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 2002-11
                           RECORD DATE: JUNE 30, 2003
                        DISTRIBUTION DATE: JULY 21, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                               Certificate   Certificate       Beginning
                                  Class      Pass-Through     Certificate          Interest          Principal         Current
 Class        CUSIP            Description       Rate           Balance          Distribution       Distribution     Realized Loss
-------     ---------          -----------   ------------    --------------      -------------      ------------     -------------
<S>         <C>                <C>           <C>             <C>                 <C>                <C>              <C>
   A        81744AAA6              SEN          1.55375%     656,559,969.64         850,180.37      8,851,681.73        0.00
 X-1A       81744AAC2               IO          1.15011%               0.00         177,877.98              0.00        0.00
 X-1B       81744AAD0               IO          1.28992%               0.00         506,277.66              0.00        0.00
  X-B       81744AAE8               IO          0.73040%               0.00           5,941.12              0.00        0.00
  A-R       81744AAF5              SEN          3.25480%               0.00               0.00              0.00        0.00
  B-1       81744AAB4              SUB          2.07375%       9,726,000.00          16,807.74              0.00        0.00
  B-2       81744AAG3              SUB          2.80415%       5,764,000.00          13,469.26              0.00        0.00
  B-3       81744AAH1              SUB          2.80415%       3,962,000.00           9,258.36              0.00        0.00
  B-4       SMT0211B4              SUB          2.80415%       1,801,000.00           4,208.56              0.00        0.00
  B-5       SMT0211B5              SUB          2.80415%       1,080,000.00           2,523.73              0.00        0.00
  B-6       SMT0211B6              SUB          2.80415%       2,882,787.00           6,736.47              0.00        0.00
            ---------              ---          -------      --------------       ------------      ------------        ----
Totals                                                       681,775,756.64       1,593,209.25      8,851,681.73        0.00

</TABLE>

<TABLE>
<CAPTION>
                 Ending
               Certificate          Total            Cumulative
                 Balance         Distribution       Realized Loss
             --------------     -------------       -------------
<S>          <C>                <C>                 <C>
   A         647,708,287.91      9,701,790.10           0.00
 X-1A                  0.00        177,877.98           0.00
 X-1B                  0.00        506,277.66           0.00
  X-B                  0.00          5,941.12           0.00
  A-R                  0.00              0.00           0.00
  B-1          9,726,000.00         16,807.74           0.00
  B-2          5,764,000.00         13,469.26           0.00
  B-3          3,962,000.00          9,258.36           0.00
  B-4          1,801,000.00          4,208.56           0.00
  B-5          1,080,000.00          2,523.73           0.00
  B-6          2,882,787.00          6,736.47           0.00
             --------------     -------------           ----
Totals       672,924,074.91     10,444,890.98           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                              Total             Ending
              Original Face       Certificate     Principal     Principal               Realized      Principal        Certificate
 Class            Amount            Balance      Distribution  Distribution  Accretion  Loss (1)      Reduction          Balance
 -----        --------------     --------------  ------------  ------------  ---------  --------     ------------    --------------
<S>           <C>                <C>                  <C>      <C>           <C>        <C>          <C>             <C>
   A          695,210,000.00     656,599,969.64       0.00     8,851,681.73     0.00      0.00       8,851,681.73    647,708,287.91
 X-1A                   0.00               0.00       0.00             0.00     0.00      0.00               0.00              0.00
 X-1B                   0.00               0.00       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               0.00              0.00
  A-R                 100.00               0.00       0.00             0.00     0.00      0.00               0.00              0.00
  B-1           9,726,000.00       9,726,000.00       0.00             0.00     0.00      0.00               0.00      9,726,000.00
  B-2           5,726,000.00       5,764,000.00       0.00             0.00     0.00      0.00               0.00      5,764,000.00
  B-3           3,962,000.00       3,962,000.00       0.00             0.00     0.00      0.00               0.00      3,962,000.00
  B-4           1,801,000.00       1,801,000.00       0.00             0.00     0.00      0.00               0.00      1,801,000.00
  B-5           1,080,000.00       1,080,000.00       0.00             0.00     0.00      0.00               0.00      1,080,000.00
  B-6           2,882,787.00       2,882,787.00       0.00             0.00     0.00      0.00               0.00      2,882,787.00
              --------------     --------------       ----     ------------     ----      ----       ------------    --------------
Totals        720,425,887.00     681,775,756.64       0.00     8,851,681.73     0.00      0.00       8,851,681.73    672,924,074.91

</TABLE>

<TABLE>
<CAPTION>
                    Ending
                 Certificate        Total Principal
                  Percentage         Distribution
                 -----------        ---------------
<S>              <C>                <C>
   A              0.93167286         8,851,681.73
 X-1A             0.00000000                 0.00
 X-1B             0.00000000                 0.00
  X-B             0.00000000                 0.00
  A-R             0.00000000                 0.00
  B-1             1.00000000                 0.00
  B-2             1.00000000                 0.00
  B-3             1.00000000                 0.00
  B-4             1.00000000                 0.00
  B-5             1.00000000                 0.00
  B-6             1.00000000                 0.00
                  ----------         ------------
Totals            0.93406426         8,851,681.73
</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        Total Principal
Class           Amount              Balance        Distribution      Distribution     Accretion       Loss (3)         Reduction
-----       --------------       -------------     ------------      ------------     ----------     -----------     ---------------
<S>         <C>                  <C>               <C>               <C>              <C>            <C>             <C>
  A         695,210,000.00        944.40524394       0.00000000       12.73238551     0.00000000      0.00000000       12.73238551
X-1A                  0.00          0.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
X-1B                  0.00          0.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 X-B                  0.00          0.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 A-R                100.00          0.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-1          9,726,000.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-2          5,764,000.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-3          3,962,000.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-4          1,801,000.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-5          1,080,000.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
 B-6          2,882,787.00       1000.00000000       0.00000000        0.00000000     0.00000000      0.00000000        0.00000000
</TABLE>

<TABLE>
<CAPTION>
            Ending                  Ending
          Certificate            Certificate     Total Principal
            Balance               Percentage       Distribution
         -------------           -----------     ---------------
<S>      <C>                     <C>             <C>
  A       931.67285843            0.93167286       12.73238551
X-1A        0.00000000            0.00000000        0.00000000
X-1B        0.00000000            0.00000000        0.00000000
 X-B        0.00000000            0.00000000        0.00000000
 A-R        0.00000000            0.00000000        0.00000000
 B-1     1000.00000000            1.00000000        0.00000000
 B-2     1000.00000000            1.00000000        0.00000000
 B-3     1000.00000000            1.00000000        0.00000000
 B-4     1000.00000000            1.00000000        0.00000000
 B-5     1000.00000000            1.00000000        0.00000000
 B-6     1000.00000000            1.00000000        0.00000000
</TABLE>

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

<TABLE>
<CAPTION>
                                                                                       Payment of                   Non-
                                     Current           Beginning           Current       Unpaid     Current      Supported
               Original Face       Certificate        Certificate/         Accrued      Interest    Interest      Interest
 Class            Amount              Rate          Notional Balance      Interest      Shortfall   Shortfall     Shortfall
 -----        --------------     ---------------    ----------------     ----------    ----------   ---------   ------------
<S>           <C>                <C>                <C>                  <C>           <C>          <C>         <C>
   A          695,210,000.00             1.55375%      656,559,969.64     850,108.38        0.00        0.00             0.00
 X-1A                   0.00             1.15011%      185,587,909.79     177,872.45        0.00        0.00             0.00
 X-1B                   0.00             1.28992%      470,972,059.85     506,261.94        0.00        0.00             0.00
  X-B                   0.00             0.73040%        9,726,000.00       5,919.88        0.00        0.00             0.00
  A-R                 100.00             3.25480%                0.00           0.00        0.00        0.00             0.00
  B-1           9,726,000.00             2.07375%        9,726,000.00      16,807.74        0.00        0.00             0.00
  B-2           5,764,000.00             2.80415%        5,764,000.00      13,469.26        0.00        0.00             0.00
  B-3           3,962,000.00             2.80415%        3,962,000.00       9,258.36        0.00        0.00             0.00
  B-4           1,801,000.00             2.80415%        1,801,000.00       4,208.56        0.00        0.00             0.00
  B-5           1,080,000.00             2.80415%        1,080,000.00       2,523.73        0.00        0.00             0.00
  B-6           2,882,787.00             2.80415%        2,882,787.00       6,736.47        0.00        0.00             0.00
              --------------     ---------------      --------------    ------------        ----        ----     ------------
Totals        720,425,887.00                                            1,593,166.77        0.00        0.00             0.00

</TABLE>

<TABLE>
<CAPTION>
                                      Remaining          Ending
                                       Unpaid         Certificate/
         Realized    Total Interest    Interest        Notational
         Loss (4)     Distribution    Shortfall          Balance
         --------    --------------   ---------      --------------
<S>      <C>         <C>              <C>            <C>
   A       0.00        850,108.37        0.00        647,709,287.91
 X-1A      0.00        177,877.98        0.00        182,210,675.13
 X-1B      0.00        506,277.66        0.00        465,497,612.78
  X-B      0.00          5,941.12        0.00          9,726,000.00
  A-R      0.00              0.00        0.00                  0.00
  B-1      0.00         16,807.74        0.00          9,726,000.00
  B-2      0.00         13,469.26        0.00          5,764,000.00
  B-3      0.00          9,258.36        0.00          3,962,000.00
  B-4      0.00          4,208.56        0.00          1,801,000.00
  B-5      0.00          2,523.73        0.00          1,080,000.00
  B-6      0.00          6,736.47        0.00          2,882,787.00
           ----      ------------        ----        --------------
Totals     0.00      1,593,209.25        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                           Non-
                                  Current         Beginning          Current         Unpaid        Current           Supported
Class        Original Face      Certificate      Certificate/        Accrued        Interest       Interest           Interest
 (5)            Amount             Rate        Notional Balance      Interest       Shortfall      Shortfall         Shortfall
-----       --------------      -----------    ----------------      --------      ----------      ---------        ----------
<S>         <C>                 <C>            <C>                   <C>           <C>             <C>              <C>
  A         695,210,000.00        1.55375%        944.40524394         1.2228      0.00000000      0.00000000       0.00000000
X-1A                  0.00        1.15011%        967.80645584         0.9275      0.00000000      0.00000000       0.00000000
X-1B                  0.00        1.28992%        935.49200983         1.0055      0.00000000      0.00000000       0.00000000
 X-B                  0.00        0.73040%       1000.00000000         0.6086      0.00000000      0.00000000       0.00000000
 A-R                100.00        3.25480%          0.00000000         0.0000      0.00000000      0.00000000       0.00000000
 B-1          9,726,000.00        2.07375%       1000.00000000         1.7281      0.00000000      0.00000000       0.00000000
 B-2          5,726,000.00        2.80415%       1000.00000000         2.3367      0.00000000      0.00000000       0.00000000
 B-3          3,962,000.00        2.80415%       1000.00000000         2.3367      0.00000000      0.00000000       0.00000000
 B-4          1,801,000.00        2.80415%       1000.00000000         2.3367      0.00000000      0.00000000       0.00000000
 B-5          1,080,000.00        2.80415%       1000.00000000         2.3367      0.00000000      0.00000000       0.00000000
 B-6          2,882,787.00        2.80415%       1000.00000000         2.3367      0.00000000      0.00000000       0.00000000

</TABLE>

<TABLE>
<CAPTION>
                                                Remaining
                                                 Unpaid
                   Realized    Total Interest    Interest         Ending Certificate/
                   Loss (6)     Distribution    Shortfall          Notational Balance
                   ----------  --------------   ------------      -------------------
<S>                <C>         <C>              <C>               <C>
  A                0.00000000    1.22280803       0.00000000        931.67285843
X-1A               0.00000000    0.92760060       0.00000000        950.19480478
X-1B               0.00000000    1.00561954       0.00000000        924.61811320
 X-B               0.00000000    0.61084927       0.00000000       1000.00000000
 A-R               0.00000000    0.00000000       0.00000000          0.00000000
 B-1               0.00000000    1.72812461       0.00000000       1000.00000000
 B-2               0.00000000    2.33679042       0.00000000       1000.00000000
 B-3               0.00000000    2.33678950       0.00000000       1000.00000000
 B-4               0.00000000    2.33679067       0.00000000       1000.00000000
 B-5               0.00000000    2.33678704       0.00000000       1000.00000000
 B-6               0.00000000    2.33679075       0.00000000       1000.00000000
</TABLE>

(5) Per $1 denomination

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

                               CERTIFICATE ACCOUNT

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

Deposits

         Payments of Interest and Principal                        10,652,229.34
         Liquidations, Insurance Proceeds, Reserve Funds                   42.48
         Proceeds from Repurchased Loans                                    0.00
         Other Amounts (Servicer Advances)                              4,365.78
         Realized Losses                                                    0.00
         Prepayment Penalties                                               0.00
                                                                   -------------
Total Deposits                                                     10,656,637.60

Withdrawals

         Reimbursement for Servicer Advances                            1,985.13
         Payment of Service Fee                                       209,761.49
         Payment of Interest and Principal                         10,444,890.98
                                                                   -------------
Total Withdrawals (Pool Distribution Amount)                       10,656,637.60

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                                                   205,784.46
Master Servicing Fee                                                    3,977.03
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                   -------------

Net Servicing Fee                                                     209,761.49
                                                                   =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                            Beginning          Current          Current       Ending
           Account Type                      Balance         Withdrawals       Deposits       Balance
---------------------------------           ---------        -----------       --------      ---------
<S>                                         <C>              <C>               <C>           <C>
Class X-1 Basis Risk Reserve Fund           5,000.00            21.24            21.24       5,000.00
Class X-B Basis Risk Reserve Fund           5,000.00            21.24            21.24       5,000.00
</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          3     1,599,321.87  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         1       123,750.00  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
                ----   ------------                ----         ----               ----    ----------
                 4     1,723,071.87                 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      0.156331%     0.237668% 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     0.052110%     0.018390% 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%
             ---------     ---------            ---------   ---------            ---------   ---------
             0.208442%     0.256058%            0.000000%   0.000000%            0.000000%   0.000000%
</TABLE>

<TABLE>
<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        3        1,599,321.87
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       1          123,750.00
180+ Days      0           0.00  180+ Days      0                0.00
               ----------------                 ---------------------
               0           0.00                 4        1,723,071.87

             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    0.156331%        0.237668%
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   0.052110%        0.018390%
180+ Days  0.000000%   0.000000% 180+ Days  0.000000%        0.000000%
           ---------   ---------            ---------        ---------
           0.000000%   0.000000%            0.208442%        0.256058%

</TABLE>

Current Period Class A Insufficient Funds:  0.00

Principal Balance of Contaminated Properties  0.00

Periodic Advance  4,365.78
<PAGE>
Subordinated 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      25,215,787.00        3.50012228%  25,215,787.00        3.74719644%      96.252804%      0.000000%
Class B-1     15,489,787.00        2.15008751%  15,489,787.00        2.30186251%       1.445334%     38.571075%
Class B-2      9,725,787.00        1.35000521%   9,725,787.00        1.44530228%       0.856560%     22.858696%
Class B-3      5,763,787.00        0.80005273%   5,763,787.00        0.85652858%       0.588774%     15.712379%
Class B-4      3,962,787.00        0.55006172%   3,962,787.00        0.58889066%       0.267638%      7.142351%
Class B-5      2,882,787.00        0.40015039%   2,882,787.00        0.42839707%       0.160494%      4.283031%
Class B-6              0.00        0.00000000%           0.00        0.00000000%       0.428397%     11.432469%
</TABLE>

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

<TABLE>
<CAPTION>
                    Original $         Original %          Current $            Current %
                  -------------        ----------        -------------         -----------
<S>               <C>                  <C>               <C>                   <C>
    Bankruptcy       119,754.00        0.01662267%          119,754.00         0.01779606%
         Fraud    21,612,777.00        3.00000005%       21,612,777.00         3.21177051%
Special Hazard    11,600,000.00        1.61015869%       11,600,000.00         1.72382003%
</TABLE>

Limit of subordinate's exposure to certain types of losses
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
Collateral Description                                              Mixed ARM
----------------------                                           ---------------
<S>                                                              <C>
Weighted Average Gross Coupon                                          3.173351%
Weighted Average Net Coupon                                            2.811148%
Weighted Average Pass-Through Rate                                     2.804148%
Weighted Average Maturity (Stepdown Calculation)                            318

Beginning Scheduled Collateral Loan Count                                 1,946
Number of Loans Paid in Full                                                 27
Ending Scheduled Collateral Loan Count                                    1,919

Beginning Scheduled Collateral Balance                           681,775,756.64
Ending Scheduled Collateral Balance                              672,924,074.91
Ending Actual Collateral Balance at 30-June-2003                 672,923,398.73

Monthly P&I Constant                                               1,802,928.28
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                             9,701,790.11

Ending Scheduled Balance for Premium Loans                       672,924,074.91

Scheduled Principal                                                        0.00
Unscheduled Principal                                              8,851,681.73
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Pro Rata Senior Percentage                                           96.301454%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
One Month LIBOR Loan Balance                                     189,304,278.31
Six Month LIBOR Loan Balance                                     483,619,796.60
</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 2002-12
                           RECORD DATE: JUNE 30, 2003
                        DISTRIBUTION DATE: JULY 21, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate       Certificate       Beginning
                                 Class          Pass-Through     Certificate         Interest         Principal          Current
   Class          CUSIP       Description           Rate           Balance         Distribution     Distribution      Realized Loss
   -----          -----       -----------           ----           -------         ------------     ------------          -------
<S>             <C>           <C>               <C>          <C>                   <C>             <C>                     <C>
     A          81744BAA4         SEN             1.55375%   1,037,855,336.95      1,343,806.44    13,587,774.52           0.00
    X-1         81744BAB2          IO             1.06266%               0.00        215,722.21             0.00           0.00
    X-2         81744BAC0          IO             1.16303%               0.00        786,120.64             0.00           0.00
    A-R         81744BAD8         SEN             3.16730%               0.00              0.00             0.00           0.00
    B-1         81744BAE6         SUB             1.95375%      16,815,000.00         27,376.92             0.00           0.00
    B-2         81744BAF3         SUB             2.69997%       8,968,000.00         20,177.80             0.00           0.00
    B-3         81744BAG1         SUB             2.69997%       6,165,000.00         13,871.11             0.00           0.00
    B-4         SMT0212B4         SUB             2.69997%       2,802,000.00          6,304.44             0.00           0.00
    B-5         SMT0212B5         SUB             2.69997%       1,681,000.00          3,782.21             0.00           0.00
    B-6         SMT0212B6         SUB             2.69997%       4,486,095.46         10,093.61             0.00           0.00
-------         ---------         ---             --------   ----------------      ------------    -------------           ----
Totals                                                       1,078,772,432.41      2,427,255.38    13,587,774.52           0.00
-------         ---------         ---             --------   ----------------      ------------    -------------           ----
</TABLE>

<TABLE>
<CAPTION>
                      Ending
                    Certificate          Total              Cumulative
   Class              Balance         Distribution         Realized Loss
   -----            -----------       ------------         -------------
<S>              <C>                <C>                        <C>
     A           1,024,267,562.43   14,931,580.96              0.00
    X-1                      0.00      215,722.21              0.00
    X-2                      0.00      786,120.64              0.00
    A-R                      0.00            0.00              0.00
    B-1             16,815,000.00       27,376.92              0.00
    B-2              8,968,000.00       20,177.80              0.00
    B-3              6,165,000.00       13,871.11              0.00
    B-4              2,802,000.00        6,304.44              0.00
    B-5              1,618,000.00        3,782.21              0.00
    B-6              4,486,095.46       10,093.61              0.00
-------          ----------------   -------------              ----
Totals           1,065,184,657.89   16,015,029.90              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                                    Total
              Original Face       Certificate      Principal        Principal                     Realized      Principal
   Class          Amount            Balance       Distribution    Distribution      Accretion     Loss (1)      Reduction
   -----          ------            -------       ------------    ------------      ---------     --------      ---------
<S>          <C>                <C>               <C>             <C>               <C>           <C>         <C>
     A       1,080,076,000.00   1,037,855,336.95        0.00      13,587,774.52         0.00          0.00    13,587,774.52
    X-1                  0.00               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             0.00
    A-R                100.00               0.00        0.00               0.00         0.00          0.00             0.00
    B-1         16,815,000.00      16,815,000.00        0.00               0.00         0.00          0.00             0.00
    B-2          8,968,000.00       8,968,000.00        0.00               0.00         0.00          0.00             0.00
    B-3          6,165,000.00       6,165,000.00        0.00               0.00         0.00          0.00             0.00
    B-4          2,802,000.00       2,802,000.00        0.00               0.00         0.00          0.00             0.00
    B-5          1,681,000.00       1,681,000.00        0.00               0.00         0.00          0.00             0.00
    B-6          4,486,095.46       4,486,095.46        0.00               0.00         0.00          0.00             0.00
-------      ----------------   ----------------        ----      -------------         ----          ----    -------------
Totals       1,120,993,195.46   1,078,772,432.41        0.00      13,587,774.52         0.00          0.00    13,587,774.52
-------      ----------------   ----------------        ----      -------------         ----          ----    -------------
</TABLE>

<TABLE>
<CAPTION>
                      Ending                Ending
                   Certificate           Certificate     Total Principal
   Class             Balance              Percentage       Distribution
   -----             -------              ----------       ------------
<S>             <C>                       <C>             <C>
     A          1,024,267,562.43          0.94832916      13,587,774.52
    X-1                     0.00          0.00000000               0.00
    X-2                     0.00          0.00000000               0.00
    A-R                     0.00          0.00000000               0.00
    B-1            16,815,000.00          1.00000000               0.00
    B-2             8,968,000.00          1.00000000               0.00
    B-3             6,165,000.00          1.00000000               0.00
    B-4             2,802,000.00          1.00000000               0.00
    B-5             1,681,000.00          1.00000000               0.00
    B-6             4,486,095.46          1.00000000               0.00
-------         ----------------          ----------      -------------
Totals          1,065,184,657.89          0.95021510      13,587,774.52
-------         ----------------          ----------      -------------
</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.

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                     Beginning      Scheduled       Unscheduled                                      Total
              Original Face         Certificate     Principal        Principal                    Realized          Principal
   Class          Amount              Balance      Distribution    Distribution     Accretion      Loss (3)         Reduction
   -----          ------              -------      ------------    ------------     ---------      --------         ---------
<S>          <C>                   <C>             <C>             <C>             <C>            <C>             <C>
     A       1,080,076,000.00       960.90954428    0.00000000       12.58038742    0.00000000    0.00000000       12.58038742
    X-1                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    X-2                  0.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    A-R                100.00         0.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-1         16,815,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-2          8,968,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-3          6,165,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-4          2,802,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-5          1,681,000.00      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000
    B-6          4,486,095.46      1000.00000000    0.00000000        0.00000000    0.00000000    0.00000000        0.00000000

</TABLE>

<TABLE>
<CAPTION>
                   Ending                Ending              Total
                 Certificate           Certificate         Principal
   Class            Balance             Percentage        Distribution
   -----            -------             ----------        ------------
<S>              <C>                   <C>               <C>
     A            948.32915686          0.94832916        12.58038742
    X-1             0.00000000          0.00000000         0.00000000
    X-2             0.00000000          0.00000000         0.00000000
    A-R             0.00000000          0.00000000         0.00000000
    B-1          1000.00000000          1.00000000         0.00000000
    B-2          1000.00000000          1.00000000         0.00000000
    B-3          1000.00000000          1.00000000         0.00000000
    B-4          1000.00000000          1.00000000         0.00000000
    B-5          1000.00000000          1.00000000         0.00000000
    B-6          1000.00000000          1.00000000         0.00000000

</TABLE>

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

<TABLE>
<CAPTION>
                                                                                   Payment of
                                    Current        Beginning          Current        Unpaid        Current      Non-Supported
             Original Face        Certificate     Certificate/        Accrued       Interest       Interest       Interest
  Class         Amount               Rate       Notional Balance      Interest      Shortfall      Shortfall      Shortfall
  -----         ------               ----       ----------------      --------      ---------      ---------      ---------
<S>         <C>                      <C>        <C>                 <C>            <C>             <C>          <C>
    A       1,080,076,000.00         1.55375%   1,037,855,336.95    1,343,806.44       0.00           0.00           0.00
   X-1                  0.00         1.06266%     243,593,389.21      215,713.28       0.00           0.00           0.00
   X-2                  0.00         1.16303%     811,076,947.75      786,088.12       0.00           0.00           0.00
   A-R                100.00         3.16730%               0.00            0.00       0.00           0.00           0.00
   B-1         16,815,000.00         1.95375%      16,815,000.00       27,376.92       0.00           0.00           0.00
   B-2          8,968,000.00         2.69997%       8,968,000.00       20,177.80       0.00           0.00           0.00
   B-3          6,165,000.00         2.69997%       6,165,000.00       13,871.11       0.00           0.00           0.00
   B-4          2,802,000.00         2.69997%       2,802,000.00        6,304.44       0.00           0.00           0.00
   B-5          1,681,000.00         2.69997%       1,681,000.00        3,782.21       0.00           0.00           0.00
   B-6          4,486,095.46         2.69997%       4,486,095.46       10,093.61       0.00           0.00           0.00
-------     ----------------         -------    ----------------    ------------       ----           ----           ----
 Totals     1,120,993,195.46                                        2,427,213.93       0.00           0.00           0.00
-------     ----------------         -------    ----------------    ------------       ----           ----           ----

</TABLE>

<TABLE>
<CAPTION>
                                                          Remaining              Ending
                                                          Unpaid            Certificate/
                     Realized       Total Interest       Interest            Notational
  Class               Loss (4)        Distribution       Shortfall              Balance
  -----               --------        ------------       ---------              -------
<S>                  <C>            <C>                  <C>            <C>
    A                   0.00         1,343,806.44           0.00        1,024,267,562.43
   X-1                  0.00           215,722.21           0.00          242,142,066.19
   X-2                  0.00           786,120.64           0.00          798,940,496.24
   A-R                  0.00                 0.00           0.00                    0.00
   B-1                  0.00            27,376.92           0.00           16,815,000.00
   B-2                  0.00            20,177.80           0.00            8,968,000.00
   B-3                  0.00            13,871.11           0.00            6,165,000.00
   B-4                  0.00             6,304.44           0.00            2,802,000.00
   B-5                  0.00             3,782.21           0.00            1,681,000.00
   B-6                  0.00            10,093.61           0.00            4,486,095.46
------                  ----         ------------           ----        ----------------
 Totals                 0.00         2,427,255.38           0.00
------                  ----         ------------           ----        ----------------
</TABLE>

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

<TABLE>
<CAPTION>
                                                                                       Payment of
                                    Current            Beginning        Current         Unpaid           Current      Non-Supported
               Original Face      Certificate       Certificate         Accrued        Interest         Interest         Interest
Class (5)         Amount             Rate          Notional Balance     Interest       Shortfall        Shortfall       Shortfall
---------         ------             ----          ----------------     --------       ---------        ---------       ---------
<S>         <C>                   <C>              <C>                  <C>           <C>             <C>             <C>
    A       1,080,076,000.00       1.55375%          960.90954428       1.24417767     0.00000000      0.00000000       0.00000000
   X-1                  0.00       1.06266%          975.48819257       0.86384018     0.00000000      0.00000000       0.00000000
   X-2                  0.00       1.16303%          957.38821198       0.92789162     0.00000000      0.00000000       0.00000000
   A-R                100.00       3.16730%            0.00000000       0.00000000     0.00000000      0.00000000       0.00000000
   B-1         16,815,000.00       1.95375%         1000.00000000       1.62812489     0.00000000      0.00000000       0.00000000
   B-2          8,968,000.00       2.69997%         1000.00000000       2.24997770     0.00000000      0.00000000       0.00000000
   B-3          6,165,000.00       2.69997%         1000.00000000       2.24997729     0.00000000      0.00000000       0.00000000
   B-4          2,802,000.00       2.69997%         1000.00000000       2.24997859     0.00000000      0.00000000       0.00000000
   B-5          1,681,000.00       2.69997%         1000.00000000       2.24997620     0.00000000      0.00000000       0.00000000
   B-6          4,486,095.46       2.69997%         1000.00000000       2.24997664     0.00000000      0.00000000       0.00000000

</TABLE>

<TABLE>
<CAPTION>
                                                    Remaining
                                                      Unpaid
                 Realized       Total Interest       Interest      Ending Certificate/
Class (5)        Loss (6)        Distribution        Shortfall     Notational Balance
---------        --------        ------------        ---------     ------------------
<S>             <C>             <C>                 <C>            <C>
    A           0.00000000        1.24417767          0.00000000         948.32915686
   X-1          0.00000000        0.86387594          0.00000000         969.67625952
   X-2          0.00000000        0.92793000          0.00000000         943.06244962
   A-R          0.00000000        0.00000000          0.00000000           0.00000000
   B-1          0.00000000        1.62812489          0.00000000        1000.00000000
   B-2          0.00000000        2.24997770          0.00000000        1000.00000000
   B-3          0.00000000        2.24997729          0.00000000        1000.00000000
   B-4          0.00000000        2.24997859          0.00000000        1000.00000000
   B-5          0.00000000        2.24997620          0.00000000        1000.00000000
   B-6          0.00000000        2.24997664          0.00000000        1000.00000000

</TABLE>

(5)   Per $1 denomination

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

                               CERTIFICATE ACCOUNT

<TABLE>
<S>                                                                     <C>
Beginning Balance

Deposits

         Payments of Interest and Principal                             16,356,536.14
         Liquidations, Insurance Proceeds, Reserve Funds                        41.44
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                     648.37
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          16,357,225.95

Withdrawals

         Reimbursement for Servicer Advances                                 2,750.25
         Payment of Service Fee                                            339,445.80
         Payment of Interest and Principal                              16,015,029.90
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            16,357,225.95

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                                                        339,445.80
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                        -------------
Net Servicing Fee                                                          339,445.80
                                                                        =============
</TABLE>
<PAGE>
<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
                ------------                      -------         -----------       --------       -------
<S>                                              <C>              <C>               <C>           <C>
                Reserve Fund                     10,000.00           41.44            41.44       10,000.00
</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           1          296,400.00    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
                  ---------------------                     -------------------                     -------------------
                  1          296,400.00                     0              0.00                     0              0.00

<CAPTION>
                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     0.000000%     0.000000%      0-29 Days    0.000000%    0.000000%     0-29 Days    0.000000%    0.000000%
30 Days       0.032841%     0.027826%      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%
              -----------------------                   ----------------------                  ----------------------
              0.032841%     0.027826%                   0.000000%    0.000000%                  0.000000%    0.000000%
</TABLE>

<TABLE>
<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        1          296,400.00
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                        1          296,400.00

<CAPTION>
               No. of       Principal                    No. of      Principal
                Loans        Balance                     Loans        Balance
<S>           <C>           <C>             <C>        <C>           <C>
0-29 Days     0.000000%     0.000000%       0-29 Days  0.000000%     0.000000%
30 Days       0.000000%     0.000000%       30 Days    0.032841%     0.027826%
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%                  0.032841%     0.027826%
</TABLE>

Current Period Class A Insufficient Funds  :        0.00
Principal Balance of Contaminated Properties        0.00
Periodic Advance                                  648.37

<TABLE>
<CAPTION>
                              Original $         Original %          Current $           Current %
<S>                         <C>                  <C>               <C>                   <C>
              Bankruptcy       218,860.00        0.01952376%          218,860.00         0.02054667%
                   Fraud    33,629,796.00        3.00000001%       33,629,796.00         3.15717991%
          Special Hazard    11,209,932.00        1.00000000%       10,651,846.58         1.00000000%
</TABLE>

Limit of subordinate's exposure to certain types of losses
<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<S>                                                            <C>
Collateral Description                                                Mixed ARM

Weighted Average Gross Coupon                                         3.077564%
Weighted Average Net Coupon                                           2.699973%
Weighted Average Pass-Through Rate                                    2.699973%
Weighted Average Maturity (Stepdown Calculation)                            319

Beginning Scheduled Collateral Loan Count                                 3,083
Number of Loans Paid in Full                                                 38
Ending Scheduled Collateral Loan Count                                    3,045

Beginning Scheduled Collateral Balance                         1,078,772,432.41
Ending Scheduled Collateral Balance                            1,065,184,657.89
Ending Actual Collateral Balance at 30-June-2003               1,065,185,526.16

Monthly P&I Constant                                               2,766,659.73
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                     1,065,184,657.89

Scheduled Principal                                                        0.00
Unscheduled Principal                                             13,587,774.52
</TABLE>

                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
Principal Balance of 1-Month Libor Loans                         247,747,895.55
Principal Balance of 6-Month Libor Loans                         817,436,762.34
Pro Rata Senior Percentage                                           96.207069%
Senior Percentage                                                   100.000000%
Senior Prepayment Percentage                                        100.000000%
Subordinate Percentage                                                0.000000%
Subordinate Prepayment Percentage                                     0.000000%
Payment Received from Cap Provide                                             0
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]