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 2004-1
                           RECORD DATE: JULY 30, 2004
                       DISTRIBUTION DATE: AUGUST 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate                         Beginning
                                 Class           Certificate     Certificate        Interest        Principal        Current
   Class          CUSIP       Description     Pass-Through Rate    Balance        Distribution    Distribution    Realized Loss
 ------------    ---------     ------------    ------------      ---------------  -------------   -------------   -------------
<S>             <C>           <C>             <C>                <C>              <C>             <C>             <C>
 A              81744FAA5         SEN            2.19125%        563,210,966.55    1,028.446.69    12,111,712.37        0.00
X-1             81744FAB3          IO            0.62794%                  0.00      251,250.74             0.00        0.00
X-2             81744FAC1          IO            0.09262%                  0.00       43,469.17             0.00        0.00
X-B             81744FAD9          IO            0.65533%                  0.00        8,361.94             0.00        0.00
B-1             81744FAG2         SUB            1.97000%          9,375,000.00       15,390.62             0.00        0.00
B-2             81744FAH0         SUB            2.47000%          5,937,000.00       12,220.32             0.00        0.00
B-3             81744FAJ6         SUB            2.81919%          3,437,000.00        8,074.64             0.00        0.00
B-4             81744FAK3         SUB            2.81919%          1,562,000.00        3,669.65             0.00        0.00
B-5             81744FAL1         SUB            2.81919%            937,000.00        2,201.32             0.00        0.00
B-6             81744FAM9         SUB            2.81919%          2,500,468.00        5,874.42             0.00        0.00
A-R             81744FAF4         RES            2.57409%                  0.00            0.00             0.00        0.00
---------------------------------------------------------------------------------------------------------------------------------
Totals                                                           586,959,434.55    1,378,959.51    12,111,712.37        0.00

<CAPTION>
                                   Ending
                                Certificate          Total           Cumulative
  Class           CUSIP            Balance         Distribution     Realized Loss
 ---------      ----------    ----------------  ----------------- ----------------
<S>             <C>             <C>               <C>               <C>
 A              81744FAA5      551,099,254.18     13,140,159.06          0.00
X-1             81744FAB3                0.00        251,250.74          0.00
X-2             81744FAC1                0.00         43,469.17          0.00
X-B             81744FAD9                0.00          8,361.94          0.00
B-1             81744FAG2        9,375,000.00         15,390.62          0.00
B-2             81744FAH0        5,937,000.00         12,220.32          0.00
B-3             81744FAJ6        3,437,000.00          8,074.64          0.00
B-4             81744FAK3        1,562,000.00          3,669.65          0.00
B-5             81744FAL1          937,000.00          2,201.32          0.00
B-6             81744FAM9        2,500,468.00          5,874.42          0.00
A-R             81744FAF4                0.00              0.00          0.00
-------------------------------------------------------------------------------
Totals                         574,847,722.18     13,490,671.88          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     563,210,966.55       176.10       12,111,536.27      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     586,959,434.55       176.10       12,111,536.27      0.00         0.00

<CAPTION>
                Total              Ending              Ending
   Class      Principal         Certificate         Certificate    Total Principal
              Reduction           Balance            Percentage     Distribution
---------  --------------    -----------------      ------------  ----------------
<S>        <C>                 <C>                   <C>            <C>
 A         12,111,712.37       551,099,254.18        0.91658920     12,111,712.37
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     12,111,712.37       574,847,722.18        0.91975846     12,111,712.37
</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      936.73341630       0.00029289     20.14392727    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              Ending              Ending
              Principal         Certificate         Certificate    Total Principal
    Class     Reduction           Balance            Percentage     Distribution
---------- -------------    -----------------      ------------  ----------------
<S>        <C>               <C>                   <C>            <C>
 A           20.14422016       916.58919614         0.91658920      20.14422016
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
                                    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          601,250,000.00         2.19125%     563,210,966.55   1,028,446.69       0.00        0.00         0.01           0.00
X-1                   0.00         0.62794%     480,141,208.52     251,250.74       0.00        0.00         0.00           0.00
X-2                   0.00         0.09262%     563,210,966.55      43,469.17       0.00        0.00         0.00           0.00
X-B                   0.00         0.65533%      15,312,000.00       8,361.94       0.00        0.00         0.00           0.00
B-1           9,375,000.00         1.97000%       9,375,000.00      15,390.63       0.00        0.00         0.00           0.00
B-2           5,937,000.00         2.47000%       5,937,000.00      12,220.32       0.00        0.00         0.00           0.00
B-3           3,437,000.00         2.81919%       3,437,000.00       8,074.64       0.00        0.00         0.00           0.00
B-4           1,562,000.00         2.81919%       1,562,000.00       3,669.65       0.00        0.00         0.00           0.00
B-5             937,000.00         2.81919%         937,000.00       2,201.32       0.00        0.00         0.00           0.00
B-6           2,500,468.00         2.81919%       2,500,468.00       5,874.42       0.00        0.00         0.00           0.00
A-R                 100.00         2.57409%               0.00           0.00       0.00        0.00         0.00           0.00
-----------------------------------------------------------------------------------------------------------------------------------
Totals     624,998,568.00                                        1,378,959.52       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           1,028,446.69       0.00        551,099,254.18
X-1            251,250.74       0.00        462,373,068.54
X-2             43,469.17       0.00        551,099,254.18
X-B              8,361.94       0.00         15,312,000.00
B-1             15,390.62       0.00          9,375,000.00
B-2             12,220.32       0.00          5,937,000.00
B-3              8,074.64       0.00          3,437,000.00
B-4              3,669.65       0.00          1,562,000.00
B-5              2,201.32       0.00            937,000.00
B-6              5,874.42       0.00          2,500,468.00
A-R                  0.00       0.00                  0.00
----------------------------------------------------------
Totals       1,378,959.51       0.00
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                   Beginning                    Payment of
                                   Current       Certificate/      Current        Unpaid      Current    Non-Supported
             Original Face       Certificate      Notional        Accrued        Interest    Interest      Interest       Realized
  Class          Amount              Rate          Balance         Interest     Shortfall    Shortfall     Shortfall       Loss (6)
 -------    --------------       ------------  --------------   ------------    ----------  -----------  -------------    ---------
<S>         <C>                  <C>           <C>              <C>             <C>         <C>          <C>             <C>
 A           601,250,000.00        2.19125%      936.73341630     1.71051425    0.00000000   0.00000000    0.00000000    0.00000000
X-1                    0.00        0.62794%      798.57165658     0.41788065    0.00000000   0.00000000    0.00000000    0.00000000
X-2                    0.00        0.09262%      936.73341630     0.07229800    0.00000000   0.00000000    0.00000000    0.00000000
X-B                    0.00        0.65533%     1000.00000000     0.54610371    0.00000000   0.00000000    0.00000000    0.00000000
B-1            9,375,000.00        1.97000%     1000.00000000     1.64166720    0.00000000   0.00000000    0.00000000    0.00000000
B-2            5,937,000.00        2.47000%     1000.00000000     2.05833249    0.00000000   0.00000000    0.00000000    0.00000000
B-3            3,437,000.00        2.81919%     1000.00000000     2.34932790    0.00000000   0.00000000    0.00000000    0.00000000
B-4            1,562,000.00        2.81919%     1000.00000000     2.34932778    0.00000000   0.00000000    0.00000000    0.00000000
B-5              937,000.00        2.81919%     1000.00000000     2.34932764    0.00000000   0.00000000    0.00000000    0.00000000
B-6            2,500,468.00        2.81919%     1000.00000000     2.34932821    0.00000000   0.00000000    0.00000000    0.00000000
A-R                  100.00        2.57409%        0.00000000     0.00000000    0.00000000   0.00000000    0.00000000    0.00000000

<CAPTION>
                              Remaining           Ending
                                Unpaid         Certificate/
            Total Interest     Interest        Notational
  Class      Distribution     Shortfall          Balance
  -----     --------------    ---------     ---------------
<S>         <C>              <C>             <C>
 A            1.71051425     0.00000000       916.58919614
X-1           0.41788065     0.00000000       769.01965662
X-2           0.07229800     0.00000000       916.58919614
X-B           0.54610371     0.00000000      1000.00000000
B-1           1.64166613     0.00000000      1000.00000000
B-2           2.05833249     0.00000000      1000.00000000
B-3           2.34932790     0.00000000      1000.00000000
B-4           2.34932778     0.00000000      1000.00000000
B-5           2.34932764     0.00000000      1000.00000000
B-6           2.34932821     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                                  13,627,592.57
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       65,096.67
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               13,692,689.24

Withdrawals
         Reimbursement for Servicer Advances                                     13,072.72
         Payment of Service Fee                                                 188,944.64
         Payment of Interest and Principal                                   13,490,671.88
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 13,692,689.24

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

<PAGE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

<TABLE>
<S>                                                                         <C>
Total Prepayment/Curtailment Interest Shortfall                             0.00
Servicing Fee Support                                                       0.00
                                                                           -----
Non-Supported Prepayment Curtailment Interest Shortfall                     0.00
                                                                           =====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                   <C>
Gross Servicing Fee                                                   184,053.31
Master Servicing Fee                                                    4,891.33
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     188,944.64
                                                                      ==========
</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
-----------------------------------   -------------------------------   -------------------------------
<S>         <C>       <C>             <C>        <C>        <C>         <C>         <C>       <C>
             No. of     Principal                 No. of    Principal               No. of    Principal
             Loans       Balance                  Loans      Balance                Loans      Balance

30 Days          75   26,405,187.76   0-29 Days         0        0.00   0-29 Days        0         0.00
60 Days           1      135,192.04   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
           --------   -------------              --------    --------              -------     --------
                 76   26,540,379.80                     0        0.00                    0         0.00

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

30 Days    4.480287%       4.593422%  0-29 Days  0.000000%   0.000000%  0-29 Days  0.000000%   0.000000%
60 Days    0.059737%       0.023518%  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%
           --------   -------------              --------    --------              --------    --------
           4.540024%       4.616940%             0.000000%   0.000000%             0.000000%   0.000000%

<CAPTION>
              REO                               TOTAL
-------------------------------   -----------------------------------
<S>         <C>       <C>         <C>         <C>       <C>
             No. of   Principal               No. of      Principal
             Loans     Balance                Loans        Balance

0-29 Days         0        0.00   0-29 Days        0             0.00
30 Days           0        0.00   30 Days         75    26,405,187.76
60 Days           0        0.00   60 Days          1       135,192.04
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                   76    26,540,379.80

           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    4.480287%       4.593422%
60 Days    0.000000%   0.000000%  60 Days    0.059737%       0.023518%
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%             4.540024%       4.616940%
</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  4.13126243%    95.868737%       0.000000%
Class X-1  23,748,468.00  3.79976359%  23,748,468.00  4.13126243%     0.000000%       0.000000%
Class X-2  23,748,468.00  3.79976359%  23,748,468.00  4.13126243%     0.000000%       0.000000%
Class B-1  14,373,468.00  2.29976015%  14,373,468.00  2.50039575%     1.630867%      39.476231%
Class B-2   8,436,468.00  1.34983797%   8,436,468.00  1.46760049%     1.032795%      24.999507%
Class B-3   4,999,468.00  0.79991671%   4,999,468.00  0.86970302%     0.597897%      14.472513%
Class B-4   3,437,468.00  0.54999614%   3,437,468.00  0.59797888%     0.271724%       6.577266%
Class B-5   2,500,468.00  0.40007580%   2,500,468.00  0.43497920%     0.163000%       3.945518%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.434979%      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                           3.205477%
Weighted Average Net Coupon                             2.829192%
Weighted Average Pass-Through Rate                      2.819192%
Weighted Average Maturity (Stepdown Calculation)             328

Beginning Scheduled Collateral Loan Count                  1,699
Number of Loans Paid in Full                                  25
Ending Scheduled Collateral Loan Count                     1,674

Beginning Scheduled Collateral Balance            586,959,434.98
Ending Scheduled Collateral Balance               574,847,722.61
Ending Actual Collateral Balance at 30-July-2004  574,847,825.37

Monthly P&I Constant                                1,568,080.25
Special Servicing Fee                                       0.00
Prepayment Penalties                                        0.00
Realization Loss Amount                                     0.00
Cumulative Realized Loss                                    0.00

Class A Optimal Amount                             13,443,240.91

Ending Scheduled Balance for Premium Loans        574,847,722.61

Scheduled Principal                                       176.10
Unscheduled Principal                              12,111,536.27
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                <C>
One-Month Libor Loan Balance        92,126,163.62
Six-Month Libor Loan Balance       482,445,558.99
Prorata Senior Percentage               95.953985%
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 2004-3
                           RECORD DATE: JULY 30, 2004
                       DISTRIBUTION DATE: AUGUST 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate   Certificate      Beginning
                               Class        Pass-        Certificate       Interest       Principal
   Class         CUSIP     Description   Through Rate      Balance       Distribution    Distribution
------------   ---------   -----------   ------------   --------------   ------------   -------------
<S>            <C>         <C>           <C>            <C>              <C>            <C>
 A             81744FAZ0       SEN            1.40000%  848,682,146.89     990,129.16   21,127,130.82
M-1            81744FBA4       SUB            1.92000%   13,800,000.00      22,080.00            0.00
M-2            81744FBB2       SUB            2.32000%    9,200,000.00      17,786.67            0.00
M-3            81744FBC0       SUB            2.88916%    2,300,000.00       5,537.56            0.00
 X             81744FBD8        IO            0.00000%            0.00     939,016.33            0.00
 R             81744FBE6       RES            0.00000%            0.00           0.00            0.00
------------   ---------   -----------   ------------   --------------   ------------   -------------
Totals                                                  873,982,146.89   1,974,549.72   21,127,130.82
                                                        --------------   ------------   -------------

<CAPTION>
                                              Ending
                              Current       Certificate        Total         Cumulative
   Class         CUSIP     Realized Loss      Balance       Distribution    Realized Loss
------------   ---------   -------------   --------------   -------------   -------------
<S>            <C>         <C>             <C>              <C>             <C>
 A             81744FAZ0            0.00   827,555,016.07   22,117,259.98            0.00
M-1            81744FBA4            0.00    13,800,000.00       22,080.00            0.00
M-2            81744FBB2            0.00     9,200,000.00       17,786.67            0.00
M-3            81744FBC0            0.00     2,300,000.00        5,537.56            0.00
 X             81744FBD8            0.00             0.00      939,016.33            0.00
 R             81744FBE6            0.00             0.00            0.00            0.00
------------   ---------   -------------   --------------   -------------   -------------
Totals                              0.00   852,855,016.07   23,101,680.54            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   848,682,146.89           0.00   21,127,130.82        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   873,982,146.89           0.00   21,127,130.82        0.00       0.00
               --------------   --------------   ------------   -------------   ---------   --------

<CAPTION>
               Total Principal   Ending Certificate   Ending Certificate   Total Principal
   Class          Reduction            Balance            Percentage        Distribution
------------   ---------------   ------------------   ------------------   ---------------
<S>            <C>               <C>                  <C>                  <C>
 A               21,127,130.82       827,555,016.07           0.92498043     21,127,130.82
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           21,127,130.82       852,855,016.07           0.92704353     21,127,130.82
               ---------------   ------------------   ------------------   ---------------
</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    948.59479038     0.00000000    23.61436058   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                 23.61436058         924.98042980           0.92498043       23.61436058
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
                                  Current      Certificate/      Current       Unpaid       Current
               Original Face    Certificate      Notional        Accrued       Interest     Interest
   Class           Amount          Rate           Balance        Interest     Shortfall    Shortfall
------------   --------------   -----------   --------------   ------------   ----------   ---------
<S>            <C>              <C>           <C>              <C>            <C>          <C>
 A             894,673,000.00       1.40000%  848,682,146.89     990,129.17         0.00        0.00
M-1             13,800,000.00       1.92000%   13,800,000.00      22,080.00         0.00        0.00
M-2              9,200,000.00       2.32000%    9,200,000.00      17,786.67         0.00        0.00
M-3              2,300,000.00       2.88916%    2,300,000.00       5,537.56         0.00        0.00
 X                       0.00       0.00000%  878,441,598.52           0.00         0.00        0.00
 R                       0.00       0.00000%            0.00           0.00         0.00        0.00
------------   --------------                                  ------------   ----------   ---------
 Totals        919,973,000.00                                  1,035,533.40         0.00        0.00
               --------------                                  ------------   ----------   ---------

<CAPTION>
                                                           Remaining       Ending
               Non-Supported                                 Unpaid      Certificate/
                 Interest      Realized   Total Interest     Interest     Notational
   Class         Shortfall     Loss (4)    Distribution     Shortfall       Balance
------------   -------------   --------   --------------   ----------   --------------
<S>            <C>             <C>        <C>              <C>          <C>
 A                      0.01       0.00       990,129.16         0.00   827,555,016.07
M-1                     0.00       0.00        22,080.00         0.00    13,800,000.00
M-2                     0.00       0.00        17,786.67         0.00     9,200,000.00
M-3                     0.00       0.00         5,537.56         0.00     2,300,000.00
 X                      0.00       0.00       939,016.33         0.00   857,454,884.04
 R                      0.00       0.00             0.00         0.00             0.00
------------   -------------   --------   --------------   ----------
 Totals                 0.01       0.00     1,974,549.72         0.00
               -------------   --------   --------------   ----------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                 Beginning                    Payment of
                                  Current      Certificate/      Current        Unpaid      Current
               Original Face    Certificate      Notional        Accrued       Interest     Interest
  Class (5)        Amount          Rate           Balance        Interest     Shortfall    Shortfall
------------   --------------   -----------   --------------   ------------   ----------   ----------
<S>            <C>              <C>           <C>              <C>            <C>          <C>
 A             894,673,000.00       1.40000%    948.59479038     1.10669392   0.00000000   0.00000000
M-1             13,800,000.00       1.92000%   1000.00000000     1.60000000   0.00000000   0.00000000
M-2              9,200,000.00       2.32000%   1000.00000000     1.93333370   0.00000000   0.00000000
M-3              2,300,000.00       2.88916%   1000.00000000     2.40763478   0.00000000   0.00000000
 X                       0.00       0.00000%    954.85523086     0.00000000   0.00000000   0.00000000
 R                       0.00       0.00000%      0.00000000     0.00000000   0.00000000   0.00000000

<CAPTION>
                                                              Remaining      Ending
               Non-Supported                                   Unpaid     Certificate/
                 Interest       Realized    Total Interest    Interest     Notational
   Class         Shortfall      Loss (4)     Distribution     Shortfall      Balance
------------   -------------   ----------   --------------   ----------   -------------
<S>            <C>             <C>          <C>              <C>          <C>
 A                0.00000001   0.00000000       1.10669391   0.00000000    924.98042980
M-1               0.00000000   0.00000000       1.60000000   0.00000000   1000.00000000
M-2               0.00000000   0.00000000       1.93333370   0.00000000   1000.00000000
M-3               0.00000000   0.00000000       2.40763478   0.00000000   1000.00000000
 X                0.00000000   0.00000000       1.02069922   0.00000000    932.04292992
 R                0.00000000   0.00000000       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                               23,303,626.89
         Liquidations, Insurance Proceeds, Reserve Funds                           0.00
         Proceeds from Repurchased Loans                                           0.00
         Other Amounts (Servicer Advances)                                    96,875.99
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                 0.00
         Prepayment Penalties                                                      0.00
                                                                          -------------
Total Deposits                                                            23,400,502.88

Withdrawals
         Reimbursement for Servicer Advances                                  19,400.44
         Payment of Service Fee                                              279,421.90
         Payment of Interest and Principal                                23,101,680.54
                                                                          -------------
Total Withdrawals (Pool Distribution Amount)                              23,400,502.88

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                                                    274,663.67
Master Servicing Fee                                                     4,758.23
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      279,421.90
                                                                       ==========
</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
------------------------------------   --------------------------------   --------------------------------
<S>         <C>        <C>             <C>         <C>        <C>         <C>         <C>        <C>
             No. of      Principal                  No. of    Principal                No. of    Principal
              Loans       Balance                   Loans      Balance                  Loans     Balance
0-29 Days       0               0.00   0-29 Days       0           0.00   0-29 Days       0           0.00
30 Days       120      38,033,667.36   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
            -----      -------------               -----      ---------               -----      ---------
              120      38,033,667.36                   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     4.506196%       4.435639%  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%
            --------   -------------               --------   ---------               --------   ---------
            4.506196%       4.435639%              0.000000%   0.000000%              0.000000%   0.000000%
            --------   -------------               --------   ---------               --------   ---------

<CAPTION>
               REO                               TOTAL
--------------------------------   ------------------------------------
<S>         <C>        <C>         <C>         <C>        <C>
             No. of    Principal                No. of     Principal
             Loans     Balance                  Loans       Balance
0-29 Days       0           0.00   0-29 Days       0               0.00
30 Days         0           0.00   30 Days       120      38,033,667.36
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                 120      38,033,667.36

             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     4.506196%       4.435639%
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%              4.506196%       4.435639%
            --------   ---------               --------   -------------
</TABLE>

<TABLE>
<S>                        <C>    <C>                          <C>       <C>                <C>
Current Period Class       0.00   Principal Balance of         0.00      Periodic Advance   96,875.99
 A Insufficient Funds:              Contaminated Properties
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
          Collateral Description                                                  Mixed Arm
<S>                                                                             <C>
Weighted Average Gross Coupon                                                         3.271980%
Weighted Average Net Coupon                                                           2.896774%
Weighted Average Pass-Through Rate                                                    2.889161%
Weighted Average Maturity (Stepdown Calculation)                                           341

Beginning Scheduled Collateral Loan Count                                                2,711
Number of Loans Paid in Full                                                                48
Ending Scheduled Collateral Loan Count                                                   2,663

Beginning Scheduled Collateral Balance                                          878,441,598.52
Ending Scheduled Collateral Balance                                             857,454,884.04
Ending Actual Collateral Balance at 30-July-2004                                857,456,406.81

Monthly P&I Constant                                                              2,395,202.63
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                                      857,454,884.04

Scheduled Principal                                                                       0.00
Unscheduled Principal                                                            20,986,714.48

Required Overcollateralized Amount                                                        0.00
Overcollateralized Increase Amount                                                  140,416.34
Overcollateralized Reduction Amount                                                       0.00
Specified O/C Amount                                                              4,599,867.97
Overcollateralization Amount                                                      4,599,867.97
Overcollateralized Deficiency Amount                                                140,416.34
Base Overcollateralization Amount                                                         0.00

Extra Principal Distribution Amount                                                 140,416.34
Excess Cash Amount                                                                1,079,432.66
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        84,899,976.56
6 Month LIBOR Loan Balance                                       772,554,907.48
M-1 Target Amount                                                827,443,963.10
M-2 Target Amount                                                844,593,060.78
M-3 Target Amount                                                848,880,335.20
Senior Target Amount                                             801,720,316.58
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]