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 2005-1
                          RECORD DATE: JANUARY 31, 2005
                      DISTRIBUTION DATE: FEBRUARY 22, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                        Certificate    Certificate
                            Class      Pass-Through         Beginning           Interest       Principal
Class        CUSIP      Description       Rate         Certificate Balance    Distribution    Distribution
-------    ---------    -----------    ------------    -------------------    ------------    ------------
<S>        <C>          <C>            <C>             <C>                    <C>             <C>
   A-1     81744FGM#       SEN              2.78000%        298,055,000.00      529,378.80    2,220,370.32
   A-2     81744FGN1       SEN              3.16875%        100,000,000.00      202,447.92      840,104.76
   X-A     81744FGP6        IO              1.28426%                  0.00      426,004.03            0.00
   X-B     81744FGS0        IO              1.07704%                  0.00       11,633.13            0.00
   B-1     81744FGQ4       SUB              2.97000%          7,067,000.00       13,409.63            0.00
   B-2     81744FGR2       SUB              3.25000%          3,949,000.00        8,199.66            0.00
   B-3     81744FGU5       SUB              3.80000%          2,495,000.00        6,057.31            0.00
   B-4     81744FGV3       SUB              3.49046%          1,455,000.00        4,232.19            0.00
   B-5     81744FGW1       SUB              3.49046%            831,000.00        2,417.15            0.00
   B-6     81744FGX9       SUB              3.49046%          1,871,544.03        5,443.80            0.00
   A-R     81744FGT8       RES              3.48017%                100.00            0.97            0.00
                                       ------------    -------------------    ------------    ------------
Totals                                                      415,723,644.03    1,209,224.59    3,060,575.08
                                                       -------------------    ------------    ------------

<CAPTION>
                           Current       Ending Certificate        Total         Cumulative
Class        CUSIP      Realized Loss         Balance          Distribution    Realized Loss
-------    ---------    -------------    ------------------    ------------    -------------
<S>        <C>          <C>              <C>                   <C>             <C>
   A-1     81744FGM#             0.00        295,834,629.68    2,749,749.12             0.00
   A-2     81744FGN1             0.00         99,159,895.24    1,042,552.68             0.00
   X-A     81744FGP6             0.00                  0.00      426,004.03             0.00
   X-B     81744FGS0             0.00                  0.00       11,633.13             0.00
   B-1     81744FGQ4             0.00          7,067,000.00       13,409.63             0.00
   B-2     81744FGR2             0.00          3,949,000.00        8,199.66             0.00
   B-3     81744FGU5             0.00          2,495,000.00        6,057.31             0.00
   B-4     81744FGV3             0.00          1,455,000.00        4,232.19             0.00
   B-5     81744FGW1             0.00            831,000.00        2,417.15             0.00
   B-6     81744FGX9             0.00          1,871,544.03        5,443.80             0.00
   A-R     81744FGT8             0.00                  0.00          100.97             0.00
                        -------------    ------------------    ------------    -------------
Totals                           0.00        412,663,068.95    4,269,799.67             0.00
                        -------------    ------------------    ------------    -------------
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                               Beginning       Scheduled      Unscheduled
          Original Face      Certificate       Principal       Principal                  Realized
Class        Amount            Balance        Distribution    Distribution    Accretion   Loss (1)
-----     --------------    --------------    ------------    ------------    ---------   --------
<S>       <C>               <C>               <C>             <C>             <C>         <C>
 A-1      298,055,000.00    298,055,000.00            0.00    2,220,370.32         0.00       0.00
 A-2      100,000,000.00    100,000,000.00            0.00      840,104.76         0.00       0.00
 X-A                0.00              0.00            0.00            0.00         0.00       0.00
 X-B                0.00              0.00            0.00            0.00         0.00       0.00
 B-1        7,067,000.00      7,067,000.00            0.00            0.00         0.00       0.00
 B-2        3,949,000.00      3,949,000.00            0.00            0.00         0.00       0.00
 B-3        2,495,000.00      2,495,000.00            0.00            0.00         0.00       0.00
 B-4        1,455,000.00      1,455,000.00            0.00            0.00         0.00       0.00
 B-5          831,000.00        831,000.00            0.00            0.00         0.00       0.00
 B-6        1,871,544.03      1,871,544.03            0.00            0.00         0.00       0.00
 A-R              100.00            100.00            0.00          100.00         0.00       0.00
          --------------    --------------    ------------    ------------    ---------   --------
Totals    415,723,644.03    415,723,644.03            0.00    3,060,575.08         0.00       0.00
          --------------    --------------    ------------    ------------    ---------   --------

<CAPTION>
          Total Principal   Ending Certificate   Ending Certificate   Total Principal
Class        Reduction            Balance             Percentage       Distribution
-----     ---------------   ------------------   ------------------   ----------------
<S>       <C>               <C>                  <C>                  <C>
 A-1         2,220,370.32       295,834,629.68           0.99255047       2,220,370.32
 A-2           840,104.76        99,159,895.24           0.99159895         840,104.76
 X-A                 0.00                 0.00           0.00000000               0.00
 X-B                 0.00                 0.00           0.00000000               0.00
 B-1                 0.00         7,067,000.00           1.00000000               0.00
 B-2                 0.00         3,949,000.00           1.00000000               0.00
 B-3                 0.00         2,495,000.00           1.00000000               0.00
 B-4                 0.00         1,455,000.00           1.00000000               0.00
 B-5                 0.00           831,000.00           1.00000000               0.00
 B-6                 0.00         1,871,544.03           1.00000000               0.00
 A-R               100.00                 0.00           0.00000000             100.00
          ---------------   ------------------   ------------------   ----------------
Totals       3,060,575.08       412,663,068.95           0.99263796       3,060,575.08
          ---------------   ------------------   ------------------   ----------------
</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 Face     Certificate      Principal       Principal                    Realized
Class       Amount         Balance       Distribution    Distribution      Accretion    Loss (3)
-----   --------------   -------------   ------------    -------------    ----------   ----------
<S>     <C>              <C>             <C>             <C>              <C>          <C>
 A-1    298,055,000.00   1000.00000000     0.00000000       7.44953220    0.00000000   0.00000000
 A-2    100,000,000.00   1000.00000000     0.00000000       8.40104760    0.00000000   0.00000000
 X-A              0.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 X-B              0.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-1      7,067,000.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-2      3,949,000.00      0.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-3      2,495,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-4      1,455,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-5        831,000.00   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 B-6      1,871,544.03   1000.00000000     0.00000000       0.00000000    0.00000000   0.00000000
 A-R            100.00   1000.00000000     0.00000000    1000.00000000    0.00000000   0.00000000

<CAPTION>
                                                  Ending
        Total Principal   Ending Certificate    Certificate    Total Principal
Class      Reduction            Balance          Percentage      Distribution
-----   ---------------   ------------------    -----------    ---------------
<S>     <C>               <C>                   <C>            <C>
 A-1         7.44953220         992.55046780     0.99255047         7.44953220
 A-2         8.40104760         991.59895240     0.99159895         8.40104760
 X-A         0.00000000           0.00000000     0.00000000         0.00000000
 X-B         0.00000000           0.00000000     0.00000000         0.00000000
 B-1         0.00000000           0.00000000     0.00000000         0.00000000
 B-2         0.00000000           0.00000000     0.00000000         0.00000000
 B-3         0.00000000        1000.00000000     1.00000000         0.00000000
 B-4         0.00000000        1000.00000000     1.00000000         0.00000000
 B-5         0.00000000        1000.00000000     1.00000000         0.00000000
 B-6         0.00000000        1000.00000000     1.00000000         0.00000000
 A-R      1000.00000000           0.00000000     0.00000000      1000.00000000
</TABLE>

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

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                      Beginning                    Payment of               Non-
                          Current     Certificate/     Current       Unpaid     Current   Supported
        Original Face   Certificate    Notional        Accrued      Interest    Interest  Interest   Realized
 Class      Amount         Rate         Balance        Interest    Shortfall   Shortfall  Shortfall  Loss (4)
------  --------------  -----------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>
  A-1   298,055,000.00      2.78000% 298,055,000.00    529,378.80        0.00       0.00       0.00      0.00
  A-2   100,000,000.00      3.16875% 100,000,000.00    202,447.92        0.00       0.00       0.00      0.00
  X-A             0.00      1.28426% 398,055,000.00    426,004.03        0.00       0.00       0.00      0.00
  X-B             0.00      1.07704%  13,511,000.00     12,126.53        0.00       0.00       0.00      0.00
  B-1     7,067,000.00      2.97000%   7,067,000.00     13,409.63        0.00       0.00       0.00      0.00
  B-2     3,949,000.00      3.25000%   3,949,000.00      8,199.66        0.00       0.00       0.00      0.00
  B-3     2,495,000.00      3.80000%   2,495,000.00      6,057.31        0.00       0.00       0.00      0.00
  B-4     1,455,000.00      3.49046%   1,455,000.00      4,232.19        0.00       0.00       0.00      0.00
  B-5       831,000.00      3.49046%     831,000.00      2,417.15        0.00       0.00       0.00      0.00
  B-6     1,871,544.03      3.49046%   1,871,544.03      5,443.80        0.00       0.00       0.00      0.00
  A-R           100.00      3.48017%         100.00          0.22        0.00       0.00       0.00      0.00
        --------------                               ------------  ----------  ---------  ---------  --------
Totals  415,723,644.03                               1,209,717.24        0.00       0.00       0.00      0.00
        --------------                               ------------  ----------  ---------  ---------  --------

<CAPTION>
                         Remaining      Ending
                           Unpaid    Certificate/
         Total Interest   Interest    Notational
 Class    Distribution   Shortfall      Balance
------   --------------  ---------  --------------
<S>      <C>             <C>        <C>
  A-1        529,378.80       0.00  295,834,629.68
  A-2        202,447.92       0.00   99,159,895.24
  X-A        426,004.03       0.00  394,994,524.92
  X-B         11,633.13       0.00   13,511,000.00
  B-1         13,409.63       0.00    7,067,000.00
  B-2          8,199.66       0.00    3,949,000.00
  B-3          6,057.31       0.00    2,495,000.00
  B-4          4,232.19       0.00    1,455,000.00
  B-5          2,417.15       0.00      831,000.00
  B-6          5,443.80       0.00    1,871,544.03
  A-R              0.97       0.00            0.00
         --------------  ---------
Totals     1,209,717.24       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
Class (5)       Amount          Rate      Notional Balance       Interest      Shortfall    Shortfall     Shortfall       Loss (6)
---------   ---------------  -----------  ----------------   ---------------  ----------   ----------    ----------     ----------
<S>         <C>              <C>          <C>                <C>              <C>          <C>           <C>            <C>
   A-1       298,055,000.00      2.78000%   1000.00000000       1.77611112    0.00000000   0.00000000    0.00000000     0.00000000
   A-2       100,000,000.00      3.16875%   1000.00000000       2.02447920    0.00000000   0.00000000    0.00000000     0.00000000
   X-A                 0.00      1.28426%   1000.00000000       1.07021399    0.00000000   0.00000000    0.00000000     0.00000000
   X-B                 0.00      1.07704%   1000.00000000       0.89753016    0.00000000   0.00000000    0.00000000     0.00000000
   B-1         7,067,000.00      2.97000%   1000.00000000       1.89749965    0.00000000   0.00000000    0.00000000     0.00000000
   B-2         3,949,000.00      3.25000%   1000.00000000       2.07638896    0.00000000   0.00000000    0.00000000     0.00000000
   B-3         2,495,000.00      3.80000%   1000.00000000       2.42777956    0.00000000   0.00000000    0.00000000     0.00000000
   B-4         1,455,000.00      3.49046%   1000.00000000       2.90872165    0.00000000   0.00000000    0.00000000     0.00000000
   B-5           831,000.00      3.49046%   1000.00000000       2.90872443    0.00000000   0.00000000    0.00000000     0.00000000
   B-6         1,871,544.03      3.49046%   1000.00000000       2.90872131    0.00000000   0.00000000    0.00000000     0.00000000
   A-R               100.00      3.48017%   1000.00000000       2.20000000    0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                            Remaining
                              Unpaid
            Total Interest   Interest    Ending Certificate/
Class (5)    Distribution   Shortfall    Notational Balance
---------   --------------  ----------   -------------------
<S>         <C>             <C>          <C>
   A-1        1.77611112    0.00000000       992.55046780
   A-2        2.02447920    0.00000000       991.59895240
   X-A        1.07021399    0.00000000       992.31142661
   X-B        0.86101177    0.00000000      1000.00000000
   B-1        1.89749965    0.00000000      1000.00000000
   B-2        2.07638896    0.00000000      1000.00000000
   B-3        2.42777956    0.00000000      1000.00000000
   B-4        2.90872165    0.00000000      1000.00000000
   B-5        2.90872443    0.00000000      1000.00000000
   B-6        2.90872131    0.00000000      1000.00000000
   A-R        9.70000000    0.00000000         0.00000000
</TABLE>

(5) Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                 <C>
Beginning Balance                                                           0.00

Deposits
         Payments of Interest and Principal                         4,402,296.97
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                              1,815.13
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      4,404,112.10

Withdrawals
         Reimbursement for Servicer Advances                                0.00
         Payment of Service Fee                                       134,312.45
         Payment of Interest and Principal                          4,269,799.65
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        4,404,112.10

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                                       129,982.00
Master Servicing Fee                                        4,330.45
Supported Prepayment/Curtailment Interest Shortfall             0.00
                                                          ----------

Net Servicing Fee                                         134,312.45
                                                          ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                            Beginning         Current           Current        Ending
      Account Type           Balance        Withdrawals        Deposits        Balance
-----------------------     ---------       -----------        --------       --------
<S>                         <C>             <C>                <C>            <C>
X-A Pool 1 Reserve Fund      4,500.00            0.00             0.00        4,500.00
X-A Pool 2 Reserve Fund      4,500.00            0.00             0.00        4,500.00
X-B Reserve Fund             1,000.00          493.41           493.41        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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.250627%      0.161149%
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%
              --------     ----------
              0.250627%      0.161149%
</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

               No. of       Principal
               Loans         Balance

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

               No. of       Principal
               Loans         Balance

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

               No. of       Principal
                Loans        Balance

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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.250627%      0.161149%
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%
              --------     ----------
              0.250627%      0.161149%
</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  1,815.13
</TABLE>

<TABLE>
<CAPTION>
               Original $        Original%        Current $         Current %       Current Class %      Prepayment %
             -------------      ----------      -------------      ----------       ---------------      ------------
<S>          <C>                <C>             <C>                <C>              <C>                  <C>
Class A      17,668,544.03      4.25006956%     17,668,544.03      4.28159081%            95.718409%         0.000000%
Class B-1    10,601,544.03      2.55014219%     10,601,544.03      2.56905568%             1.712535%        39.997636%
Class B-2     6,652,544.03      1.60023230%      6,652,544.03      1.61210065%             0.956955%        22.350455%
Class B-3     4,157,544.03      1.00007399%      4,157,544.03      1.00749118%             0.604609%        14.121141%
Class B-4     2,702,544.03      0.65008187%      2,702,544.03      0.65490329%             0.352588%         8.234974%
Class B-5     1,871,544.03      0.45018946%      1,871,544.03      0.45352836%             0.201375%         4.703274%
Class B-6             0.00      0.00000000%              0.00      0.00000000%             0.453528%        10.592520%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

              DELINQUENT

GROUP ONE

<TABLE>
<CAPTION>

               No. of      Principal
               Loans        Balance
<S>           <C>          <C>
0-29 Days            0           0.00
30 Days              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
               Loans         Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.337458%      0.215167%
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%
              --------     ----------
              0.337458%      0.215167%
</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

               No. of       Principal
               Loans         Balance

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

                No. of      Principal
                Loans        Balance

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

                No. of      Principal
                Loans        Balance

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              3     665,008.00
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
              --------     ----------
                     3     665,008.00

               No. of       Principal
                Loans        Balance

0-29 Days     0.000000%      0.000000%
30 Days       0.337458%      0.215167%
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%
              --------     ----------
              0.337458%      0.215167%
</TABLE>

             DELINQUENT

GROUP TWO

<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

                No. of       Principal
                Loans         Balance

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>

             BANKRUPTCY

<TABLE>
<CAPTION>
              1.183654%
               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

               No. of       Principal
               Loans         Balance

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

               No. of      Principal
               Loans        Balance

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

               No. of       Principal
               Loans         Balance

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              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

               No. of       Principal
               Loans         Balance

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>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                     Mixed ARM
<S>                                                      <C>
Weighted Average Gross Coupon                                  3.878163%
Weighted Average Net Coupon                                    3.502966%
Weighted Average Pass-Through Rate                             3.490466%
Weighted Average Maturity (Stepdown Calculation)                    335

Beginning Scheduled Collateral Loan Count                         1,201
Number of Loans Paid in Full                                          4
Ending Scheduled Collateral Loan Count                            1,197

Beginning Scheduled Collateral Balance                   415,723,644.03
Ending Scheduled Collateral Balance                      412,663,068.95
Ending Actual Collateral Balance at 31-Jan-2005          412,667,033.05

Monthly P&I Constant                                       1,343,536.84
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realization Loss Amount                                            0.00
Cumulative Realized Loss                                           0.00

Class A Optimal Amount                                     4,217,912.64

Scheduled Principal                                                0.00
Unscheduled Principal                                      3,060,575.08
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                             <C>
Pro Rata Senior Percent                         95.75
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
      GROUP                             POOL ONE               POOL TWO               TOTAL
<S>                                   <C>                  <C>                    <C>
Collateral Description                     Mixed ARM       6 Month LIBOR ARM           Mixed ARM
Weighted Average Coupon Rate                3.867798                3.909057            3.878163
Weighted Average Net Rate                   3.492668                3.533660            3.502966
Pass-Through Rate                           3.480168                3.521160            3.490466
Weighted Average Maturity                        334                     339                 335
Record Date                               01/31/2005              01/31/2005          01/31/2005
Principal and Interest Constant         1,003,322.65              340,214.19        1,343,536.84
Beginning Loan Count                             892                     309               1,201
Loans Paid in Full                                 3                       1                   4
Ending Loan Count                                889                     308               1,197
Beginning Scheduled Balance           311,284,908.98          104,438,738.05      415,723,647.03
Ending Scheduled Balance              309,064,435.66          103,598,633.29      412,663,068.95
Scheduled Principal                             0.00                    0.00                0.00
Unscheduled Principal                   2,220,470.32              840,104.76        3,060,575.08
Scheduled Interest                      1,003,322.65              340,214.19        1,343,536.84
Servicing Fee                              97,310.28               32,671.72          129,982.00
Master Servicing Fee                        3,242.55                1,087.90            4,330.45
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                              902,769.82              306,454.57        1,209,224.39
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 Pool One
One Month Libor Loan Balance          158,248,654.84
Six Month Libor Loan Balance          150,815,780.82
Senior Percent                              0.000000%
Senior Prepayment Percent                   0.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%
Principal Transfer Amount                       0.00
Interest Transfer Amount                        0.00

Group Pool Two
Senior Percent                              0.000000%
Senior Prepayment Percent                   0.000000%
Subordinate Percent                         0.000000%
Subordinate Prepayment Percent              0.000000%
Principal Transfer Amount                       0.00
Interest Transfer Amount                        0.00
</TABLE><PAGE>
                                                                    Exhibit 10.3

                             THE WILLIAMS COMPANIES
                          SUPPLEMENTAL RETIREMENT PLAN
                        (Effective as of January 1, 1988)

                                SECOND AMENDMENT

The Williams Companies Supplemental Retirement Plan, effective as of January 1,
1988 (the "Plan") is hereby amended effective as of the dates set forth below,
in the following respects:

     1. A new Section 1.1A of ARTICLE I is hereby added effective January 1,
2002, as follows:

          1.1A Base Pay.  The regular wages and salary of a Participant, which
          does not include any short term disability paid by an Employer,
          overriding royalties, amounts paid under a phantom override plan,
          bonuses (including, but not limited to bonuses under The Williams
          Companies, Inc. Executive Incentive Compensation Plan), salary
          reduction amounts contributed to The Williams Companies, Inc.
          Investment Plus Plan or a similar plan, salary reduction amounts
          contributed to any qualified transportation plan established by an
          Employer in accordance with Code Section 132(f) or to any cafeteria
          plan or flexible benefits plan established by an Employer in
          accordance with Code Section 125 and related sections of the Code,
          severance pay, cost of living pay, housing pay, relocation pay
          (including mortgage interest differential) or any such other taxable
          and non-taxable fringe benefits and extraordinary compensation of any
          kind.

     2. A new Section 1.3A of ARTICLE I is hereby added effective January 1,
2002, as follows:

          1.3A Code.  The Internal Revenue Code of 1986, as amended.

     3. Section 1.5 of ARTICLE I of the Plan is hereby amended and restated
effective January 1, 2002, in its entirety as follows:

                                        1

<PAGE>

          1.5 Committee.  The Compensation Committee of the Board.

     4. Section 1.7 of ARTICLE I of the Plan is hereby amended and restated
effective January 1, 2003, in its entirety as follows:

          1.7 Eligible Employee.  Any Employee of an Employer who (i) is a
          participant in the Pension Plan and (ii) holds a position that has
          been classified as an executive position by the Company's executive
          compensation department. A Participant who is not so classified as
          holding an executive position shall cease to be an Eligible Employee
          and become a Former Participant as of January 1, 2003. Any exception
          to the foregoing eligibility requirements shall only be made upon
          approval of the Chief Executive Officer of the Company.

     5. Section 1.11 of ARTICLE I of the Plan is hereby amended and restated
effective January 1, 2002, in its entirety as follows:

          1.11 Normalized Pension Benefit.  The pension benefit which would have
          been paid during a Plan Year to the Participant or his Beneficiary
          (including a spouse or other contingent annuitant) pursuant to the
          benefit formula set forth in Section 2.1 of the Pension Plan which is
          applicable to such Participant and the method of payment selected by
          the Participant under the Pension Plan, without taking into account
          the Code Limitations; but taking into account only the Supplemental
          Retirement Compensation of the Participant in lieu of "Compensation"
          under Section 2.19 of the Pension Plan; reduced, however in all cases
          by the Actuarial Equivalent of any amount, if any, payable to the
          Participant or his Beneficiary (including a spouse or other contingent
          annuitant) under a Supplemental Retirement Benefits Agreement.

     6. Section 1.12 of ARTICLE I of the Plan is hereby amended and restated
effective January 1, 2003, in its entirety as follows:

          1.12 Participant.  An Eligible Employee who agrees to be bound by the
          terms of this Plan by filing such form or forms as the Committee may
          require. A person who was a Participant in the Plan prior to January
          1, 2003 shall cease to

                                        2

<PAGE>

          be a Participant on January 1, 2003, unless such person continues to
          be an Eligible Employee, as such term is defined as of January 1,
          2003.

     7. A new Section 1.18A of ARTICLE I of the Plan is hereby added effective
January 1, 2002, as follows:

          1.18A "Supplemental Retirement Compensation" means, the total wages or
          salary paid to a Participant each Plan Year by an Employer or an
          affiliate, including Base Pay, short term disability ("STD") paid by
          an Employer, overriding royalties, amounts paid under a phantom
          override plan, bonuses (unless specifically excluded under a written
          bonus arrangement such as The Williams Companies, Inc. Executive
          Incentive Compensation Plan), if any, when paid, salary reduction
          amounts contributed to The Williams Companies, Inc. Investment Plus
          Plan or a similar plan designated by the "Administrative Committee"
          under the Pension Plan, salary reduction amounts contributed to any
          qualified transportation plan established by the Company in accordance
          with Code Section 132(f) or to any cafeteria plan or flexible benefits
          plan established by the Company in accordance with Code Section 125
          and related sections of the Code, but excluding severance pay, cost of
          living pay, housing pay, relocation pay (including mortgage interest
          differential) and all such other taxable and non-taxable fringe
          benefits and extraordinary compensation, all as determined by the
          Committee, in its sole and absolute discretion. For purposes of
          determining "Average Monthly Compensation" under the Pension Plan, the
          Supplemental Retirement Compensation taken into account with respect
          to any Plan Year beginning on or after January 1, 2002, shall not
          exceed three (3) times such Participant's Base Pay for such Plan Year.
          For purposes of determining an "Accrued Benefit" under the Pension
          Plan, if a Participant is credited with less than two thousand eighty
          (2,080) "Hours of Service" under the Pension Plan for determining
          "Benefit Service" under the Pension Plan during a Plan Year, his
          Supplemental Retirement Compensation for that Plan Year shall be the
          product of his actual Supplemental Retirement Compensation for such
          Plan Year as described above multiplied by a fraction the numerator of
          which is two thousand eighty (2,080) and the denominator of which is
          the

                                       3

<PAGE>

          number of "Hours of Service" under the Pension Plan with which he is
          credited for such Plan Year.

                                       4

<PAGE>

     8. ARTICLE IV of the Plan is hereby amended and restated effective January
1, 2002, in its entirety as follows:

          Subject to Section 7.8, a Participant's Supplemental Retirement
          Benefit, if any and if vested, shall normally commence to be paid at
          the same time and shall normally be paid pursuant to the same method
          of payment as is selected by the Participant under the Pension Plan;
          however, the Committee, in its sole and absolute discretion, is
          authorized to approve or reject a Participant's request for a time of
          commencement of payment or a method of payment, or both, hereunder
          which is different from the time or method of payment under the
          Pension Plan. A Participant's Supplemental Retirement Benefit shall be
          reduced by the same survivor pension reduction factors applicable to
          such Participant's Pension Plan Benefit.

          If a Participant begins to receive benefit payments before age 65
          under the Pension Plan, then the Participant's Supplemental Retirement
          Benefit shall commence at the same time as payments from the Pension
          Plan and shall be reduced by the same actuarial reduction factors
          applicable to such Participant's Pension Plan Benefit. A Former
          Participant shall not be entitled to a distribution of his
          Supplemental Retirement Benefit solely by reason of the fact that such
          Former Participant is no longer an Eligible Employee.

     9. In all other respects, the Plan remains unchanged.

IN WITNESS WHEREOF, the Company has caused this Second Amendment of the Plan to
be executed this 31st day of December, 2002, to be effective as of the dates set
forth above.

                                           THE WILLIAMS COMPANIES, INC.

                                           By: /s/ Michael P. Johnson
                                               ---------------------------------

                                        5

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