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 2004-3
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                           Beginning
                              Class        Certificate Pass-    Certificate        Interest
Class          CUSIP       Description       Through Rate         Balance        Distribution
-----          -----       -----------       ------------         -------        ------------
<S>          <C>           <C>             <C>                <C>                <C>
  A          81744FAZ0         SEN             1.40000%       877,344,891.60     1,023,569.05
 M-1         81744FBA4         SUB             1.60000%        13,800,000.00        18,400.00
 M-2         81744FBB2         SUB             2.00000%         9,200,000.00        15,333.33
 M-3         81744FBC0         SUB             2.76420%         2,300,000.00         5,298.05
  X          81744FBD8          IO             0.00000%                 0.00             0.00
  R          81744FBE6         RES             0.00000%                 0.00             0.00
                                                              --------------     ------------
Totals                                                        902,644,891.60     1,062,600.43
                                                              --------------     ------------

<CAPTION>
                         Principal        Current      Ending Certificate       Total          Cumulative
Class        CUSIP      Distribution   Realized Loss         Balance         Distribution     Realized Loss
-----        -----      ------------   -------------         -------         ------------     -------------
<S>        <C>         <C>             <C>             <C>                  <C>               <C>
  A        81744FAZ0   13,407,606.17        0.00         863,937,285.43     14,431,175.22         0.00
 M-1       81744FBA4            0.00        0.00          13,800,000.00         18,400.00         0.00
 M-2       81744FBB2            0.00        0.00           9,200,000.00         15,333.33         0.00
 M-3       81744FBC0            0.00        0.00           2,300,000.00          5,298.05         0.00
  X        81744FBD8            0.00        0.00                   0.00              0.00         0.00
  R        81744FBE6            0.00        0.00                   0.00              0.00         0.00
                       -------------        ----         --------------     -------------         ----
Totals                 13,407,606.17        0.00         889,237,285.43     14,470,206.60         0.00
                       -------------        ----         --------------     -------------         ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                   Beginning        Scheduled      Unscheduled
              Original Face       Certificate       Principal       Principal                   Realized
Class             Amount            Balance       Distribution     Distribution    Accretion    Loss (1)
-----             ------            -------       ------------     ------------    ---------    --------
<S>          <C>                <C>               <C>             <C>              <C>          <C>
  A          894,673,000.00     877,344,891.60        0.00        13,407,606.17       0.00        0.00
 M-1          13,800,000.00      13,800,000.00        0.00                 0.00       0.00        0.00
 M-2           9,200,000.00       9,200,000.00        0.00                 0.00       0.00        0.00
 M-3           2,300,000.00       2,300,000.00        0.00                 0.00       0.00        0.00
  X                    0.00               0.00        0.00                 0.00       0.00        0.00
  R                    0.00               0.00        0.00                 0.00       0.00        0.00
             --------------     --------------        ----        -------------       ----        ----
Totals       919,973,000.00     902,644,891.60        0.00        13,407,606.17       0.00        0.00
             --------------     --------------        ----        -------------       ----        ----

<CAPTION>
               Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class             Reduction          Balance            Percentage        Distribution
-----             ---------          -------            ----------        ------------
<S>            <C>              <C>                 <C>                  <C>
  A             13,407,606.17     863,937,285.43        0.96564587        13,407,606.17
 M-1                     0.00      13,800,000.00        1.00000000                 0.00
 M-2                     0.00       9,200,000.00        1.00000000                 0.00
 M-3                     0.00       2,300,000.00        1.00000000                 0.00
  X                      0.00               0.00        0.00000000                 0.00
  R                      0.00               0.00        0.00000000                 0.00
                -------------     --------------        ----------        -------------
Totals          13,407,606.17     889,237,285.43        0.96659063        13,407,606.17
                -------------     --------------        ----------        -------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                              Beginning       Scheduled      Unscheduled
           Original Face     Certificate      Principal       Principal                     Realized
Class         Amount           Balance       Distribution   Distribution     Accretion      Loss (3)
-----         ------           -------       ------------   ------------     ---------      --------
<S>       <C>               <C>              <C>            <C>             <C>            <C>
  A       894,673,000.00     980.63190864     0.00000000     14.98604090    0.00000000     0.00000000
 M-1       13,800,000.00    1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 M-2        9,200,000.00    1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 M-3        2,300,000.00    1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
  X                 0.00       0.00000000     0.00000000      0.00000000    0.00000000     0.00000000
  R                 0.00       0.00000000     0.00000000      0.00000000    0.00000000     0.00000000

<CAPTION>

           Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class         Reduction          Balance            Percentage        Distribution
-----         ---------          -------            ----------        ------------
<S>        <C>              <C>                 <C>                  <C>
  A          14.98604090       965.64586774         0.96564587        14.98604090
 M-1          0.00000000      1000.00000000         1.00000000         0.00000000
 M-2          0.00000000      1000.00000000         1.00000000         0.00000000
 M-3          0.00000000      1000.00000000         1.00000000         0.00000000
  X           0.00000000         0.00000000         0.00000000         0.00000000
  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.

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                  Beginning                      Payment of                    Non-
                                                Certificate/        Current        Unpaid       Current      Supported
           Original Face           Current        Notional          Accrued       Interest      Interest     Interest     Realized
Class          Amount        Certificate Rate      Balance         Interest      Shortfall     Shortfall     Shortfall    Loss (4)
-----          ------        ----------------      -------         --------      ---------     ---------     ---------    --------
<S>        <C>               <C>                <C>              <C>             <C>           <C>           <C>          <C>
  A        894,673,000.00         1.40000%      877,344,891.60   1,023,569.04       0.00          0.00         (0.01)       0.00
 M-1        13,800,000.00         1.60000%       13,800,000.00      18,400.00       0.00          0.00          0.00        0.00
 M-2         9,200,000.00         2.00000%        9,200,000.00      15,333.33       0.00          0.00          0.00        0.00
 M-3         2,300,000.00         2.76420%        2,300,000.00       5,298.05       0.00          0.00          0.00        0.00
  X                  0.00         0.00000%      905,074,986.39           0.00       0.00          0.00          0.00        0.00
  R                  0.00         0.00000%                0.00           0.00       0.00          0.00          0.00        0.00
           --------------                                        ------------       ----          ----         -----        ----
Totals     919,973,000.00                                        1,062,600.42       0.00          0.00         (0.01)       0.00
           --------------                                        ------------       ----          ----         -----        ----

<CAPTION>
                            Remaining         Ending
                              Unpaid       Certificate/
          Total Interest     Interest       Notational
Class      Distribution     Shortfall         Balance
-----      ------------     ---------         -------
<S>       <C>               <C>           <C>
  A        1,023,569.05        0.00       863,937,285.43
 M-1          18,400.00        0.00        13,800,000.00
 M-2          15,333.33        0.00         9,200,000.00
 M-3           5,298.05        0.00         2,300,000.00
  X                0.00        0.00       892,689,618.51
  R                0.00        0.00                 0.00
           ------------        ----
Totals     1,062,600.43        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         Current         Unpaid        Current        Supported
Class     Original Face    Certificate    Certificate/       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      894,673,000.00     1.40000%      980.63190864      1.14407056     0.00000000     0.00000000    (0.00000001)    0.00000000
 M-1      13,800,000.00     1.60000%     1000.00000000      1.33333333     0.00000000     0.00000000     0.00000000     0.00000000
 M-2       9,200,000.00     2.00000%     1000.00000000      1.66666630     0.00000000     0.00000000     0.00000000     0.00000000
 M-3       2,300,000.00     2.76420%     1000.00000000      2.30350000     0.00000000     0.00000000     0.00000000     0.00000000
  X                0.00     0.00000%      983.80539643      0.00000000     0.00000000     0.00000000     0.00000000     0.00000000
  R                0.00     0.00000%        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        1.14407057      0.00000000      965.64586774
 M-1       1.33333333      0.00000000     1000.00000000
 M-2       1.66666630      0.00000000     1000.00000000
 M-3       2.30350000      0.00000000     1000.00000000
  X        0.00000000      0.00000000      970.34265363
  R        0.00000000      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                           14,739,313.50
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                40,306.92
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        14,779,620.42

Withdrawals
         Reimbursement for Servicer Advances                              21,522.29
         Payment of Service Fee                                          287,891.53
         Payment of Interest and Principal                            14,470,206.60
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          14,779,620.42

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                   (0.01)
                                                                          =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                 <C>
Gross Servicing Fee                                                 282,989.05
Master Servicing Fee                                                  4,902.48
Supported Prepayment/Curtailment Interest Shortfall                       0.00
                                                                    ----------

Net Servicing Fee                                                   287,891.53
                                                                    ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                     Beginning          Current          Current       Ending
Account Type          Balance         Withdrawals       Deposits       Balance
------------          -------         -----------       --------       -------
<S>                  <C>              <C>               <C>           <C>
Reserve Fund         10,000.00           0.00             0.00        10,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------   ---------------------------------
                 No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans       Balance                   Loans      Balance                  Loans      Balance
<S>            <C>        <C>            <C>         <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00   0-29 Days          0         0.00   0-29 Days          0        0.00
30 Days              41   6,099,724.81   30 Days            0         0.00   30 Days            0        0.00
60 Days               6   1,100,719.29   60 Days            0         0.00   60 Days            0        0.00
90 Days               0           0.00   90 Days            0         0.00   90 Days            0        0.00
120 Days              0           0.00   120 Days           0         0.00   120 Days           0        0.00
150 Days              0           0.00   150 Days           0         0.00   150 Days           0        0.00
180+ Days             0           0.00   180+ Days          0         0.00   180+ Days          0        0.00
               --------   ------------               --------     --------               --------    --------
                     47   7,200,444.10                      0         0.00                      0        0.00

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

0-29 Days      0.000000%      0.000000%  0-29 Days   0.000000%    0.000000%  0-29 Days   0.000000%   0.000000%
30 Days        1.493081%      1.803502%  30 Days     0.000000%    0.000000%  30 Days     0.000000%   0.000000%
60 Days        0.218500%      0.123303%  60 Days     0.000000%    0.000000%  60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%  90 Days     0.000000%    0.000000%  90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%  120 Days    0.000000%    0.000000%  120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%  150 Days    0.000000%    0.000000%  150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%  180+ Days   0.000000%    0.000000%  180+ Days   0.000000%   0.000000%
               --------   ------------               --------     --------               --------    --------
               1.711580%      1.926805%              0.000000%    0.000000%              0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
----------------------------------   -------------------------------------
               No. of    Principal                 No. of       Principal
               Loans      Balance                  Loans         Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0            0.00
30 Days             0        0.00    30 Days           41    6,099,724.81
60 Days             0        0.00    60 Days            6    1,100,719.29
90 Days             0        0.00    90 Days            0            0.00
120 Days            0        0.00    120 Days           0            0.00
150 Days            0        0.00    150 Days           0            0.00
180+ Days           0        0.00    180+ Days          0            0.00
             --------    --------                --------    ------------
                    0        0.00                      47    7,200,444.10

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     1.493081%       1.803502%
60 Days      0.000000%   0.000000%   60 Days     0.218500%       0.123303%
90 Days      0.000000%   0.000000%   90 Days     0.000000%       0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%       0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%       0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%       0.000000%
             --------    --------                --------    ------------
             0.000000%   0.000000%               1.711580%       1.926805%
</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  40,306.92
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
                Collateral Description                              Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                          3.145940%
Weighted Average Net Coupon                                            2.770737%
Weighted Average Pass-Through Rate                                     2.764237%
Weighted Average Maturity (Stepdown Calculation)                            343

Beginning Scheduled Collateral Loan Count                                 2,767
Number of Loans Paid in Full                                                 21
Ending Scheduled Collateral Loan Count                                    2,746

Beginning Scheduled Collateral Balance                           905,074,986.39
Ending Scheduled Collateral Balance                              892,689,618.51
Ending Actual Collateral Balance at 28-May-2004                  892,692,364.87

Monthly P&I Constant                                               2,372,759.39
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Ending Scheduled Balance for Premium Loans                       892,689,618.51

Scheduled Principal                                                        0.00
Unscheduled Principal                                             12,385,367.88

Required Overcollateralized Amount                                         0.00
Overcollateralized Increase Amount                                 1,022,238.30
Overcollateralized Reduction Amount                                        0.00
Specified O/C Amount                                               4,599,867.97
Overcollateralization Amount                                       3,452,333.08
Overcollateralized Deficiency Amount                               2,169,773.19
Base Overcollateralization Amount                                          0.00

Extra Principal Distribution Amount                                1,022,238.30
Excess Cash Amount                                                 1,022,238.30
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                               <C>
Applied Loss Amount                                                         0.00
1 Month LIBOR Loan Balance                                         87,873,102.71
6 Month LIBOR Loan Balance                                        804,816,515.80
M-1 Target Amount                                                 861,445,481.86
M-2 Target Amount                                                 879,299,274.23
M-3 Target Amount                                                 883,762,722.32
Senior Target Amount                                              834,664,793.31
Step Down Date Reached?                                                       No
Trigger Event?                                                                No
</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 2004-4
                            RECORD DATE: MAY 28, 2004
                        DISTRIBUTION DATE: JUNE 21, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate                           Beginning
                              Class        Certificate Pass-    Certificate        Interest
Class          CUSIP       Description       Through Rate         Balance        Distribution
-----          -----       -----------       ------------         -------        ------------
<S>          <C>           <C>             <C>                <C>                <C>
  A          81744FBF3         SEN             1.60813%       793,999,276.22     1,064,045.04
 X-1         81744FBG1         SEN             0.80000%                 0.00       513,378.32
 X-2         81744FBH9         SEN             0.30502%                 0.00       201,819.05
 X-B         81744FBJ5         SEN             0.94358%                 0.00        18,055.33
 B-1         81744FBK2         SUB             1.60000%        14,612,000.00        19,482.67
 B-2         81744FBL0         SUB             2.00000%         8,350,000.00        13,916.67
 B-3         81744FBM8         SUB             2.68903%         4,175,000.00         9,355.60
 B-4         81744FBN6         SUB             2.68903%         2,509,000.00         5,622.32
 B-5         81744FBP1         SUB             2.68903%         2,088,000.00         4,678.92
 B-6         81744FBQ9         SUB             2.68903%         3,757,983.00         8,421.12
 A-R         81744FBR7         RES             2.68722%                 0.00             0.00
                                                              --------------     ------------
Totals                                                        829,491,259.22     1,858,775.04
                                                              --------------     ------------

<CAPTION>
                           Principal        Current      Ending Certificate      Total          Cumulative
Class          CUSIP      Distribution   Realized Loss        Balance         Distribution     Realized Loss
-----          -----      ------------   -------------        -------         ------------     -------------
<S>          <C>          <C>            <C>             <C>                  <C>              <C>
  A          81744FBF3    8,027,844.96        0.00         785,971,431.26     9,091,890.00          0.00
 X-1         81744FBG1            0.00        0.00                   0.00       513,378.32          0.00
 X-2         81744FBH9            0.00        0.00                   0.00       201,819.05          0.00
 X-B         81744FBJ5            0.00        0.00                   0.00        18,055.33          0.00
 B-1         81744FBK2            0.00        0.00          14,612,000.00        19,482.67          0.00
 B-2         81744FBL0            0.00        0.00           8,350,000.00        13,916.67          0.00
 B-3         81744FBM8            0.00        0.00           4,175,000.00         9,355.60          0.00
 B-4         81744FBN6            0.00        0.00           2,509,000.00         5,622.32          0.00
 B-5         81744FBP1            0.00        0.00           2,088,000.00         4,678.92          0.00
 B-6         81744FBQ9            0.00        0.00           3,757,983.00         8,421.12          0.00
 A-R         81744FBR7            0.00        0.00                   0.00             0.00          0.00
                          ------------        ----         --------------     ------------          ----
Totals                    8,027,844.96        0.00         821,463,414.26     9,886,620.00          0.00
                          ------------        ----         --------------     ------------          ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                Beginning       Scheduled        Unscheduled
           Original Face       Certificate       Principal       Principal                   Realized
Class          Amount            Balance       Distribution     Distribution    Accretion    Loss (1)
-----          ------            -------       ------------     ------------    ---------    --------
<S>       <C>                 <C>              <C>              <C>             <C>          <C>
  A       799,511,000.00      793,999,276.22       0.00         8,027,844.96       0.00        0.00
 X-1                0.00                0.00       0.00                 0.00       0.00        0.00
 X-2                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       14,612,000.00       14,612,000.00       0.00                 0.00       0.00        0.00
 B-2        8,350,000.00        8,350,000.00       0.00                 0.00       0.00        0.00
 B-3        4,175,000.00        4,175,000.00       0.00                 0.00       0.00        0.00
 B-4        2,509,000.00        2,509,000.00       0.00                 0.00       0.00        0.00
 B-5        2,088,000.00        2,088,000.00       0.00                 0.00       0.00        0.00
 B-6        3,757,983.00        3,757,983.00       0.00                 0.00       0.00        0.00
 A-R              100.00                0.00       0.00                 0.00       0.00        0.00
          --------------      --------------       ----         ------------       ----        ----
Totals    835,003,083.00      829,492,259.22       0.00         8,027,844.96       0.00        0.00
          --------------      --------------       ----         ------------       ----        ----

<CAPTION>
            Total Principal  Ending Certificate  Ending Certificate   Total Principal
Class          Reduction          Balance            Percentage        Distribution
-----          ---------          -------            ----------        ------------
<S>         <C>              <C>                 <C>                  <C>
  A          8,027,844.96      785,971,431.26        0.98306519        8,027,844.96
 X-1                 0.00                0.00        0.00000000                0.00
 X-2                 0.00                0.00        0.00000000                0.00
 X-B                 0.00                0.00        0.00000000                0.00
 B-1                 0.00       14,612,000.00        1.00000000                0.00
 B-2                 0.00        8,350,000.00        1.00000000                0.00
 B-3                 0.00        4,175,000.00        1.00000000                0.00
 B-4                 0.00        2,509,000.00        1.00000000                0.00
 B-5                 0.00        2,088,000.00        1.00000000                0.00
 B-6                 0.00        3,757,983.00        1.00000000                0.00
 A-R                 0.00                0.00        0.00000000                0.00
             ------------      --------------        ----------        ------------
Totals       8,027,844.96      821,463,414.26        0.98378489        8,027,844.96
             ------------      --------------        ----------        ------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                              Beginning       Scheduled      Unscheduled
           Original Face     Certificate      Principal       Principal                     Realized
Class         Amount           Balance       Distribution   Distribution     Accretion      Loss (3)
-----         ------           -------       ------------   ------------     ---------      --------
<S>        <C>              <C>              <C>            <C>             <C>            <C>
  A        799,511,000.00    993.10613140     0.00000000     10.04094373    0.00000000     0.00000000
 X-1                 0.00      0.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 X-2                 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        14,612,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-2         8,350,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-3         4,175,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-4         2,509,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-5         2,088,000.00   1000.00000000     0.00000000      0.00000000    0.00000000     0.00000000
 B-6         3,757,983.00   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 Principal  Ending Certificate  Ending Certificate   Total Principal
Class            Reduction          Balance            Percentage        Distribution
-----            ---------          -------            ----------        ------------
<S>           <C>              <C>                 <C>                  <C>
  A             10.04094373       983.06518767         0.98306519        10.04094373
 X-1             0.00000000         0.00000000         0.00000000         0.00000000
 X-2             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.

                         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        799,511,000.00       1.60813%      793,999,276.22   1,064,045.05       0.00          0.00         0.00         0.00
 X-1                 0.00       0.80000%      770,067,484.02     513,378.32       0.00          0.00         0.00         0.00
 X-2                 0.00       0.30502%      793,999,276.22     201,819.05       0.00          0.00         0.00         0.00
 X-B                 0.00       0.94358%       22,962,000.00      18,055.33       0.00          0.00         0.00         0.00
 B-1        14,612,000.00       1.60000%       14,612,000.00      19,482.67       0.00          0.00         0.00         0.00
 B-2         8,350,000.00       2.00000%        8,350,000.00      13,916.67       0.00          0.00         0.00         0.00
 B-3         4,175,000.00       2.68903%        4,175,000.00       9,355.60       0.00          0.00         0.00         0.00
 B-4         2,509,000.00       2.68903%        2,509,000.00       5,622.32       0.00          0.00         0.00         0.00
 B-5         2,088,000.00       2.68903%        2,088,000.00       4,678.92       0.00          0.00         0.00         0.00
 B-6         3,757,983.00       2.68903%        3,757,983.00       8,421.12       0.00          0.00         0.00         0.00
 A-R               100.00       2.68722%                0.00           0.00       0.00          0.00         0.00         0.00
           --------------                                      ------------       ----          ----         ----         ----
Totals     835,003,083.00                                      1,858,775.05       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          1,064,045.04        0.00      785,971,431.26
 X-1           513,378.32        0.00      741,662,104.82
 X-2           201,819.05        0.00      785,971,431.26
 X-B            18,055.33        0.00       22,962,000.00
 B-1            19,482.67        0.00       14,612,000.00
 B-2            13,916.67        0.00        8,350,000.00
 B-3             9,355.60        0.00        4,175,000.00
 B-4             5.622.32        0.00        2,509,000.00
 B-5             4,678.92        0.00        2,088,000.00
 B-6             8,421.12        0.00        3,757,983.00
 A-R                 0.00        0.00                0.00
             ------------        ----
Totals       1,858,775.04        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      799,511,000.00     1.60813%        993.10613140        1.33086981      0.00000000    0.00000000   0.00000000     0.00000000
 X-1               0.00     0.80000%        963.17309458        0.64211539      0.00000000    0.00000000   0.00000000     0.00000000
 X-2               0.00     0.30502%        993.10613140        0.25242811      0.00000000    0.00000000   0.00000000     0.00000000
 X-B               0.00     0.94358%       1000.00000000        0.78631347      0.00000000    0.00000000   0.00000000     0.00000000
 B-1      14,612,000.00     1.60000%       1000.00000000        1.33333356      0.00000000    0.00000000   0.00000000     0.00000000
 B-2       8,350,000.00     2.00000%       1000.00000000        1.66666707      0.00000000    0.00000000   0.00000000     0.00000000
 B-3       4,175,000.00     2.68903%       1000.00000000        2.24086228      0.00000000    0.00000000   0.00000000     0.00000000
 B-4       2,509,000.00     2.68903%       1000.00000000        2.24086090      0.00000000    0.00000000   0.00000000     0.00000000
 B-5       2,088,000.00     2.68903%       1000.00000000        2.24086207      0.00000000    0.00000000   0.00000000     0.00000000
 B-6       3,757,983.00     2.68903%       1000.00000000        2.24086165      0.00000000    0.00000000   0.00000000     0.00000000
 A-R             100.00     2.68722%          0.00000000        0.00000000      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           1.33086979     0.00000000      983.06518767
 X-1          0.64211539     0.00000000      927.64465382
 X-2          0.25242811     0.00000000      983.06518767
 X-B          0.78631347     0.00000000     1000.00000000
 B-1          1.33333356     0.00000000     1000.00000000
 B-2          1.66666707     0.00000000     1000.00000000
 B-3          2.24086228     0.00000000     1000.00000000
 B-4          2.24086090     0.00000000     1000.00000000
 B-5          2.24086207     0.00000000     1000.00000000
 B-6          2.24086165     0.00000000     1000.00000000
 A-R          0.00000000     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                          10,125,817.85
         Liquidations, Insurance Proceeds, Reserve Funds                      0.00
         Proceeds from Repurchased Loans                                      0.00
         Other Amounts (Servicer Advances)                               35,947.20
         Realized Losses (Gains, Subsequent Expenses & Recoveries)            0.00
         Prepayment Penalties                                                 0.00
                                                                     -------------
Total Deposits                                                       10,161,765.05

Withdrawals
         Reimbursement for Servicer Advances                              9,596.46
         Payment of Service Fee                                         265,548.60
         Payment of Interest and Principal                            9,886,619.99
                                                                     -------------
Total Withdrawals (Pool Distribution Amount)                         10,161,765.05

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   0.01
                                                          ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                   <C>
Gross Servicing Fee                                   260,364.26
Master Servicing Fee                                    5,184.34
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     265,548.60
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current          Current       Ending
     Account Type                      Balance         Withdrawals       Deposits       Balance
     ------------                      -------         -----------       --------       -------
<S>                                   <C>              <C>               <C>           <C>
Class X-1 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-2 Sub Account                 4,500.00            0.00             0.00        4,500.00
Class X-B Sub Account                 1,000.00            0.00             0.00        1,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
---------------------------------------  ---------------------------------  ----------------------------------
                 No. of     Principal                 No. of    Principal                 No. of    Principal
                 Loans       Balance                  Loans      Balance                  Loans      Balance
<S>            <C>        <C>            <C>        <C>         <C>         <C>         <C>         <C>
0-29 Days             0           0.00   0-29 Days         0        0.00    0-29 Days          0        0.00
30 Days              47   4,757,282.21   30 Days           0        0.00    30 Days            0        0.00
60 Days               4   1,868,000.00   60 Days           0        0.00    60 Days            0        0.00
90 Days               0           0.00   90 Days           0        0.00    90 Days            0        0.00
120 Days              0           0.00   120 Days          0        0.00    120 Days           0        0.00
150 Days              0           0.00   150 Days          0        0.00    150 Days           0        0.00
180+ Days             0           0.00   180+ Days         0        0.00    180+ Days          0        0.00
               --------   ------------              --------    --------                --------    --------
                     51   6,625,282.21                     0        0.00                       0        0.00

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

0-29 Days      0.000000%      0.000000%  0-29 Days  0.000000%   0.000000%   0-29 Days   0.000000%   0.000000%
30 Days        1.899757%      1.796459%  30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.161681%      0.227399%  60 Days    0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%      0.000000%  90 Days    0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%      0.000000%  120 Days   0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%      0.000000%  150 Days   0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%      0.000000%  180+ Days  0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               --------   ------------              --------    --------                --------    --------
               2.061439%      2.023858%             0.000000%   0.000000%               0.000000%   0.000000%

<CAPTION>
                REO                                  TOTAL
-----------------------------------  -------------------------------------
               No. of    Principal                 No. of      Principal
               Loans      Balance                  Loans        Balance
<S>          <C>         <C>         <C>         <C>         <C>
0-29 Days           0        0.00    0-29 Days          0             0.00
30 Days             0        0.00    30 Days           47    14,757,282.21
60 Days             0        0.00    60 Days            4     1,868,000.00
90 Days             0        0.00    90 Days            0             0.00
120 Days            0        0.00    120 Days           0             0.00
150 Days            0        0.00    150 Days           0             0.00
180+ Days           0        0.00    180+ Days          0             0.00
             --------    --------                --------    -------------
                    0        0.00                      51    16,625,282.21

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%        0.000000%
30 Days      0.000000%   0.000000%   30 Days     1.899757%        1.796459%
60 Days      0.000000%   0.000000%   60 Days     0.161681%        0.227399%
90 Days      0.000000%   0.000000%   90 Days     0.000000%        0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%        0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%        0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%        0.000000%
             --------    --------                --------    -------------
             0.000000%   0.000000%               2.061439%        2.023858%
</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   35,947.20
</TABLE>

<TABLE>
<CAPTION>
              Original $      Original%     Current $       Current %   Current Class %   Prepayment %
              ----------      ---------     ---------       ---------   ---------------   ------------
<S>         <C>              <C>          <C>              <C>          <C>               <C>
Class A     35,491,983.00    4.25052119%  35,491,983.00    4.32057988%    95.679420%        0.000000%
Class X-1   35,491,983.00    4.25052119%  35,491,983.00    4.32057988%     0.000000%        0.000000%
Class X-2   35,491,983.00    4.25052119%  35,491,983.00    4.32057988%     0.000000%        0.000000%
Class B-1   20,879,983.00    2.50058753%  20,879,983.00    2.54180316%     1.778777%       41.169861%
Class B-2   12,529,983.00    1.50059123%  12,529,983.00    1.52532453%     1.016479%       23.526440%
Class B-3    8,354,983.00    1.00059307%   8,354,983.00    1.01708522%     0.508239%       11.763220%
Class B-4    5,845,983.00    0.70011514%   5,845,983.00    0.71165470%     0.305431%        7.069202%
Class B-5    3,757,983.00    0.45005618%   3,757,983.00    0.45747418%     0.254181%        5.883019%
Class B-6            0.00    0.00000000%           0.00    0.00000000%     0.457474%       10.588259%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
           Collateral Description                         Mixed Arm
<S>                                                    <C>
Weighted Average Gross Coupon                                3.073109%
Weighted Average Net Coupon                                  2.696448%
Weighted Average Pass-Through Rate                           2.688948%
Weighted Average Maturity (Stepdown Calculation)                  341

Beginning Scheduled Collateral Loan Count                       2,489
Number of Loans Paid in Full                                       15
Ending Scheduled Collateral Loan Count                          2,474

Beginning Scheduled Collateral Balance                 829,491,259.96
Ending Scheduled Collateral Balance                    821,463,415.00
Ending Actual Collateral Balance at 28-May-2004        821,464,974.40

Monthly P&I Constant                                     2,124,264.22
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   9,825,142.71

Ending Scheduled Balance for Premium Loans             821,463,415.00

Scheduled Principal                                              0.00
Unscheduled Principal                                    8,027,844.96
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                    <C>
One-Month Libor Loan Balance           07,866,608.87
Six-Month Libor Loan Balance           13,596,806.13
Prorata Senior Percentage                  95.721235%
Senior Percentage                         100.000000%
Senior Prepayment Percentage              100.000000%
Subordinate Percentage                      0.000000%
Subordinate Prepayment Percentage           0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00068-of-00352.parquet"}]]