                                   DELINQUENT

<TABLE>
<CAPTION>
                   No. of          Principal
                    Loans           Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                  5       2,843,512.27
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                         5       2,843,512.27
</TABLE>

<TABLE>
<CAPTION>
                   No. of           Principal
                    Loans            Balance
                  --------        ------------
<S>               <C>             <C>
0-29 Days         0.000000%          0.000000%
30 Days           1.488095%          2.430739%
60 Days           0.000000%          0.000000%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------        -----------
                  1.488095%          2.430739%
</TABLE>

                                   BANKRUPTCY
                                   1.183654%

<TABLE>
<CAPTION>
                   No. of      Principal
                   Loans        Balance
                 ---------     ---------
 <S>             <C>           <C>
 0-29 Days               0          0.00
 30 Days                 0          0.00
 60 Days                 0          0.00
 90 Days                 0          0.00
 120 Days                0          0.00
 150 Days                0          0.00
 180+ Days               0          0.00
                 ---------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of      Principal
                   Loans        Balance
                 ---------     ---------
 <S>             <C>           <C>
 0-29 Days        0.000000%     0.000000%
 30 Days          0.000000%     0.000000%
 60 Days          0.000000%     0.000000%
 90 Days          0.000000%     0.000000%
 120 Days         0.000000%     0.000000%
 150 Days         0.000000%     0.000000%
 180+ Days        0.000000%     0.000000%
                 ---------     ---------
                  0.000000%     0.000000%
</TABLE>

                                  FORECLOSURE

<TABLE>
<CAPTION>
                   No. of       Principal
                    Loans        Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------     ---------
                  0.000000%     0.000000%
</TABLE>

                                      REO

<TABLE>
<CAPTION>
                   No. of      Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days                0          0.00
30 Days                  0          0.00
60 Days                  0          0.00
90 Days                  0          0.00
120 Days                 0          0.00
150 Days                 0          0.00
180+ Days                0          0.00
                  --------     ---------
                         0          0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of     Principal
                    Loans       Balance
                  --------     ---------
<S>               <C>          <C>
0-29 Days         0.000000%     0.000000%
30 Days           0.000000%     0.000000%
60 Days           0.000000%     0.000000%
90 Days           0.000000%     0.000000%
120 Days          0.000000%     0.000000%
150 Days          0.000000%     0.000000%
180+ Days         0.000000%     0.000000%
                  --------     ---------
                  0.000000%     0.000000%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                  5       2,843,512.27
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                         5       2,843,512.27
</TABLE>

<TABLE>
<CAPTION>
                    No. of         Principal
                    Loans           Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days         0.000000%          0.000000%
30 Days           1.488095%          2.430739%
60 Days           0.000000%          0.000000%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  1.488095%          2.430739%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT
<TABLE>
<CAPTION>
Collateral Description                                            Mixed ARM
<S>                                                              <C>
Weighted Average Gross Coupon                                          4.281846%
Weighted Average Net Coupon                                            3.899492%
Weighted Average Pass-Through Rate                                     3.881992%
Weighted Average Maturity (Stepdown Calculation)                            334

Beginning Scheduled Collateral Loan Count                                   887
Number of Loans Paid in Full                                                 28
Ending Scheduled Collateral Loan Count                                      859

Beginning Scheduled Collateral Balance                           326,075,252.36
Ending Scheduled Collateral Balance                              315,916,019.72
Ending Actual Collateral Balance at 31-May-2005                  315,916,505.37

Monthly P&I Constant                                               1,164,279.41
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            11,166,726.72

Scheduled Principal                                                      775.94
Unscheduled Principal                                             10,158,456.70
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                               <C>
Pro Rata Senior Percent                           95.510360%
Pro Rata Subordinate Percent                       4.489640%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP                             ONE                  TWO                 TOTAL
-------------------------------          --------------        --------------      --------------
<S>                                      <C>                   <C>                 <C>
Collateral Description                        Mixed ARM             Mixed ARM           Mixed ARM
Weighted Average Coupon Rate                   4.286951              4.273336            4.281846
Weighted Average Net Rate                      3.906133              3.888421            3.899492
Pass-Through Rate                              3.888633              3.870921            3.881992
Weighted Average Maturity                           331                   339                 334
Record Date                                  05/31/2005            05/31/2005          05/31/2005
Principal and Interest Constant              728,448.30            435,831.11        1,164,279.41
Beginning Loan Count                                538                   349                 887
Loans Paid in Full                                   15                    13                  28
Ending Loan Count                                   523                   336                 859
Beginning Scheduled Balance              203,825,042.81        122,250,209.55      326,075,252.36
Ending Scheduled Balance                 198,935,119.60        116,980,900.12      315,916,019.72
Scheduled Principal                              291.64                484.30              775.94
Unscheduled Principal                      4,889,631.57          5,268,825.13       10,158,456.70
Scheduled Interest                           728,156.66            435,346.81        1,163,503.47
Servicing Fee                                 64,683.59             39,213.25          103,896.84
Master Servicing Fee                           2,972.45              1,782.82            4,755.27
Trustee Fee                                        0.00                  0.00                0.00
FRY Amount                                         0.00                  0.00                0.00
Special Hazard Fee                                 0.00                  0.00                0.00
Other Fee                                          0.00                  0.00                0.00
Pool Insurance Fee                                 0.00                  0.00                0.00
Spread 1                                           0.00                  0.00                0.00
Spread 2                                           0.00                  0.00                0.00
Spread 3                                           0.00                  0.00                0.00
Net Interest                                 660,500.62            394,350.74        1,054,851.36
Realized Loss Amount                               0.00                  0.00                0.00
Cumulative Realized Loss                           0.00                  0.00                0.00
Percentage of Cumulative Losses                    0.00                  0.00                0.00
Prepayment Penalties                               0.00                  0.00                0.00
Special Servicing Fee                              0.00                  0.00                0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                              <C>
Group 0ne
One Month Libor Loan Balance                     107,273,348.61
Principal Transfer Amount                                  0.00
Senior Percent                                       100.000000%
Senior Prepayment Percent                            100.000000%
Subordinate Percent                                    0.000000%
Subordinate Prepayment Percent                         0.000000%
Interest Transfer Amount                                   0.00

Group Two
Six-Month Libor Loan Balance                      91,661,770.99
Principal Transfer Amount                                  0.00
Senior Percent                                       100.000000%
Senior Prepayment Percent                            100.000000%
Subordinate Percent                                    0.000000%
Subordinate Prepayment Percent                         0.000000%
Interest Transfer Amount                                   0.00
</TABLE><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 2005-3
                            RECORD DATE: MAY 31, 2005
                        DISTRIBUTION DATE: JUNE 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate  Certificate     Beginning
                      Class     Pass-Through    Certificate     Interest    Principal     Current      Ending Certificate
 Class   CUSIP     Description      Rate         Balance      Distribution Distribution Realized Loss         Balance
------  ---------  -----------  ------------  --------------  ------------ ------------ -------------  ------------------
<S>     <C>        <C>          <C>           <C>             <C>          <C>          <C>            <C>
   A-R  81744FHN0       SEN          4.02264%           0.00          0.00         0.00     0.00                     0.00
   A-1  81744FHK6       SEN          3.29000% 343,539,467.54    941,870.71 8,799,505.07     0.00           334,739,962.47
   B-1  81744FHP5       SUB          3.46000%   6,208,000.00     17,899.73         0.00     0.00             6,208,000.00
   B-2  81744FHQ3       SUB          3.73000%   3,287,000.00     10,217.09         0.00     0.00             3,287,000.00
   B-3  81744FHR1       SUB          3.91497%   2,374,000.00      7,745.12         0.00     0.00             2,374,000.00
   B-4  81744FHS9       SUB          3.91497%   1,095,000.00      3,572.41         0.00     0.00             1,095,000.00
   B-5  81744FHT7       SUB          3.91497%     731,000.00      2,384.87         0.00     0.00               731,000.00
   B-6  81744FHU4       SUB          3.91497%   1,826,168.26      5,957.83         0.00     0.00             1,826,168.26
   X-A  81744FHL4        IO          0.62497%           0.00    178,918.62         0.00     0.00                     0.00
   X-B  81744FHM2        IO          0.36150%           0.00      2,860.39         0.00     0.00                     0.00
                                              --------------  ------------ ------------     ----       ------------------
Totals                                        359,060,635.80  1,171,426.77 8,799,505.07     0.00           350,261,130.73
                                              --------------  ------------ ------------     ----       ------------------

<CAPTION>
           Total      Cumulative
 Class  Distribution Realized Loss
------  ------------ -------------
<S>     <C>          <C>
   A-R          0.00     0.00
   A-1  9,741,375.78     0.00
   B-1     17,899.73     0.00
   B-2     10,217.09     0.00
   B-3      7,745.12     0.00
   B-4      3,572.41     0.00
   B-5      2,384.87     0.00
   B-6      5,957.83     0.00
   X-A    178,918.62     0.00
   X-B      2,860.39     0.00
        ------------     ----
Totals  9,970,931.84     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  Ending Certificate
 Class       Amount         Balance    Distribution Distribution  Accretion  Loss (1)    Reduction           Balance
-------  -------------- -------------- ------------ ------------  ---------  --------- ---------------  ------------------
<S>      <C>            <C>            <C>          <C>           <C>        <C>       <C>              <C>
    A-R          100.00           0.00         0.00         0.00     0.00       0.00              0.00                0.00
    A-1  349,687,000.00 343,539,467.54     3,143.67 8,796,361.40     0.00       0.00      8,799,505.07      334,739,962.47
    B-1    6,208,000.00   6,208,000.00         0.00         0.00     0.00       0.00              0.00        6,208,000.00
    B-2    3,287,000.00   3,287,000.00         0.00         0.00     0.00       0.00              0.00        3,287,000.00
    B-3    2,374,000.00   2,374,000.00         0.00         0.00     0.00       0.00              0.00        2,374,000.00
    B-4    1,095,000.00   1,095,000.00         0.00         0.00     0.00       0.00              0.00        1,095,000.00
    B-5      731,000.00     731,000.00         0.00         0.00     0.00       0.00              0.00          731,000.00
    B-6    1,826,168.26   1,826,168.26         0.00         0.00     0.00       0.00              0.00        1,826,168.26
    X-A            0.00           0.00         0.00         0.00     0.00       0.00              0.00                0.00
    X-B            0.00           0.00         0.00         0.00     0.00       0.00              0.00                0.00
         -------------- -------------- ------------ ------------     ----       ----   ---------------  ------------------
Totals   365,208,268.26 359,060,635.80     3,143.67 8,796,361.40     0.00       0.00      8,799,505.07      350,261,130.73
         -------------- -------------- ------------ ------------     ----       ----   ---------------  ------------------

<CAPTION>
         Ending Certificate  Total Principal
  Class     Percentage         Distribution
-------  ------------------  ----------------
<S>      <C>                 <C>
    A-R          0.00000000             0.00
    A-1          0.95725595     8,799,505.07
    B-1          1.00000000             0.00
    B-2          1.00000000             0.00
    B-3          1.00000000             0.00
    B-4          1.00000000             0.00
    B-5          1.00000000             0.00
    B-6          1.00000000             0.00
    X-A          0.00000000             0.00
    X-B          0.00000000             0.00
         ------------------  ---------------
Totals           0.95907229     8,799,505.07
         ------------------  ---------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                          Beginning     Scheduled  Unscheduled
          Original Face  Certificate    Principal   Principal               Realized  Total Principal Ending Certificate
Class        Amount        Balance    Distribution Distribution  Accretion  Loss (3)     Reduction          Balance
-----    -------------- ------------- ------------ ------------ ---------- ---------- --------------- ------------------
<S>      <C>            <C>           <C>          <C>          <C>        <C>        <C>             <C>
 A-R             100.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000         0.00000000
 A-1     349,687,000.00  982.41989991   0.00898995  25.15495686 0.00000000 0.00000000     25.16394682       957.25595310
 B-1       6,208,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 B-2       3,287,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 B-3       2,374,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 B-4       1,095,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 B-5         731,000.00 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 B-6       1,826,168.26 1000.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000      1000.00000000
 X-A               0.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000         0.00000000
 X-B               0.00    0.00000000   0.00000000   0.00000000 0.00000000 0.00000000      0.00000000         0.00000000

<CAPTION>
         Ending Certificate Total Principal
Class        Percentage       Distribution
-----    ------------------ ---------------
<S>      <C>                <C>
 A-R             0.00000000   1000.00000000
 A-1             0.95725595     25.16394682
 B-1             1.00000000      0.00000000
 B-2             1.00000000      0.00000000
 B-3             1.00000000      0.00000000
 B-4             1.00000000      0.00000000
 B-5             1.00000000      0.00000000
 B-6             1.00000000      0.00000000
 X-A             0.00000000      0.00000000
 X-B             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>
                                                                         Payment of              Non-
                                              Beginning         Current    Unpaid    Current  Supported
          Original Face       Current        Certificate/       Accrued   Interest   Interest  Interest Realized  Total Interest
 Class       Amount       Certificate Rate Notional Balance    Interest   Shortfall Shortfall Shortfall Loss (4)   Distribution
------    --------------  ---------------- ---------------- ------------ ---------- --------- --------- --------  --------------
<S>       <C>             <C>              <C>              <C>          <C>        <C>       <C>       <C>       <C>
  A-R             100.00        4.02264%               0.00         0.00    0.00       0.00      0.00     0.00              0.00
  A-1     349,687,000.00        3.29000%     343,539,467.54   941,870.71    0.00       0.00      0.00     0.00        941,870.71
  B-1       6,208,000.00        3.46000%       6,208,000.00    17,899.73    0.00       0.00      0.00     0.00         17,899.73
  B-2       3,287,000.00        3.73000%       3,287,000.00    10,217.09    0.00       0.00      0.00     0.00         10,217.09
  B-3       2,374,000.00        3.91497%       2,374,000.00     7,745.12    0.00       0.00      0.00     0.00          7,745.12
  B-4       1,095,000.00        3.91497%       1,095,000.00     3,572.41    0.00       0.00      0.00     0.00          3,572.41
  B-5         731,000.00        3.91497%         731,000.00     2,384.87    0.00       0.00      0.00     0.00          2,384.87
  B-6       1,826,168.26        3.91497%       1,826,168.26     5,957.83    0.00       0.00      0.00     0.00          5,957.83
  X-A               0.00        0.62497%     343,539,467.54   178,918.62    0.00       0.00      0.00     0.00        178,918.62
  X-B               0.00        0.36150%       9,495,000.00     2,860.39    0.00       0.00      0.00     0.00          2,860.39
          --------------                                    ------------    ----       ----      ----     ----    --------------
Totals    365,208,268.26                                    1,171,426.77    0.00       0.00      0.00     0.00      1,171,426.77
          --------------                                    ------------    ----       ----      ----     ----    --------------

<CAPTION>
          Remaining      Ending
           Unpaid     Certificate/
          Interest     Notational
 Class    Shortfall      Balance
------    ---------  --------------
<S>       <C>        <C>
  A-R        0.00              0.00
  A-1        0.00    334,739,962.47
  B-1        0.00      6,208,000.00
  B-2        0.00      3,287,000.00
  B-3        0.00      2,374,000.00
  B-4        0.00      1,095,000.00
  B-5        0.00        731,000.00
  B-6        0.00      1,826,168.26
  X-A        0.00    334,739,962.47
  X-B        0.00      9,495,000.00
             ----
Totals       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
           Original Face Certificate     Certificate/   Current Accrued  Interest   Interest  Interest    Realized   Total Interest
Class (5)     Amount        Rate      Notional Balance     Interest     Shortfall   Shortfall Shortfall   Loss (6)    Distribution
--------- -------------- -----------  ----------------  --------------- ---------- ---------- ---------- ----------  --------------
<S>       <C>            <C>          <C>               <C>             <C>        <C>        <C>        <C>         <C>
   A-R            100.00   4.02264%         0.00000000       0.00000000 0.00000000 0.00000000 0.00000000 0.00000000      0.00000000
   A-1    349,687,000.00   3.29000%       982.41989991       2.69346790 0.00000000 0.00000000 0.00000000 0.00000000      2.69346790
   B-1      6,208,000.00   3.46000%      1000.00000000       2.88333280 0.00000000 0.00000000 0.00000000 0.00000000      2.88333280
   B-2      3,287,000.00   3.73000%      1000.00000000       3.10833283 0.00000000 0.00000000 0.00000000 0.00000000      3.10833283
   B-3      2,374,000.00   3.91497%      1000.00000000       3.26247683 0.00000000 0.00000000 0.00000000 0.00000000      3.26247683
   B-4      1,095,000.00   3.91497%      1000.00000000       3.26247489 0.00000000 0.00000000 0.00000000 0.00000000      3.26247489
   B-5        731,000.00   3.91497%      1000.00000000       3.26247606 0.00000000 0.00000000 0.00000000 0.00000000      3.26247606
   B-6      1,826,168.26   3.91497%      1000.00000000       3.26247593 0.00000000 0.00000000 0.00000000 0.00000000      3.26247593
   X-A              0.00   0.62497%       982.41989991       0.51165362 0.00000000 0.00000000 0.00000000 0.00000000      0.51165362
   X-B              0.00   0.36150%      1000.00000000       0.30125224 0.00000000 0.00000000 0.00000000 0.00000000      0.30125224

<CAPTION>
           Remaining
            Unpaid
           Interest   Ending Certificate/
Class (5)  Shortfall   Notational Balance
--------- ----------  -------------------
<S>       <C>         <C>
   A-R    0.00000000           0.00000000
   A-1    0.00000000         957.25595310
   B-1    0.00000000        1000.00000000
   B-2    0.00000000        1000.00000000
   B-3    0.00000000        1000.00000000
   B-4    0.00000000        1000.00000000
   B-5    0.00000000        1000.00000000
   B-6    0.00000000        1000.00000000
   X-A    0.00000000         957.25595310
   X-B    0.00000000        1000.00000000
</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                                 10,074,107.28
           Liquidations, Insurance Proceeds, Reserve Funds                             0.00
           Proceeds from Repurchased Loans                                             0.00
           Other Amounts (Servicer Advances)                                      14,634.51
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                   0.00
           Prepayment Penalties                                                        0.00
                                                                              -------------
Total Deposits                                                                10,088,741.79

Withdrawals
           Reimbursement for Servicer Advances                                         0.00
           Payment of Service Fee                                                117,809.95
           Payment of Interest and Principal                                   9,970,931.84
                                                                              -------------
Total Withdrawals (Pool Distribution Amount)                                  10,088,741.79

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                                                              112,872.87
Master Servicing Fee                                                               4,937.08
Supported Prepayment/Curtailment Interest Shortfall                                    0.00
                                                                                 ----------

Net Servicing Fee                                                                117,809.95
                                                                                 ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                   Beginning     Current      Current          Ending
 Account Type       Balance    Withdrawals    Deposits         Balance
-------------      ---------   -----------    --------        --------
<S>                <C>         <C>            <C>             <C>
Reserve Fund        5,000.00      0.00          0.00          5,000.00
Reserve Fund        5,000.00      0.00          0.00          5,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                  8       4,361,649.99
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                         8       4,361,649.99
</TABLE>

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days         0.000000%          0.000000%
30 Days           0.769971%          1.245246%
60 Days           0.000000%          0.000000%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  0.769971%          1.245246%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                  No. of        Principal
                   Loans         Balance
                 --------       ----------
<C>              <C>            <C>
0-29 Days               0             0.00
30 Days                 0             0.00
60 Days                 0             0.00
90 Days                 0             0.00
120 Days                0             0.00
150 Days                0             0.00
180+ Days               0             0.00
                 --------       ----------
                        0             0.00
</TABLE>

<TABLE>
<CAPTION>
                  No. of        Principal
                   Loans         Balance
                 --------       ----------
<C>              <C>            <C>
0-29 Days        0.000000%        0.000000%
30 Days          0.000000%        0.000000%
60 Days          0.000000%        0.000000%
90 Days          0.000000%        0.000000%
120 Days         0.000000%        0.000000%
150 Days         0.000000%        0.000000%
180+ Days        0.000000%        0.000000%
                 --------       ----------
                 0.000000%        0.000000%
</TABLE>

                                  FORECLOSURE

<TABLE>
<CAPTION>
                   No. of         Principal
                    Loans          Balance
                  --------        ---------
<S>               <C>             <C>
0-29 Days                0             0.00
30 Days                  0             0.00
60 Days                  0             0.00
90 Days                  0             0.00
120 Days                 0             0.00
150 Days                 0             0.00
180+ Days                0             0.00
                  --------        ---------
                         0             0.00
</TABLE>

<TABLE>
<CAPTION>
                    No. of        Principal
                    Loans          Balance
                  --------        ---------
<S>               <C>             <C>
0-29 Days         0.000000%        0.000000%
30 Days           0.000000%        0.000000%
60 Days           0.000000%        0.000000%
90 Days           0.000000%        0.000000%
120 Days          0.000000%        0.000000%
150 Days          0.000000%        0.000000%
180+ Days         0.000000%        0.000000%
                  --------        ---------
                  0.000000%        0.000000%
</TABLE>

                                      REO

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
                  --------       ----------
<C>               <C>            <C>
0-29 Days                0             0.00
30 Days                  0             0.00
60 Days                  0             0.00
90 Days                  0             0.00
120 Days                 0             0.00
150 Days                 0             0.00
180+ Days                0             0.00
                  --------       ----------
                         0             0.00
</TABLE>

<TABLE>
<CAPTION>
                   No. of        Principal
                    Loans         Balance
                  --------       ----------
<C>               <C>            <C>
0-29 Days         0.000000%        0.000000%
30 Days           0.000000%        0.000000%
60 Days           0.000000%        0.000000%
90 Days           0.000000%        0.000000%
120 Days          0.000000%        0.000000%
150 Days          0.000000%        0.000000%
180+ Days         0.000000%        0.000000%
                  --------       ----------
                  0.000000%        0.000000%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
                    No. of        Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days                0               0.00
30 Days                  8       4,361,649.99
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                  --------       ------------
                         8       4,361,649.99
</TABLE>

<TABLE>
<CAPTION>
                    No. of        Principal
                    Loans          Balance
                  --------       ------------
<S>               <C>            <C>
0-29 Days         0.000000%          0.000000%
30 Days           0.769971%          1.245246%
60 Days           0.000000%          0.000000%
90 Days           0.000000%          0.000000%
120 Days          0.000000%          0.000000%
150 Days          0.000000%          0.000000%
180+ Days         0.000000%          0.000000%
                  --------       ------------
                  0.769971%          1.245246%
</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  14,634.51
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                         Mixed ARM
<S>                                                          <C>
Weighted Average Gross Coupon                                     4.308698%
Weighted Average Net Coupon                                       3.931471%
Weighted Average Pass-Through Rate                                3.914971%
Weighted Average Maturity (Stepdown Calculation)                        336

Beginning Scheduled Collateral Loan Count                             1,064
Number of Loans Paid in Full                                             25
Ending Scheduled Collateral Loan Count                                1,039

Beginning Scheduled Collateral Balance                       359,060,635.80
Ending Scheduled Collateral Balance                          350,261,130.73
Ending Actual Collateral Balance at 31-May-2005              350,263,996.82

Monthly P&I Constant                                           1,292,380.23
Special Servicing Fee                                                  0.00
Prepayment Penalties                                                   0.00
Realized Loss Amount                                                   0.00
Cumulative Realized Loss                                               0.00

Scheduled Principal                                                3,143.67
Unscheduled Principal                                          8,796,361.40
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                            <C>
Senior Percentage                                                   100%
Senior Prepayment Percentage                                        100%
Subordinate Prepayment Percentage                              0.000000%
Subordinate Percentage                                         0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00087-of-00352.parquet"}]]