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 2003-8
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate         Certificate      Beginning
                                 Class            Pass-Through    Certificate        Interest
 Class            CUSIP       Description            Rate           Balance        Distribution
-----------------------------------------------------------------------------------------------
<S>             <C>           <C>                 <C>            <C>               <C>
    A-1         81743PDX1         SEN               1.60000%     745,847,708.55      994,463.62
    X-1         81743PDZ6          IO               0.72454%               0.00      454,327.39
    A-2         81743PDY9         SEN               2.21063%     145,872,488.54      268,725.08
    X-2         81743PEA0          IO               0.23120%               0.00      171,822.82
    B-1         81743PED4         SUB               1.87000%      14,166,000.00       22,075.35
    X-B         81743PEB8          IO               0.42860%               0.00        8,032.66
    B-2         81743PEE2         SUB               2.53000%       8,304,000.00       17,507.60
    B-3         81743PEF9         SUB               2.54251%       4,884,000.00       10,348.01
    B-4         81743PEG7         SUB               2.54251%       2,443,000.00        5,176.12
    B-5         81743PEH5         SUB               2.54251%       1,465,000.00        3,103.98
    B-6         81743PEJ1         SUB               2.54251%       3,908,267.00        8,280.67
    A-R         81743PEC6         RES               2.56363%               0.00            0.00
-----------------------------------------------------------------------------------------------
Totals                                                           926,890,464.09    1,963,863.30
-----------------------------------------------------------------------------------------------

<CAPTION>
                                                  Ending
              Principal       Current          Certificate           Total          Cumulative
 Class      Distribution    Realized Loss         Balance         Distribution     Realized Loss
------------------------------------------------------------------------------------------------
<S>         <C>             <C>               <C>                <C>               <C>
    A-1     12,809,229.81       0.00          733,038,478.74     13,803,693.43          0.00
    X-1              0.00       0.00                    0.00        454,327.39          0.00
    A-2      2,550,016.31       0.00          143,322,472.23      2,818,741.39          0.00
    X-2              0.00       0.00                    0.00        171,822.82          0.00
    B-1              0.00       0.00           14,166,000.00         22,075.35          0.00
    X-B              0.00       0.00                    0.00          8,032.66          0.00
    B-2              0.00       0.00            8,304,000.00         17,507.60          0.00
    B-3              0.00       0.00            4,884,000.00         10,348.01          0.00
    B-4              0.00       0.00            2,443,000.00          5,176.12          0.00
    B-5              0.00       0.00            1,465,000.00          3,103.98          0.00
    B-6              0.00       0.00            3,908,267.00          8,280.67          0.00
    A-R              0.00       0.00                    0.00              0.00          0.00
--------------------------------------------------------------------------------------------
Totals      15,359,246.12       0.00          911,531,217.97     17,323,109.42          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        791,768,000.00     745,874,708.55       0.00         12,809,229.81      0.00            0.00
    X-1                  0.00               0.00       0.00                  0.00      0.00            0.00
    A-2        150,000,000.00     145,872,488.54       0.00          2,550,016.31      0.00            0.00
    X-2                  0.00               0.00       0.00                  0.00      0.00            0.00
    B-1         14,166,000.00      14,166,000.00       0.00                  0.00      0.00            0.00
    X-B                  0.00               0.00       0.00                  0.00      0.00            0.00
    B-2          8,304,000.00       8,304,000.00       0.00                  0.00      0.00            0.00
    B-3          4,884,000.00       4,884,000.00       0.00                  0.00      0.00            0.00
    B-4          2,443,000.00       2,443,000.00       0.00                  0.00      0.00            0.00
    B-5          1,465,000.00       1,465,000.00       0.00                  0.00      0.00            0.00
    B-6          3,908,267.00       3,908,267.00       0.00                  0.00      0.00            0.00
    A-R                100.00               0.00       0.00                  0.00      0.00            0.00
-------------------------------------------------------------------------------------------------------------
Totals         976,938,367.00     926,890,464.09       0.00         15,359,246.12      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     12,809,229.81      733,038,478.74          0.92582484      12,809,229.81
    X-1              0.00                0.00          0.00000000               0.00
    A-2      2,550,016.31      143,322,472.23          0.95548315       2,550,016.31
    X-2              0.00                0.00          0.00000000               0.00
    B-1              0.00       14,166,000.00          1.00000000               0.00
    X-B              0.00                0.00          0.00000000               0.00
    B-2              0.00        8,304,000.00          1.00000000               0.00
    B-3              0.00        4,884,000.00          1.00000000               0.00
    B-4              0.00        2,443,000.00          1.00000000               0.00
    B-5              0.00        1,465,000.00          1.00000000               0.00
    B-6              0.00        3,908,267.00          1.00000000               0.00
    A-R              0.00                0.00          0.00000000               0.00
------------------------------------------------------------------------------------
Totals      15,359,246.12      911,531,217.97          0.93304885      15,359,246.12
------------------------------------------------------------------------------------
</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       791,768,000.00      942.00284496    0.00000000      16.17800897    0.00000000      0.00000000
 X-1                 0.00        0.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 A-2       150,000,000.00      972.48325693    0.00000000      17.00010873    0.00000000      0.00000000
 X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 B-1        14,166,000.00     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-2         8,304,000.00     1000.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 B-3         4,884,000.00     1000.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 B-4         2,443,000.00     1000.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 B-5         1,465,000.00     1000.00000000    0.00000000       0.00000000    0.00000000      0.00000000
 B-6         3,908,267.00     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              Ending              Ending
            Principal         Certificate          Certificate      Total Principal
Class       Reduction            Balance            Percentage       Distribution
-----------------------------------------------------------------------------------
<S>        <C>               <C>                   <C>              <C>
 A-1       16.17800897        925.82483599          0.92582484        16.17800897
 X-1        0.00000000          0.00000000          0.00000000         0.00000000
 A-2       17.00010873        955.48314820          0.95548315        17.00010873
 X-2        0.00000000          0.00000000          0.00000000         0.00000000
 B-1        0.00000000       1000.00000000          1.00000000         0.00000000
 X-B        0.00000000          0.00000000          0.00000000         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        791,768,000.00       1.60000%   745,847,708.55     994,463.61       0.00             0.00         0.00         0.00
  X-1                  0.00       0.72454%   752,462,624.72     454,323.12       0.00             0.00         0.00         0.00
  A-2        150,000,000.00       2.21063%   145,872,488.54     268,725.08       0.00             0.00         0.00         0.00
  X-2                  0.00       0.23120%   891,720,197.09     171,805.71       0.00             0.00         0.00         0.00
  B-1         14,166,000.00       1.87000%    14,166,000.00      22,075.35       0.00             0.00         0.00         0.00
  X-B                  0.00       0.42860%    22,470,000.00       8,025.53       0.00             0.00         0.00         0.00
  B-2          8,304,000.00       2.53000%     8,304,000.00      17,507.60       0.00             0.00         0.00         0.00
  B-3          4,884,000.00       2.54251%     4,884,000.00      10,348.01       0.00             0.00         0.00         0.00
  B-4          2,443,000.00       2.54251%     2,443,000.00       5,176.12       0.00             0.00         0.00         0.00
  B-5          1,465,000.00       2.54251%     1,465,000.00       3,103.98       0.00             0.00         0.00         0.00
  B-6          3,908,267.00       2.54251%     3,908,267.00       8,280.67       0.00             0.00         0.00         0.00
  A-R                100.00       2.56363%             0.00           0.00       0.00             0.00         0.00         0.00
----------------------------------------------------------------------------------------------------------------------------------
Totals       976,938,367.00                                   1,963,834.78       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      994,463.62          0.00     733,038,478.74
  X-1      454,327.39          0.00     724,689,220.60
  A-2      268,725.08          0.00     143,322,472.23
  X-2      171,822.82          0.00     876,360,950.97
  B-1       22,075.35          0.00      14,166,000.00
  X-B        8,032.66          0.00      22,470,000.00
  B-2       17,507.60          0.00       8,304,000.00
  B-3       10,348.01          0.00       4,884,000.00
  B-4        5,176.12          0.00       2,443,000.00
  B-5        3,103.98          0.00       1,465,000.00
  B-6        8,280.67          0.00       3,908,267.00
  A-R            0.00          0.00               0.00
------------------------------------------------------
Totals   1,963,863.30          0.00
------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of
                               Current       Beginning                           Unpaid      Current     Non-Supported
            Original Face    Certificate   Certificate/      Current Accrued    Interest     Interest      Interest       Realized
Class (5)       Amount          Rate     Notional Balance        Interest      Shortfall     Shortfall     Shortfall      Loss (6)
-----------------------------------------------------------------------------------------------------------------------------------
<S>         <C>              <C>         <C>                 <C>               <C>          <C>          <C>             <C>
   A-1      791,768,000.00    1.60000%      942.00284496        1.25600379     0.00000000   0.00000000    0.00000000     0.00000000
   X-1                0.00    0.72454%      798.98937394        0.48241512     0.00000000   0.00000000    0.00000000     0.00000000
   A-2      150,000,000.00    2.21063%      972.48325693        1.79150053     0.00000000   0.00000000    0.00000000     0.00000000
   X-2                0.00    0.23120%      946.85760940        0.18242891     0.00000000   0.00000000    0.00000000     0.00000000
   B-1       14,166,000.00    1.87000%     1000.00000000        1.55833333     0.00000000   0.00000000    0.00000000     0.00000000
   X-B                0.00    0.42860%     1000.00000000        0.35716644     0.00000000   0.00000000    0.00000000     0.00000000
   B-2        8,304,000.00    2.53000%     1000.00000000        2.10833333     0.00000000   0.00000000    0.00000000     0.00000000
   B-3        4,884,000.00    2.54251%     1000.00000000        2.11875717     0.00000000   0.00000000    0.00000000     0.00000000
   B-4        2,443,000.00    2.54251%     1000.00000000        2.11875563     0.00000000   0.00000000    0.00000000     0.00000000
   B-5        1,465,000.00    2.54261%     1000.00000000        2.11875768     0.00000000   0.00000000    0.00000000     0.00000000
   B-6        3,908,267.00    2.54261%     1000.00000000        2.11875750     0.00000000   0.00000000    0.00000000     0.00000000
   A-R              100.00    2.56363%        0.00000000        0.00000000     0.00000000   0.00000000    0.00000000     0.00000000

<CAPTION>
                              Remaining
                                Unpaid
              Total Interest   Interest      Ending Certificate/
Class (5)      Distribution   Shortfall      Notational Balance
----------------------------------------------------------------
<S>           <C>             <C>            <C>
   A-1          1.25600380    0.00000000         925.82483599
   X-1          0.48241965    0.00000000         769.49866698
   A-2          1.79150053    0.00000000         955.48314820
   X-2          0.18244708    0.00000000         930.54866057
   B-1          1.55833333    0.00000000        1000.00000000
   X-B          0.35748376    0.00000000        1000.00000000
   B-2          2.10833333    0.00000000        1000.00000000
   B-3          2.11875717    0.00000000        1000.00000000
   B-4          2.11875563    0.00000000        1000.00000000
   B-5          2.11875768    0.00000000        1000.00000000
   B-6          2.11875750    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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                                       17,636,171.89
         Liquidations, Insurance Proceeds, Reserve Funds                                  28.52
         Proceeds from Repurchased Loans                                                   0.00
         Other Amounts (Servicer Advances)                                            10,973.54
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                         0.00
         Prepayment Penalties                                                              0.00
                                                                                  -------------
Total Deposits                                                                    17,647,173.95

Withdrawals
         Reimbursement for Servicer Advances                                          28,231.59
         Payment of Service Fee                                                      295,832.94
         Payment of Interest and Principal                                        17,323,109.42
                                                                                  -------------
Total Withdrawals (Pool Distribution Amount)                                      17,647,173.95

Ending Balance                                                                             0.00
                                                                                  =============
</TABLE>

                    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                                        291,584.68
Master Servicing Fee                                         4,248.26
Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                           ----------
Net Servicing Fee                                          295,832.94
                                                           ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                      Beginning          Current          Current     Ending
         Account Type                  Balance         Withdrawals       Deposits     Balance
---------------------------------------------------------------------------------------------
<S>                                   <C>              <C>               <C>         <C>
Class 1-A Companion Sub Account       4,000.00            11.40            11.40     4,000.00
Class 1-A NAS Sub Account             1,000.00             2.85             2.85     1,000.00
Class 2-A Companion Sub Account       2,000.00             5.70             5.70     2,000.00
Class 2-A NAS Sub Account               500.00             1.42             1.42       500.00
Class X-B Sub Account                 2,000.00             7.13             7.13     2,000.00
</TABLE>

             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            9       3,159,991.26  30 Days         0          0.00     30 Days         0          0.00
60 Days            5       1,600,131.79  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
               ------------------------              --------------------                --------------------
                  14       4,760,123.05                  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        0.337205%    0.346668%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.187336%    0.175543%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%    0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               ---------------------                 --------------------                --------------------
               0.524541%    0.522210%                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         9        3,159,991.26
60 Days          0          0.00     60 Days         5        1,600,131.79
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                    14        4,760,123.05

               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     0.337205%     0.346668%
60 Days      0.000000%   0.000000%   60 Days     0.187336%     0.175543%
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%               0.524541%     0.522210%
</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   10,973.54
</TABLE>

<PAGE>

             SUBORDINATION LEVEL/CREDIT ENHANCEMENT/CLASS PERCENTAGE
                            AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
            Original $     Original %    Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    35,170,267.00  3.60004973%  35,170,267.00  3.85837218%    96.141628%      0.000000%
Class X-1  35,170,267.00  3.60004973%  35,170,267.00  3.85837218%     0.000000%      0.000000%
Class X-2  35,170,267.00  3.60004973%  35,170,267.00  3.85837218%     0.000000%      0.000000%
Class B-1  21,004,267.00  2.15000943%  21,004,267.00  2.30428389%     1.554088%     40.278341%
Class B-2  12,700,267.00  1.30000698%  12,700,267.00  1.39328931%     0.910995%     23.610853%
Class B-3   7,816,267.00  0.80007780%   7,816,267.00  0.85748758%     0.535802%     13.886730%
Class B-4   5,373,267.00  0.55001085%   5,373,267.00  0.58947701%     0.268011%      6.946208%
Class B-5   3,908,267.00  0.40005257%   3,908,267.00  0.42875844%     0.160719%      4.165450%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.428758%     11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
--------------------------------------------------------------------------------------------------------------
POOL 1--1   MO LIBOR
                 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            0           0.00      30 Days         0         0.00      30 Days         0         0.00
60 Days            0           0.00      60 Days         0         0.00      60 Days         0         0.00
90 Days            0           0.00      90 Days         0         0.00      90 Days         0         0.00
120 Days           0           0.00      120 Days        0         0.00      120 Days        0         0.00
150 Days           0           0.00      150 Days        0         0.00      150 Days        0         0.00
180+ Days          0           0.00      180+ Days       0         0.00      180+ Days       0         0.00
               ---------------------                 --------------------                --------------------
                   0           0.00                      0         0.00                      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        0.000000%    0.000000%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.000000%    0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%    0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               ---------------------                 --------------------                --------------------
               0.000000%    0.000000%                0.000000%   0.000000%               0.000000%   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         0          0.00
60 Days          0         0.00      60 Days         0          0.00
90 Days          0         0.00      90 Days         0          0.00
120 Days         0         0.00      120 Days        0          0.00
150 Days         0         0.00      150 Days        0          0.00
180+ Days        0         0.00      180+ Days       0          0.00
             --------------------                ---------------------
                 0         0.00                      0          0.00

               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     0.000000%    0.000000%
60 Days      0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days     0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days     0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days    0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
             --------------------                ---------------------
             0.000000%   0.000000%               0.000000%    0.000000%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
--------------------------------------------------------------------------------------------------------------
POOL 1--6   MO LIBOR
                 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            5       2,062,512.32  30 Days         0         0.00      30 Days         0         0.00
60 Days            4       1,500,131.79  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
               ------------------------              ---------------------               ---------------------
                   9       3,562,644.11                  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        0.252908%    0.318892%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.202327%    0.231940%    60 Days     0.000000%   0.000000%   60 Days     0.000000%   0.000000%
90 Days        0.000000%    0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%   0.000000%
120 Days       0.000000%    0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%   0.000000%
150 Days       0.000000%    0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%   0.000000%
180+ Days      0.000000%    0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%   0.000000%
               ---------------------                 --------------------                --------------------
               0.455235%    0.550832%                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         5       2,062,512.32
60 Days          0         0.00      60 Days         4       1,500,131.79
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                      9       3,562,644.11

               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     0.252908%    0.318892%
60 Days      0.000000%   0.000000%   60 Days     0.202327%    0.231940%
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%               0.455235%    0.550832%
</TABLE>

<TABLE>
<CAPTION>
              DELINQUENT                             BANKRUPTCY                         FORECLOSURE
--------------------------------------------------------------------------------------------------------------
POOL 2
                 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            4       1,097,478.94  30 Days         0         0.00      30 Days         0         0.00
60 Days            1         100,000.00  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
               ------------------------              ------------------                  ------------------
                   5       1,197,478.94                  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        0.873362%    0.736931%    30 Days     0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.218341%    0.067148%    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%
               ---------------------                 --------------------                --------------------
               1.091703%    0.804078%                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         4       1,097,478.94
60 Days          0         0.00      60 Days         1         100,000.00
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                      5       1,197,478.94

               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     0.873362%    0.736931%
60 Days      0.000000%   0.000000%   60 Days     0.218341%    0.067148%
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%               1.091703%    0.804078%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
              Collateral Description                          Mixed Arm
<S>                                                        <C>
Weighted Average Gross Coupon                                    2.925482%
Weighted Average Net Coupon                                      2.547981%
Weighted Average Pass-Through Rate                               2.542481%
Weighted Average Maturity (Stepdown Calculation)                      316

Beginning Scheduled Collateral Loan Count                           2,707
Number of Loans Paid in Full                                           38
Ending Scheduled Collateral Loan Count                              2,669

Beginning Scheduled Collateral Balance                     926,890,465.04
Ending Scheduled Collateral Balance                        911,531,218.92
Ending Actual Collateral Balance at 30-June-2004           911,533,683.16

Monthly P&I Constant                                         2,259,667.72
Special Servicing Fee                                                0.00
Prepayment Penalties                                                 0.00
Realized Loss Amount                                                 0.00
Cumulative Realized Loss                                             0.00

Class A Optimal Amount                                      17,248,556.52

Ending Scheduled Balance for Premium Loans                 911,531,218.92

Scheduled Principal                                                  0.00
Unscheduled Principal                                       15,359,246.12
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP               POOL 1--1 MO LIBOR    POOL 1--6 MO LIBOR         POOL 2           TOTAL
<S>                              <C>                   <C>                  <C>                <C>
Collateral Description            1 Month LIBOR ARM      6 Month LIBOR ARM  6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate               2.789418               2.951103           2.918934        2.925482
Weighted Average Net Rate                  2.398734               2.575730           2.542344        2.547981
Pass-Through Rate                          2.393234               2.570230           2.536844        2.542481
Weighted Average Maturity                       301                    318                317             316
Record Date                              06/30/2004             06/30/2004         06/30/2004      06/30/2004
Principal and Interest Constant          271,364.30           1,619,848.47         368,454.95    2,259,667.72
Beginning Loan Count                            236                  2,005                466           2,707
Loans Paid in Full                                2                     28                  8              38
Ending Loan Count                               234                  1,977                458           2,669
Beginning Scheduled Balance          116,740,189.61         658,675,125.87     151,475,149.56  926,890,465.04
Ending Scheduled Balance             115,832,678.25         646,773,407.42     148,925,133.25  911,531,218.92
Scheduled Principal                            0.00                   0.00               0.00            0.00
Unscheduled Principal                    907,511.36          11,901,718.45       2,550,016.31   15,359,246.12
Scheduled Interest                       271,364.30           1,619,848.47         368,454.95    2,259,667.72
Servicing Fee                             38,007.09             206,040.98          47,536.61      291,584.68
Master Servicing Fee                         535.06               3,018.94             694.26        4,248.26
Trustee Fee                                    0.00                   0.00               0.00            0.00
FRY Amount                                     0.00                   0.00               0.00            0.00
Special Hazard Fee                             0.00                   0.00               0.00            0.00
Other Fee                                      0.00                   0.00               0.00            0.00
Pool Insurance Fee                             0.00                   0.00               0.00            0.00
Spread 1                                       0.00                   0.00               0.00            0.00
Spread 2                                       0.00                   0.00               0.00            0.00
Spread 3                                       0.00                   0.00               0.00            0.00
Net Interest                             232,822.15           1,410,788.55         320,224.08    1,963,834.78
Realized Loss Amount                           0.00                   0.00               0.00            0.00
Cumulative Realized Loss                       0.00                   0.00               0.00            0.00
Percentage of Cumulative Losses                0.00                   0.00               0.00            0.00
Prepayment Penalties                           0.00                   0.00               0.00            0.00
Special Servicing Fee                          0.00                   0.00               0.00            0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                           <C>
Group Pool 1--1 Mo LIBOR
     Interest Transfer Amount                       0.00
     Principal Transfer Amount                      0.00
     Prorata Senior Percent                    96.186868%
     Senior Percentage                        100.000000%
     Senior Prepayment Percentage             100.000000%
     Subordinate Percentage                     0.000000%
     Subordinate Prepayment Percentage          0.000000%

Group Pool 1--6Mo LIBOR
     Interest Transfer Amount                       0.00
     Principal Transfer Amount                      0.00
     Prorata Senior Percent                    96.301267%
     Senior Percentage                        100.000000%
     Senior Prepayment Percentage             100.000000%
     Subordinate Percentage                     0.000000%
     Subordinate Prepayment Percentage          0.000000%
</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 2004-1
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 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   81744FAA5     SEN          1.47000%     574,733,748.07   704,048.07
  X-1  81744FAB3      IO          0.80000%               0.00   332,382.72
  X-2  81744FAC1      IO          0.52922%               0.00   253,476.07
  X-B  81744FAD9      IO          0.66932%               0.00     8,542.78
  B-1  81744FAG2     SUB          1.83000%       9,375,000.00    14,296.87
  B-2  81744FAH0     SUB          2.33000%       5,937,000.00    11,527.67
  B-3  81744FAJ6     SUB          2.69319%       3,437,000.00     7,713.73
  B-4  81744FAK3     SUB          2.69319%       1,562,000.00     3,505.63
  B-5  81744FAL1     SUB          2.69319%         937,000.00     2,102.93
  B-6  81744FAM9     SUB          2.69319%       2,500,468.00     5,611.85
  A-R  81744FAF4     RES          2.59150%               0.00         0.00
--------------------------------------------------------------------------
Totals                                         598,482,216.07 1,343,209.09
--------------------------------------------------------------------------

<CAPTION>
         Principal      Current    Ending Certificate     Total      Cumulative
 Class Distribution  Realized Loss      Balance       Distribution  Realized Loss
---------------------------------------------------------------------------------
<S>    <C>           <C>           <C>                <C>           <C>
   A   11,522,781.52     0.00        563,210,966.55   12,226,830.36     0.00
  X-1           0.00     0.00                  0.00      332,382.72     0.00
  X-2           0.00     0.00                  0.00      253,476.07     0.00
  X-B           0.00     0.00                  0.00        8,542.78     0.00
  B-1           0.00     0.00          9,375,000.00       14,296.87     0.00
  B-2           0.00     0.00          5,937,000.00       11,527.67     0.00
  B-3           0.00     0.00          3,437,000.00        7,713.73     0.00
  B-4           0.00     0.00          1,562,000.00        3,505.63     0.00
  B-5           0.00     0.00            937,000.00        2,102.93     0.00
  B-6           0.00     0.00          2,500,468.00        5,611.85     0.00
  A-R           0.00     0.00                  0.00            0.00     0.00
----------------------------------------------------------------------------
Totals 11,522,781.52     0.00        586,959,434.55   12,865,990.61     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   601,250,000.00 574,733,748.07   (438.74)   11,523,220.26   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    9,375,000.00   9,375,000.00      0.00             0.00   0.00      0.00
  B-2    5,937,000.00   5,937,000.00      0.00             0.00   0.00      0.00
  B-3    3,437,000.00   3,437,000.00      0.00             0.00   0.00      0.00
  B-4    1,562,000.00   1,562,000.00      0.00             0.00   0.00      0.00
  B-5      937,000.00     937,000.00      0.00             0.00   0.00      0.00
  B-6    2,500,468.00   2,500,468.00      0.00             0.00   0.00      0.00
  A-R          100.00           0.00      0.00             0.00   0.00      0.00
----------------------------------------------------------------------------------
Totals 624,998,568.00 598,482,216.07   (438.74)   11,523,220.26   0.00      0.00
----------------------------------------------------------------------------------

<CAPTION>
       Total Principal Ending Certificate Ending Certificate Total Principal
 Class    Reduction          Balance          Percentage      Distribution
----------------------------------------------------------------------------
<S>    <C>             <C>                <C>                <C>
   A    11,522,781.52    563,210,966.55       0.93673342      11,522,781.52
  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      9,375,000.00       1.00000000               0.00
  B-2            0.00      5,937,000.00       1.00000000               0.00
  B-3            0.00      3,437,000.00       1.00000000               0.00
  B-4            0.00      1,562,000.00       1.00000000               0.00
  B-5            0.00        937,000.00       1.00000000               0.00
  B-6            0.00      2,500,468.00       1.00000000               0.00
  A-R            0.00              0.00       0.00000000               0.00
----------------------------------------------------------------------------
Totals  11,522,781.52    586,959,434.55       0.93913725      11,522,781.52
----------------------------------------------------------------------------
</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   601,250,000.00  955,89812569  (0.00072971)  19.16543910 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    9,375,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-2    5,937,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-3    3,437,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-4    1,562,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-5      937,000.00 1000.00000000   0.00000000    0.00000000 0.00000000 0.00000000
 B-6    2,500,468.00 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     19.16470939       936.73341630       0.93673342      19.16470939
 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-
                                           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   601,250,000.00        1.47000%     574,733,748.07   704,048.84      0.00        0.00        0.01       0.00
  X-1            0.00        0.80000%     498,558,786.64   332,372.52      0.00        0.00        0.00       0.00
  X-2            0.00        0.52922%     574,733,748.07   253,465.87      0.00        0.00        0.00       0.00
  X-B            0.00        0.66932%      15,312,000.00     8,540.50      0.00        0.00        0.00       0.00
  B-1    9,375,000.00        1.83000%       9,375,000.00    14,296.88      0.00        0.00        0.00       0.00
  B-2    5,937,000.00        2.33000%       5,937,000.00    11,527.68      0.00        0.00        0.00       0.00
  B-3    3,437,000.00        2.69319%       3,437,000.00     7,713.73      0.00        0.00        0.00       0.00
  B-4    1,562,000.00        2.69319%       1,562,000.00     3,505.63      0.00        0.00        0.00       0.00
  B-5      937,000.00        2.69319%         937,000.00     2,102.93      0.00        0.00        0.00       0.00
  B-6    2,500,468.00        2.69319%       2,500,468.00     5,611.85      0.00        0.00        0.00       0.00
  A-R          100.00        2.59150%               0.00         0.00      0.00        0.00        0.00       0.00
--------------------------------------------------------------------------------------------------------------------
Totals 624,998,568.00                                    1,343,186.43      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        704,048.84       0.00     563,210,966.55
  X-1       332,382.72       0.00     480,141,208.52
  X-2       253,476.07       0.00     563,210,966.55
  X-B         8,542.78       0.00      15,312,000.00
  B-1        14,296.87       0.00       9,375,000.00
  B-2        11,527.67       0.00       5,937,000.00
  B-3         7,713.73       0.00       3,437,000.00
  B-4         3,505.63       0.00       1,562,000.00
  B-5         2,102.93       0.00         937,000.00
  B-6         5,611.85       0.00       2,500,468.00
  A-R             0.00       0.00               0.00
----------------------------------------------------
Totals    1,343,209.09       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   601,250,000.00   1.47000%    955.89812569      1.17097520   0.00000000 0.00000000 0.00000000 0.00000000
 X-1            0.00   0.80000%    829.20380314      0.55280253   0.00000000 0.00000000 0.00000000 0.00000000
 X-2            0.00   0.52922%    955.89812569      0.42156486   0.00000000 0.00000000 0.00000000 0.00000000
 X-B            0.00   0.66932%   1000.00000000      0.55776515   0.00000000 0.00000000 0.00000000 0.00000000
 B-1    9,375,000.00   1.83000%   1000.00000000      1.52500053   0.00000000 0.00000000 0.00000000 0.00000000
 B-2    5,937,000.00   2.33000%   1000.00000000      1.94166751   0.00000000 0.00000000 0.00000000 0.00000000
 B-3    3,437,000.00   2.69319%   1000.00000000      2.24432063   0.00000000 0.00000000 0.00000000 0.00000000
 B-4    1,562,000.00   2.69319%   1000.00000000      2.24432138   0.00000000 0.00000000 0.00000000 0.00000000
 B-5      937,000.00   2.69319%   1000.00000000      2.24432231   0.00000000 0.00000000 0.00000000 0.00000000
 B-6    2,500,468.00   2.69319%   1000.00000000      2.24431986   0.00000000 0.00000000 0.00000000 0.00000000
 A-R          100.00   2.59150%      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     1.17097520   0.00000000    936.73341630
 X-1    0.55281949   0.00000000    798.57165658
 X-2    0.42158182   0.00000000    936.73341630
 X-B    0.55791405   0.00000000   1000.00000000
 B-1    1.52499947   0.00000000   1000.00000000
 B-2    1.94166582   0.00000000   1000.00000000
 B-3    2.24432063   0.00000000   1000.00000000
 B-4    2.24432138   0.00000000   1000.00000000
 B-5    2.24432231   0.00000000   1000.00000000
 B-6    2.24431986   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                                  13,070,186.68
         Liquidations, Insurance Proceeds, Reserve Funds                             22.68
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       13,072.72
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               13,083,282.08

Withdrawals
         Reimbursement for Servicer Advances                                     24,649.92
         Payment of Service Fee                                                 192,641.55
         Payment of Interest and Principal                                   12,865,990.61
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 13,083,282.08

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                                                    187,654.18
Master Servicing Fee                                                     4,987.37
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                      -----------
Net Servicing Fee                                                     192,641.552
                                                                      ===========
</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            10.20            10.20       4,500.00
Class X-2 Sub Account                 4,500.00            10.20            10.20       4,500.00
Class X-B Sub Account                 1,000.00             2.28             2.28       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>
30 Days       18      5,640,132.29  0-29 Days      0         0.00     0-29 Days      0         0.00
60 Days        0              0.00  30 Days        0         0.00     30 Days        0         0.00
90 Days        0              0.00  60 Days        0         0.00     60 Days        0         0.00
120 Days       0              0.00  90 Days        0         0.00     90 Days        0         0.00
150 Days       0              0.00  120 Days       0         0.00     120 Days       0         0.00
180+ Days      0              0.00  150 Days       0         0.00     150 Days       0         0.00
                                    180+ Days      0         0.00     180+ Days      0         0.00
           -----------------------             ---------------------             ---------------------
              18      5,640,132.29                 0         0.00                    0         0.00

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

30 Days    0.059447%    0.960907%   0-29 Days  0.000000%   0.000000%  0-29 Days  0.000000%   0.000000%
60 Days    0.000000%    0.000000%   30 Days    0.000000%   0.000000%  30 Days    0.000000%   0.000000%
90 Days    0.000000%    0.000000%   60 Days    0.000000%   0.000000%  60 Days    0.000000%   0.000000%
120 Days   0.000000%    0.000000%   90 Days    0.000000%   0.000000%  90 Days    0.000000%   0.000000%
150 Days   0.000000%    0.000000%   120 Days   0.000000%   0.000000%  120 Days   0.000000%   0.000000%
180+ Days  0.000000%    0.000000%   150 Days   0.000000%   0.000000%  150 Days   0.000000%   0.000000%
           0.000000%    0.000000%   180+ Days  0.000000%   0.000000%  180+ Days  0.000000%   0.000000%
           ---------------------               --------------------              --------------------
           1.059447%    0.960907%              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       18      5,640,132.29
60 Days        0         0.00     60 Days        0              0.00
90 Days        0         0.00     90 Days        0              0.00
120 Days       0         0.00     120 Days       0              0.00
150 Days       0         0.00     150 Days       0              0.00
180+ Days      0         0.00     180+ Days      0              0.00
           ------------------                -----------------------
               0         0.00                   18      5,640,132.29

            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    1.059447%   0.960907%
60 Days    0.000000%  0.000000%   60 Days    0.000000%   0.000000%
90 Days    0.000000%  0.000000%   90 Days    0.000000%   0.000000%
120 Days   0.000000%  0.000000%   120 Days   0.000000%   0.000000%
150 Days   0.000000%  0.000000%   150 Days   0.000000%   0.000000%
180+ Days  0.000000%  0.000000%   180+ Days  0.000000%   0.000000%
           -------------------               --------------------
           0.000000%  0.000000%              1.059447%   0.960907%
</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  24,649.92
</TABLE>

<TABLE>
<CAPTION>
            Original $     Original %    Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    23,748,468.00  3.79976359%  23,748,468.00  4.04601521%    95.953985%       0.000000%
Class X-1  23,748,468.00  3.79976359%  23,748,468.00  4.04601521%     0.000000%       0.000000%
Class X-2  23,748,468.00  3.79976359%  23,748,468.00  4.04601521%     0.000000%       0.000000%
Class B-1  14,373,468.00  2.29976015%  14,373,468.00  2.44880091%     1.597214%      39.476231%
Class B-2   8,436,468.00  1.34983797%   8,436,468.00  1.43731704%     1.011484%      24.999507%
Class B-3   4,999,468.00  0.79991671%   4,999,468.00  0.85175699%     0.585560%      14.472513%
Class B-4   3,437,468.00  0.54999614%   3,437,468.00  0.58563979%     0.266117%       6.577266%
Class B-5   2,500,468.00  0.40007580%   2,500,468.00  0.42600354%     0.159636%       3.945518%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.426004%      10.528965%
</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                                                         3.079446%
Weighted Average Net Coupon                                                           2.703186%
Weighted Average Pass-Through Rate                                                    2.693186%
Weighted Average Maturity (Stepdown Calculation)                                           329

Beginning Scheduled Collateral Loan Count                                                1,730
Number of Loans Paid in Full                                                                31
Ending Scheduled Collateral Loan Count                                                   1,699

Beginning Scheduled Collateral Balance                                          598,482,216.50
Ending Scheduled Collateral Balance                                             586,959,434.98
Ending Actual Collateral Balance at 30-June-2004                                586,959,446.64

Monthly P&I Constant                                                              1,535.389.24
Special Servicing Fee                                                                     0.00
Prepayment Penalties                                                                      0.00
Realization Loss Amount                                                                   0.00
Cumulative Realized Loss                                                                  0.00

Class A Optimal Amount                                                           12,821,209.26

Ending Scheduled Balance for Premium Loans                                      586,959,434.98

Scheduled Principal                                                                    (438.74)
Unscheduled Principal                                                            11,523.220.26
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      92,622,220.81
Six-Month Libor Loan Balance                                     494,061,214.17
Prorata Senior Percentage                                             96.031884%
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-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]