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: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                  Certificate  Certificate
                     Class    Pass-Through   Beginning      Interest     Principal
 Class    CUSIP   Description     Rate      Certificate   Distribution  Distribution
                                              Balance
------- --------- ----------- ------------ -------------- ------------ -------------
<S>     <C>       <C>         <C>          <C>            <C>          <C>
  A-1   81744FGY7     SEN       2.84000%   202,462,000.00   415,272.06 3,074,286.27
  A-2   81744FGZ4     SEN       3.36000%   126,737,000.00   307,548.45   557,790.22
  A-4   81744FHJ9     REZ       3.65224%           100.00         0.92       100.00
  X-A   81744FHD2      IO       1.02204%             0.00   280,379.51         0.00
  B-1   81744FHA8     SUB       3.01000%     6,016,000.00    13,078.12         0.00
  B-2   81744FHB6     SUB       3.29000%     3,266,000.00     7,760.38         0.00
  X-B   81744FHE0      IO       0.96281%             0.00     7,447.38         0.00
  B-3   81744FHC4     SUB       3.65687%     1,890,000.00     5,759.57         0.00
  B-4   81744FHF7     SUB       3.65687%     1,231,000.00     3,751.34         0.00
  B-5   81744FHG5     SUB       3.65687%       687,000.00     2,093.56         0.00
  B-6   81744FHH3     SUB       3.65687%     1,549,605.55     4,722.25         0.00
                                           -------------- ------------ ------------
Totals                                     343,838,705.55 1,047,813.54 3,632,176.49
                                           -------------- ------------ ------------
</TABLE>

<TABLE>
<CAPTION>
                  Certificate
                     Class       Current       Ending         Total      Cumulative
 Class    CUSIP   Description Realized Loss  Certificate  Distribution Realized Loss
                                               Balance
------- --------- ----------- ------------ -------------- ------------ -------------
<S>     <C>       <C>         <C>          <C>            <C>          <C>
  A-1   81744FGY7     SEN         0.00     199,387,713.73 3,489,558.33     0.00
  A-2   81744FGZ4     SEN         0.00     126,179,209.78   865,338.67     0.00
  A-4   81744FHJ9     REZ         0.00               0.00       100.92     0.00
  X-A   81744FHD2      IO         0.00               0.00   280,379.51     0.00
  B-1   81744FHA8     SUB         0.00       6,016,000.00    13,078.12     0.00
  B-2   81744FHB6     SUB         0.00       3,266,000.00     7,760.38     0.00
  X-B   81744FHE0      IO         0.00               0.00     7,447.38     0.00
  B-3   81744FHC4     SUB         0.00       1,890,000.00     5,759.57     0.00
  B-4   81744FHF7     SUB         0.00       1,231,000.00     3,751.34     0.00
  B-5   81744FHG5     SUB         0.00         687,000.00     2,093.56     0.00
  B-6   81744FHH3     SUB         0.00       1,549,605.55     4,722.25     0.00
                                           -------------- ------------     ----
Totals                            0.00     340,206,529.06 4,679,990.03     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    202,462,000.00  202,462,000.00      604.81    3,073,681.46    0.00       0.00
 A-2    126,737,000.00  126,737,000.00      571.34      557,218.88    0.00       0.00
 A-4            100.00          100.00        0.00           99.98    0.00       0.00
 X-A              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
 B-2      3,266,000.00    3,266,000.00        0.00            0.00    0.00       0.00
 X-B              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
 B-4      1,231,000.00    1,231,000.00        0.00            0.00    0.00       0.00
 B-5        687,000.00      687,000.00        0.00            0.00    0.00       0.00
 B-6      1,549,605.55    1,549,605.55        0.00            0.00    0.00       0.00
        --------------  --------------  ----------    ------------  ------    -------
Totals  343,838,705.55  343,838,705.55    1,176.17    3,631,000.32    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     3,074,286.27      199,387,713.73        0.98481549       3,074,286.27
 A-2       557,790.22      126,179,209.78        0.99559884         557,790.22
 A-4           100.00                0.00        0.00000000             100.00
 X-A             0.00                0.00        0.00000000               0.00
 B-1             0.00        6,016,000.00        1.00000000               0.00
 B-2             0.00        3,266,000.00        1.00000000               0.00
 X-B             0.00                0.00        0.00000000               0.00
 B-3             0.00        1,890,000.00        1.00000000               0.00
 B-4             0.00        1,231,000.00        1.00000000               0.00
 B-5             0.00          687,000.00        1.00000000               0.00
 B-6             0.00        1,549,605.55        1.00000000               0.00
        -------------    ----------------    --------------      -------------
Totals   3,632,176.49      340,206,529.06        0.98943639       3,632,176.49
        -------------    ----------------    --------------      -------------
</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   202,462,000.00  1000.00000000   0.00298728     15.18152275  0.00000000  0.00000000
 A-2   126,737,000.00  1000.00000000   0.00450808      4.39665512  0.00000000  0.00000000
 A-4           100.00  1000.00000000   0.20000000   999.800000000  0.00000000  0.00000000
 X-A             0.00     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
 B-2     3,266,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 X-B             0.00     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
 B-4     1,231,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-5       687,000.00  1000.00000000   0.00000000      0.00000000  0.00000000  0.00000000
 B-6     1,549,605.55  1000.00000000   0.00000000      0.00000000  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      15.18451003      984.81548997     0.98481549      15.18451003
 A-2       4.40116320      995.59883680     0.99559884       4.40116320
 A-4    1000.00000000        0.00000000     0.00000000    1000.00000000
 X-A       0.00000000        0.00000000     0.00000000       0.00000000
 B-1       0.00000000     1000.00000000     1.00000000       0.00000000
 B-2       0.00000000     1000.00000000     1.00000000       0.00000000
 X-B       0.00000000     1000.00000000     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
</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   202,462,000.00    2.84000%   202,462,000.00    415,272.06     0.00       0.00       0.00       0.00
  A-2   126,737,000.00    3.36000%   126,737,000.00    307,548.45     0.00       0.00       0.00       0.00
  A-4           100.00    3.65224%           100.00          0.30     0.00       0.00       0.00       0.00
  X-A             0.00    1.02204%   329,199,000.00    280,379.51     0.00       0.00       0.00       0.00
  B-1     6,016,000.00    3.01000%     6,016,000.00     13,078.12     0.00       0.00       0.00       0.00
  B-2     3,266,000.00    3.29000%     3,266,000.00      7,760.38     0.00       0.00       0.00       0.00
  X-B             0.00    0.96281%     9,282,000.00      7,447.38     0.00       0.00       0.00       0.00
  B-3     1,890,000.00    3.65687%     1,890,000.00      5,759.57     0.00       0.00       0.00       0.00
  B-4     1,231,000.00    3.65687%     1,231,000.00      3,751.34     0.00       0.00       0.00       0.00
  B-5       687,000.00    3.65687%       687,000.00      2,093.56     0.00       0.00       0.00       0.00
  B-6     1,549,605.55    3.65687%     1,549,605.55      4,722.25     0.00       0.00       0.00       0.00
        --------------                               ------------  -------     ------     ------     ------
Totals  343,838,705.55                               1,047,812.92     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      415,272.06     0.00     199,387,713.73
  A-2      307,548.45     0.00     126,179,209.78
  A-4            0.92     0.00               0.00
  X-A      280,379.51     0.00     325,566,923.51
  B-1       13,078.12     0.00       6,016,000.00
  B-2        7,760.38     0.00       3,266,000.00
  X-B        7,447.38     0.00       9,282,000.00
  B-3        5,759.57     0.00       1,890,000.00
  B-4        3,751.34     0.00       1,231,000.00
  B-5        2,093.56     0.00         687,000.00
  B-6        4,722.25     0.00       1,549,605.55
        -------------   ------
Totals   1,047,813.54     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
 (5)       Amount         Rate      Notional Balance     Interest       Shortfall  Shortfall   Shortfall    Loss (6)
-----  --------------  -----------  ----------------  ---------------  ----------  ----------  ----------  ----------
<S>    <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
 A-1   202,462,000.00    2.84000%    1000.00000000      2.05111112     0.00000000  0.00000000  0.00000000  0.00000000
 A-2   126,737,000.00    3.36000%    1000.00000000      2.42666664     0.00000000  0.00000000  0.00000000  0.00000000
 A-4           100.00    3.65224%    1000.00000000      3.00000000     0.00000000  0.00000000  0.00000000  0.00000000
 X-A             0.00    1.02204%    1000.00000000      0.85170219     0.00000000  0.00000000  0.00000000  0.00000000
 B-1     6,016,000.00    3.01000%    1000.00000000      2.17388963     0.00000000  0.00000000  0.00000000  0.00000000
 B-2     3,266,000.00    3.29000%    1000.00000000      2.37611145     0.00000000  0.00000000  0.00000000  0.00000000
 X-B             0.00    0.96281%    1000.00000000      0.80234648     0.00000000  0.00000000  0.00000000  0.00000000
 B-3     1,890,000.00    3.65687%    1000.00000000      3.04739153     0.00000000  0.00000000  0.00000000  0.00000000
 B-4     1,231,000.00    3.65687%    1000.00000000      3.04739236     0.00000000  0.00000000  0.00000000  0.00000000
 B-5       687,000.00    3.65687%    1000.00000000      3.04739447     0.00000000  0.00000000  0.00000000  0.00000000
 B-6     1,549,605.55    3.65687%    1000.00000000      3.04738841     0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                       Remaining
                         Unpaid
Class  Total Interest   Interest   Ending Certificate/
 (5)   Distribution    Shortfall   Notational Balance
-----  --------------  ----------  -------------------
<S>    <C>             <C>         <C>
 A-1     2.05111112    0.00000000      984.81548997
 A-2     2.42666664    0.00000000      995.59883680
 A-4     9.20000000    0.00000000        0.00000000
 X-A     0.85170219    0.00000000      998.96692733
 B-1     2.17388963    0.00000000     1000.00000000
 B-2     2.37611145    0.00000000     1000.00000000
 X-B     0.80234648    0.00000000     1000.00000000
 B-3     3.04739153    0.00000000     1000.00000000
 B-4     3.04739236    0.00000000     1000.00000000
 B-5     3.04739447    0.00000000     1000.00000000
 B-6     3.04738841    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                         4,794,628.92
            Liquidations, Insurance Proceeds, Reserve Funds                    0.00
            Proceeds from Repurchased Loans                                    0.00
            Other Amounts (Servicer Advances)                                  0.00
            Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
            Prepayment Penalties                                               0.00
                                                                       ------------
Total Deposits                                                         4,794,628.92

Withdrawals
            Reimbursement for Servicer Advances                                0.00
            Payment of Service Fee                                       114,638.89
            Payment of Interest and Principal                          4,679,990.03
                                                                       ------------
Total Withdrawals (Pool Distribution Amount)                           4,794,628.92

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                                  109,624.57
Master Servicing Fee                                   5,014.32
Supported Prepayment/Curtailment Interest Shortfall        0.00
                                                     ----------

Net Servicing Fee                                    114,638.89
                                                     ==========
</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               3    1,658,954.44
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    1,658,954.44

                No. of      Principal
                 Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.324324%       0.487629%
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%
               --------    ------------
               0.324324%       0.487629%
</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     1,658,954.44
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     1,658,954.44

             No. of       Principal
             Loans         Balance

0-29 Days   0.000000%        0.000000%
30 Days     0.324324%        0.487629%
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%
            --------         --------
            0.324324%        0.487629%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                            <C>    <C>                <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties   0.00   Periodic Advance   0.00
</TABLE>

<TABLE>
<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      4.30315244%        95.696848%       0.000000%
Class B-1       8,623,605.55       2.50803805%    8,623,605.55      2.53481483%         1.768338%      41.094003%
Class B-2       5,357,605.55       1.55817407%    5,357,605.55      1.57480974%         0.960005%      22.309344%
Class B-3       3,467,605.55       1.00849773%    3,467,605.55      1.01926484%         0.555545%      12.910184%
Class B-4       2,236,605.55       0.65048103%    2,236,605.55      0.65742582%         0.361839%       8.408697%
Class B-5       1,549,605.55       0.45067804%    1,549,605.55      0.45548966%         0.201936%       4.692749%
Class B-6               0.00       0.00000000%            0.00      0.00000000%         0.455490%      10.585023%
</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    1,658,954.44
  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    1,658,954.44

                 No. of        Principal
                 Loans          Balance

0-29 Days      0.000000%       0.000000%
30 Days        0.542495%       0.796034%
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%
               ------------------------
               0.542495%       0.796034%
</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  1,658,954.44
  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  1,658,954.44

              No. of      Principal
              Loans        Balance
0-29 Days   0.000000%     0.000000%
  30 Days   0.542495%     0.796034%
  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%
            ----------------------
            0.542495%     0.796034%
</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>
<S>                                                                              <C>
Collateral Description                                                                Mixed ARM

Weighted Average Gross Coupon                                                          4.056968%
Weighted Average Net Coupon                                                            3.674378%
Weighted Average Pass-Through Rate                                                     3.656878%
Weighted Average Maturity (Stepdown Calculation)                                            337

Beginning Scheduled Collateral Loan Count                                                   934
Number of Loans Paid in Full                                                                  9
Ending Scheduled Collateral Loan Count                                                      925

Beginning Scheduled Collateral Balance                                           343,838,705.55
Ending Scheduled Collateral Balance                                              340,206,529.06
Ending Actual Collateral Balance at 28-Feb-2005                                  340,208,010.94

Monthly P&I Constant                                                               1,163,628.48
Special Servicing Fee                                                                      0.00
Prepayment Penalties                                                                       0.00
Realization Loss Amount                                                                    0.00
Cumulative Realized Loss                                                                   0.00

Class A Optimal Amount                                                             4,635,376.81

Scheduled Principal                                                                    1,176.17
Unscheduled Principal                                                              3,631,000.32
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
Pro Rata Senior Percent                              95.742304%
Pro Rata Subordinate Percent                          4.257696%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
          GROUP                                     ONE                       TWO                TOTAL
<S>                                           <C>                       <C>                 <C>
Collateral Description                             Mixed ARM                 Mixed ARM           Mixed ARM
Weighted Average Coupon Rate                        4.050524                  4.067265            4.056968
Weighted Average Net Rate                           3.669739                  3.681789            3.674378
Pass-Through Rate                                   3.652239                  3.664289            3.656878
Weighted Average Maturity                                334                       342                 337
Record Date                                       02/28/2005                02/28/2005          02/28/2005
Principal and Interest Constant                   714,429.21                449,199.27        1,163,628.48
Beginning Loan Count                                     560                       374                 934
Loans Paid in Full                                         7                         2                   9
Ending Loan Count                                        553                       372                 925
Beginning Scheduled Balance                   211,476,152.95            132,362,552.60      343,838,705.55
Ending Scheduled Balance                      208,401,766.68            131,804,762.38      340,206,529.06
Scheduled Principal                                   604.83                    571.34            1,176.17
Unscheduled Principal                           3,073,781.44                557,218.88        3,631,000.32
Scheduled Interest                                713,824.38                448,627.93        1,162,452.31
Servicing Fee                                      67,105.79                 45,518.78          109,624.57
Master Servicing Fee                                3,084.03                  1,930.29            5,014.32
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                                      643,634.56                404,178.86        1,047,813.42
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                                     108,511,301.22
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                                      99,890,465.46
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 2005-1
                         RECORD DATE: FEBRUARY 28, 2005
                        DISTRIBUTION DATE: MARCH 21, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate      Beginning                                    Current
                        Class      Pass-Through     Certificate       Interest       Principal    Realized
Class      CUSIP     Description       Rate           Balance       Distribution   Distribution     Loss
-----    ---------   -----------   ------------   --------------    ------------   ------------   --------
<S>      <C>         <C>           <C>            <C>               <C>            <C>            <C>
  A-1    81744FGM#       SEN         2.82813%     295,834,629.68      697,215.66   5,321,355.47     0.00
  A-2    81744FGN1       SEN         3.16875%      99,159,895.24      261,844.10     752,183.24     0.00
  X-A    81744FGP6        IO         0.61224%               0.00      201,526.69           0.00     0.00
  X-B    81744FGS0        IO         0.33215%               0.00        3,069.73           0.00     0.00
  B-1    81744FGQ4       SUB         3.01813%       7,067,000.00       17,774.27           0.00     0.00
  B-2    81744FGR2       SUB         3.29813%       3,949,000.00       10,853.60           0.00     0.00
  B-3    81744FGU5       SUB         3.84813%       2,495,000.00        8,000.90           0.00     0.00
  B-4    81744FGV3       SUB         3.52588%       1,455,000.00        4,275.13           0.00     0.00
  B-5    81744FGW1       SUB         3.52588%         831,000.00        2,441.67           0.00     0.00
  B-6    81744FGX9       SUB         3.52588%       1,871,544.03        5,499.04           0.00     0.00
  A-R    81744FGT8       RES         3.65457%               0.00            0.59           0.00     0.00
                                                  --------------    ------------   ------------     ----
Totals                                            412,663,068.95    1,212,501.38   6,073,538.71     0.00
                                                  --------------    ------------   ------------     ----

<CAPTION>
                        Ending                       Cumulative
                      Certificate        Total        Realized
Class      CUSIP        Balance       Distribution      Loss
-----    ---------   --------------   ------------   ----------
<S>      <C>         <C>              <C>            <C>
  A-1    81744FGM#   290,513,274.21   6,018,571.13      0.00
  A-2    81744FGN1    98,407,712.00   1,014,027.34      0.00
  X-A    81744FGP6             0.00     201,526.69      0.00
  X-B    81744FGS0             0.00       3,069.73      0.00
  B-1    81744FGQ4     7,067,000.00      17,774.27      0.00
  B-2    81744FGR2     3,949,000.00      10,853.60      0.00
  B-3    81744FGU5     2,495,000.00       8,000.90      0.00
  B-4    81744FGV3     1,455,000.00       4,275.13      0.00
  B-5    81744FGW1       831,000.00       2,441.67      0.00
  B-6    81744FGX9     1,871,544.03       5,499.04      0.00
  A-R    81744FGT8             0.00           0.59      0.00
                     --------------   ------------      ----
Totals               406,589,530.24   7,286,040.09      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     295,834,629.68       1.41        5,321,354.06       0.00        0.00
 A-2         100,000,000.00      99,159,895.24       0.00          752,183.24       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               0.00       0.00                0.00       0.00        0.00
             --------------     --------------       ----        ------------       ----        ----
Totals       415,723,644.03     412,663,068.95       1.41        6,073,357.30       0.00        0.00
             --------------     --------------       ----        ------------       ----        ----

<CAPTION>
                Total             Ending                Ending
              Principal         Certificate           Certificate    Total Principal
Class         Reduction           Balance             Percentage      Distribution
-----        ------------      --------------         -----------    ---------------
<S>          <C>               <C>                    <C>            <C>
 A-1         5,321,355.47      290,513,274.21          0.97469687       5,321,355.47
 A-2           752,183.24       98,407,712.00          0.98407712         752,183.24
 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                 0.00                0.00          0.00000000               0.00
             ------------      --------------         -----------    ---------------
Totals       6,073,538.71      406,589,530.24          0.97802840       6,073,538.71
             ------------      --------------         -----------    ---------------
</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      992.55046780     0.00000473      17.85359769    0.00000000    0.00000000
A-2         100,000,000.00      991.59895240     0.00000000       7.52183240    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        0.00000000     0.00000000       0.00000000    0.00000000    0.00000000

<CAPTION>
               Total             Ending                Ending
             Principal         Certificate           Certificate    Total Principal
Class        Reduction           Balance             Percentage      Distribution
-----       ------------      --------------         -----------    ---------------
<S>         <C>               <C>                    <C>            <C>
A-1          17.85360242        974.69686538          0.97469687      17.85360242
A-2           7.52183240        984.07712000          0.98407712       7.52183240
X-A           0.00000000          0.00000000          0.00000000       0.00000000
X-B           0.00000000          0.00000000          0.00000000       0.00000000
B-1           0.00000000       1000.00000000          1.00000000       0.00000000
B-2           0.00000000       1000.00000000          1.00000000       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           0.00000000          0.00000000          0.00000000       0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                           Beginning                        Payment of
                             Current     Certificate/        Current          Unpaid        Current     Non-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    2.82813%    295,834,629.68     697,215.66          0.00          0.00           0.00         0.00
 A-2       100,000,000.00    3.16875%     99,159,895.24     261,844.10          0.00          0.00           0.00         0.00
 X-A                 0.00    0.61224%    394,994,524.92     201,526.69          0.00          0.00           0.00         0.00
 X-B                 0.00    0.33215%     13,511,000.00       3,739.73          0.00          0.00           0.00         0.00
 B-1         7,067,000.00    3.01813%      7,067,000.00      17,774.27          0.00          0.00           0.00         0.00
 B-2         3,949,000.00    3.29813%      3,949,000.00      10,853.60          0.00          0.00           0.00         0.00
 B-3         2,495,000.00    3.84813%      2,495,000.00       8,000.90          0.00          0.00           0.00         0.00
 B-4         1,455,000.00    3.52588%      1,455,000.00       4,275.13          0.00          0.00           0.00         0.00
 B-5           831,000.00    3.52588%        831,000.00       2,441.67          0.00          0.00           0.00         0.00
 B-6         1,871,544.03    3.52588%      1,871,544.03       5,499.04          0.00          0.00           0.00         0.00
 A-R               100.00    3.65457%              0.00           0.00          0.00          0.00           0.00         0.00
           --------------                                 ------------          ----          ----           ----         ----
Totals     415,723,644.03                                 1,213,170.79          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          697,215.66          0.00     290,513,274.21
 A-2          261,844.10          0.00      98,407,712.00
 X-A          201,526.69          0.00     388,920,986.21
 X-B            3,069.73          0.00      13,511,000.00
 B-1           17,774.27          0.00       7,067,000.00
 B-2           10,853.60          0.00       3,949,000.00
 B-3            8,000.90          0.00       2,495,000.00
 B-4            4,275.13          0.00       1,455,000.00
 B-5            2,441.67          0.00         831,000.00
 B-6            5,499.04          0.00       1,871,544.03
 A-R                0.59          0.00               0.00
            ------------          ----
Totals      1,212,501.38          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>
                                           Beginning                        Payment of
                             Current     Certificate/        Current          Unpaid        Current     Non-Supported
Class       Original Face  Certificate     Notional          Accrued         Interest       Interest      Interest       Realized
 (5)            Amount        Rate          Balance          Interest        Shortfall      Shortfall     Shortfall      Loss (6)
-----      --------------  -----------   -------------    ------------      ----------     ----------   -------------   ----------
<S>        <C>             <C>           <C>              <C>               <C>            <C>          <C>             <C>
A-1        298,055,000.00    2.82813%     992.55046780      2.33921813      0.00000000     0.00000000     0.00000000    0.00000000
A-2        100,000,000.00    3.16875%     991.59895240      2.61844100      0.00000000     0.00000000     0.00000000    0.00000000
X-A                  0.00    0.61224%     992.31142661      0.50627850      0.00000000     0.00000000     0.00000000    0.00000000
X-B                  0.00    0.33215%    1000.00000000      0.27679150      0.00000000     0.00000000     0.00000000    0.00000000
B-1          7,067,000.00    3.01813%    1000.00000000      2.51510825      0.00000000     0.00000000     0.00000000    0.00000000
B-2          3,949,000.00    3.29813%    1000.00000000      2.74844264      0.00000000     0.00000000     0.00000000    0.00000000
B-3          2,495,000.00    3.84813%    1000.00000000      3.20677355      0.00000000     0.00000000     0.00000000    0.00000000
B-4          1,455,000.00    3.52588%    1000.00000000      2.93823368      0.00000000     0.00000000     0.00000000    0.00000000
B-5            831,000.00    3.52588%    1000.00000000      3.93823105      0.00000000     0.00000000     0.00000000    0.00000000
B-6          1,871,544.03    3.52588%    1000.00000000      2.93823704      0.00000000     0.00000000     0.00000000    0.00000000
A-R                100.00    3.56457%       0.00000000      0.00000000      0.00000000     0.00000000     0.00000000    0.00000000

<CAPTION>
                              Remaining       Ending
                                Unpaid      Certificate/
Class      Total Interest      Interest     Notational
 (5)        Distribution      Shortfall       Balance
-----      --------------     ----------   -------------
<S>        <C>                <C>          <C>
A-1          2.33921813       0.00000000    974.69686538
A-2          2.61844100       0.00000000    984.07712000
X-A          0.50627850       0.00000000    977.05338762
X-B          0.22720228       0.00000000   1000.00000000
B-1          2.51510825       0.00000000   1000.00000000
B-2          2.74844264       0.00000000   1000.00000000
B-3          3.20677355       0.00000000   1000.00000000
B-4          2.93823368       0.00000000   1000.00000000
B-5          2.93823105       0.00000000   1000.00000000
B-6          2.93823704       0.00000000   1000.00000000
A-R          5.90000000       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                         7,381,692.40
         Liquidations, Insurance Proceeds, Reserve Funds                    0.00
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                             39,486.97
         Realized Losses (Gains, Subsequent Expenses & Recoveries)          0.00
         Prepayment Penalties                                               0.00
                                                                    ------------
Total Deposits                                                      7,421,179.37

Withdrawals
         Reimbursement for Servicer Advances                            1,815.13
         Payment of Service Fee                                       133,324.15
         Payment of Interest and Principal                          7,286,040.90
                                                                    ------------
Total Withdrawals (Pool Distribution Amount)                        7,421,179.37

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                                          129,025.58
Master Servicing Fee                                           4,298.57
Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                             ----------

Net Servicing Fee                                            133,324.15
                                                             ==========
</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       670.01       670.01   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                                    32                 12,904,462.84
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
                                     --------                 -------------
                                           32                 12,904,462.84

                                      No. of                    Principal
                                       Loans                     Balance
0-29 Days                            0.000000%                     0.000000%
30 Days                              2.702703%                     3.173795%
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%
                                     --------                 -------------
                                     2.702703%                     3.173795%
</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                                    32                  12,904,462.84
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
                                     --------                  -------------
                                           32                  12,904,462.84

                                      No. of                     Principal
                                       Loans                      Balance
0-29 Days                            0.000000%                      0.000000%
30 Days                              2.702703%                      3.173795%
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%
                                     --------                  -------------
                                     2.702703%                      3.173795%
</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 39,486.97
</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  4.34554820%      95.654452%      0.000000%
Class B-1     10,601,544.03     2.55014219%  10,601,544.03  2.60743163%       1.738117%     39.997636%
Class B-2      6,652,544.03     1.60023230%   6,652,544.03  1.63618183%       0.971250%     22.350455%
Class B-3      4,157,544.03     1.00007399%   4,157,544.03  1.02254085%       0.613641%     14.121141%
Class B-4      2,702,544.03     0.65008187%   2,702,544.03  0.66468608%       0.357855%      8.234974%
Class B-5      1,871,544.03     0.45018946%   1,871,544.03  0.46030306%       0.204383%      4.703274%
Class B-6              0.00     0.00000000%           0.00  0.00000000%       0.460303%     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              24    9,377,999.39
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
               --------    ------------
                     24    9,377,999.39

                 No. of     Principal
                 Loans       Balance

0-29 Days      0.000000%       0.000000%
30 Days        2.733485%       3.087457%
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%
               --------    ------------
               2.733485%       3.087457%
</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              24   9,377,999.39
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
               --------   ------------
                     24   9,377,999.39

                No. of     Principal
                Loans       Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.733485%      3.087457%
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%
               --------   ------------
               2.733485%      3.087457%
</TABLE>

                 DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of     Principal
                Loans       Balance
<S>            <C>        <C>
0-29 Days             0           0.00
30 Days               8   3,526,463.45
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   3,526,463.45

                No. of     Principal
                Loans       Balance

0-29 Days      0.000000%      0.000000%
30 Days        2.614379%      3.428779%
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%
               --------   ------------
               2.614379%      3.428779%
</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            8    3,526,463.45
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    3,526,463.45

             No. of       Principal
             Loans        Balance

0-29 Days   0.000000%       0.000000%
30 Days     2.614379%       3.428779%
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%
            --------    ------------
            2.614379%       3.428779%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
            Collateral Description                        Mixed ARM
<S>                                                    <C>
Weighted Average Gross Coupon                                3.913581%
Weighted Average Net Coupon                                  3.538383%
Weighted Average Pass-Through Rate                           3.525883%
Weighted Average Maturity (Stepdown Calculation)                  334

Beginning Scheduled Collateral Loan Count                       1,197
Number of Loans Paid in Full                                       13
Ending Scheduled Collateral Loan Count                          1,184

Beginning Scheduled Collateral Balance                 412,663,068.95
Ending Scheduled Collateral Balance                    406,589,530.24
Ending Actual Collateral Balance at 28-Feb-2005        406,594,088.49

Monthly P&I Constant                                     1,345,826.82
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   7,233,455.15

Scheduled Principal                                              1.41
Unscheduled Principal                                    6,073,537.30
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                   <C>
Pro Rata Senior Percent               95.718409%
</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             3.911611            3.919460        3.913581
Weighted Average Net Rate                3.536480            3.544059        3.538383
Pass-Through Rate                        3.523980            3.531559        3.525883
Weighted Average Maturity                     333                 338             334
Record Date                            02/28/2005          02/28/2005      02/28/2005
Principal and Interest Constant      1,007,451.28          338,375.54    1,345,826.82
Beginning Loan Count                          889                 308           1,197
Loans Paid in Full                             11                   2              13
Ending Loan Count                             878                 306           1,184
Beginning Scheduled Balance        309,064,435.66      103,598,633.29  412,663,068.95
Ending Scheduled Balance           303,743,080.19      102,846,450.05  406,589,530.24
Scheduled Principal                          1.41                0.00            1.41
Unscheduled Principal                5,321,354.06          752,183.24    6,073,537.30
Scheduled Interest                   1,007,449.87          338,375.54    1,345,825.41
Servicing Fee                           96,616.39           32,409.19      129,025.58
Master Servicing Fee                     3,219.42            1,079.15        4,298.57
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                           907,614.06          304,887.20    1,212,501.26
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         155,832,493.22
Six Month Libor Loan Balance         147,910,586.97
Senior Percent                           100.000000%
Senior Prepayment Percent                100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepayment Percent             0.000000%
Principal Transfer Amount                      0.00
Interest Transfer Amount                       0.00

Group Pool Two
Senior Percent                           100.000000%
Senior Prepayment Percent                100.000000%
Subordinate Percent                        0.000000%
Subordinate Prepayment Percent             0.000000%
Principal Transfer Amount                      0.00
Interest Transfer Amount                       0.00
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00082-of-00352.parquet"}]]