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: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate                      Beginning
                    Class    Certificate Pass-   Certificate    Interest    Principal
 Class   CUSIP   Description   Through Rate        Balance    Distribution Distribution
----------------------------------------------------------------------------------------
<S>    <C>       <C>         <C>               <C>            <C>          <C>
   A   81744FAA5     SEN         1.47000%      599,398,527.79   734,263.20  984,760.31
  X-1  81744FAB3     IO          0.80000%                0.00   386,140.96        0.00
  X-2  81744FAC1     IO          0.42388%                0.00   211,726.90        0.00
  X-B  81744FAD9     IO          0.83182%                0.00    10,614.00        0.00
  B-1  81744FAG2     SUB         1.64125%        9,375,000.00    12,822.27        0.00
  B-2  81744FAH0     SUB         2.14125%        5,937,000.00    10,593.83        0.00
  B-3  81744FAJ6     SUB         2.66694%        3,437,000.00     7,638.55        0.00
  B-4  81744FAK3     SUB         2.66694%        1,562,000.00     3,471.46        0.00
  B-5  81744FAL1     SUB         2.66694%          937,000.00     2,082.43        0.00
  B-6  81744FAM9     SUB         2.66694%        2,500,468.00     5,557.16        0.00
  A-R  81744FAF4     RES         2.66163%                0.00         0.00        0.00
--------------------------------------------------------------------------------------
Totals                                         623,146,995.79 1,384,910.76  984,760.31
--------------------------------------------------------------------------------------

<CAPTION>
                    Current    Ending Certificate    Total      Cumulative
 Class   CUSIP   Realized Loss      Balance       Distribution Realized Loss
----------------------------------------------------------------------------
<S>    <C>       <C>           <C>                <C>          <C>
   A   81744FAA5     0.00        598,413,767.48   1,719,023.51     0.00
  X-1  81744FAB3     0.00                  0.00     386,140.96     0.00
  X-2  81744FAC1     0.00                  0.00     211,726.90     0.00
  X-B  81744FAD9     0.00                  0.00      10,614.00     0.00
  B-1  81744FAG2     0.00          9,375,000.00      12,822.27     0.00
  B-2  81744FAH0     0.00          5,937,000.00      10,593.83     0.00
  B-3  81744FAJ6     0.00          3,437,000.00       7,638.55     0.00
  B-4  81744FAK3     0.00          1,562,000.00       3,471.46     0.00
  B-5  81744FAL1     0.00            937,000.00       2,082.43     0.00
  B-6  81744FAM9     0.00          2,500,468.00       5,557.16     0.00
  A-R  81744FAF4     0.00                  0.00           0.00     0.00
-----------------------------------------------------------------------
Totals               0.00        622,162,235.48   2,369,671.07     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  599,398,527.79    3,104.37     981,655.94     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  623,146,995.79    3,104.37     981,655.94     0.00       0.00
--------------------------------------------------------------------------------------

<CAPTION>
         Total Principal  Ending Certificate  Ending Certificate  Total Principal
 Class      Reduction           Balance           Percentage       Distribution
---------------------------------------------------------------------------------
<S>      <C>              <C>                 <C>                 <C>
   A       984,760.31       598,413,767.48        0.99528277        984,760.31
  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     984,760.31       622,162,235.48        0.99546186        984,760.31
------------------------------------------------------------------------------
</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   996.92062834   0.00516319    1.63269179   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   1.10000000    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      1.63785499        995.28277336         0.99528277        1.63785499
 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
                                           Certificate/     Current       Unpaid     Current
         Original Face       Current         Notional       Accrued      Interest   Interest
 Class      Amount      Certificate Rate      Balance       Interest     Shortfall  Shortfall
---------------------------------------------------------------------------------------------
<S>     <C>             <C>               <C>             <C>           <C>         <C>
   A    601,250,000.00      1.47000%      599,398,527.79    734,263.20     0.00        0.00
  X-1             0.00      0.80000%      579,211,434.73    386,140.96     0.00        0.00
  X-2             0.00      0.42388%      599,398,527.79    211,726.89     0.00        0.00
  X-B             0.00      0.83182%       15,312,000.00     10,614.00     0.00        0.00
  B-1     9,375,000.00      1.64125%        9,375,000.00     12,822.27     0.00        0.00
  B-2     5,937,000.00      2.14125%        5,937,000.00     10,593.83     0.00        0.00
  B-3     3,437,000.00      2.66694%        3,437,000.00      7,638.55     0.00        0.00
  B-4     1,562,000.00      2.66694%        1,562,000.00      3,471.46     0.00        0.00
  B-5       937,000.00      2.66694%          937,000.00      2,082.43     0.00        0.00
  B-6     2,500,468.00      2.66694%        2,500,468.00      5,557.16     0.00        0.00
  A-R           100.00      2.66163%                0.00          0.00     0.00        0.00
-------------------------------------------------------------------------------------------
Totals  624,998,568.00                                    1,384,910.75     0.00        0.00
-------------------------------------------------------------------------------------------

<CAPTION>
           Non-                              Remaining      Ending
        Supported                             Unpaid     Certificate/
         Interest  Realized  Total Interest   Interest    Notational
 Class  Shortfall  Loss (4)   Distribution   Shortfall      Balance
----------------------------------------------------------------------
<S>     <C>        <C>       <C>             <C>        <C>
   A      0.00       0.00       734,263.20      0.00    598,413,767.48
  X-1     0.00       0.00       386,140.96      0.00    557,949,893.89
  X-2     0.00       0.00       211,726.90      0.00    598,413,767.48
  X-B     0.00       0.00        10,614.00      0.00     15,312,000.00
  B-1     0.00       0.00        12,822.27      0.00      9,375,000.00
  B-2     0.00       0.00        10,593.83      0.00      5,937,000.00
  B-3     0.00       0.00         7,638.55      0.00      3,437,000.00
  B-4     0.00       0.00         3,471.46      0.00      1,562,000.00
  B-5     0.00       0.00         2,082.43      0.00        937,000.00
  B-6     0.00       0.00         5,557.16      0.00      2,500,468.00
  A-R     0.00       0.00             0.00      0.00              0.00
----------------------------------------------------------------------
Totals    0.00       0.00     1,384,910.76      0.00
----------------------------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                       Payment of
                         Current       Beginning                         Unpaid     Current
Class   Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest
 (5)       Amount         Rate      Notional Balance      Interest     Shortfall   Shortfall
---------------------------------------------------------------------------------------------
<S>    <C>             <C>          <C>               <C>              <C>         <C>
  A    601,250,000.00    1.47000%     1000.00000000      1.22122778    0.00000000  0.00000000
 X-1             0.00    0.80000%     1000.00000000      0.64223029    0.00000000  0.00000000
 X-2             0.00    0.42388%     1000.00000000      0.35214452    0.00000000  0.00000000
 X-B             0.00    0.83182%     1000.00000000      0.69318182    0.00000000  0.00000000
 B-1     9,375,000.00    1.64125%     1000.00000000      1.36770880    0.00000000  0.00000000
 B-2     5,937,000.00    2.14125%     1000.00000000      1.78437426    0.00000000  0.00000000
 B-3     3,437,000.00    2.66694%     1000.00000000      2.22244690    0.00000000  0.00000000
 B-4     1,562,000.00    2.66694%     1000.00000000      2.22244558    0.00000000  0.00000000
 B-5       937,000.00    2.66694%     1000.00000000      2.22244397    0.00000000  0.00000000
 B-6     2,500,468.00    2.66694%     1000.00000000      2.22244796    0.00000000  0.00000000
 A-R           100.00    2.66163%     1000.00000000      0.00000000    0.00000000  0.00000000

<CAPTION>
          Non-                                 Remaining
       Supported                                Unpaid
Class   Interest    Realized   Total Interest   Interest   Ending Certificate/
 (5)   Shortfall    Loss (6)    Distribution   Shortfall   Notational Balance
------------------------------------------------------------------------------
<S>    <C>         <C>         <C>             <C>         <C>
  A    0.00000000  0.00000000    1.22122778    0.00000000      995.28277336
 X-1   0.00000000  0.00000000    0.64223029    0.00000000      927.98319150
 X-2   0.00000000  0.00000000    0.35214453    0.00000000      995.28277336
 X-B   0.00000000  0.00000000    0.69318182    0.00000000     1000.00000000
 B-1   0.00000000  0.00000000    1.36770880    0.00000000     1000.00000000
 B-2   0.00000000  0.00000000    1.78437426    0.00000000     1000.00000000
 B-3   0.00000000  0.00000000    2.22244690    0.00000000     1000.00000000
 B-4   0.00000000  0.00000000    2.22244558    0.00000000     1000.00000000
 B-5   0.00000000  0.00000000    2.22244397    0.00000000     1000.00000000
 B-6   0.00000000  0.00000000    2.22244796    0.00000000     1000.00000000
 A-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                                            2,550,839.10
     Liquidations, Insurance Proceeds, Reserve Funds                                       0.00
     Proceeds from Repurchased Loans                                                       0.00
     Other Amounts (Servicer Advances)                                                20,343.04
     Realized Losses (Gains, Subsequent Expenses & Recoveries)                             0.00
     Prepayment Penalties                                                                  0.00
                                                                                   ------------
Total Deposits                                                                     2,571,182.14

Withdrawals
     Reimbursement for Servicer Advances                                                 955.73
     Payment of Service Fee                                                          200,555.35
     Payment of Interest and Principal                                             2,369,671.06
                                                                                   ------------
Total Withdrawals (Pool Distribution Amount)                                       2,571,182.14

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                                                    195,362.45
Master Servicing Fee                                                     5,192.90
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      200,555.35
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                        FORECLOSURE
----------------------------------  -------------------------------  -------------------------------
            No. of      Principal                No. of   Principal              No. of    Principal
             Loans       Balance                 Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>        <C>        <C>        <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days      0        0.00     0-29 Days     0          0.00
30 Days       26      9,000,255.24  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
           -----------------------             --------------------             --------------------
              26      9,000,255.24                 0        0.00                   0          0.00

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

0-29 Days  0.000000%    0.000000%   0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.457399%    1.446603%   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%
           ---------------------               -------------------              -------------------
           1.457399%    1.446603%              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       26      9,000,255.24
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                   26      9,000,255.24

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%    0.000000%
30 Days    0.000000%  0.000000%  30 Days    1.457399%    1.446603%
60 Days    0.000000%  0.000000%  60 Days    0.000000%    0.000000%
90 Days    0.000000%  0.000000%  90 Days    0.000000%    0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%    0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%    0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%    0.000000%
           -------------------              ---------------------
           0.000000%  0.000000%             1.457399%    1.446603%
</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  20,343.04
</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      3.81708606%       96.182914%        0.000000%
Class X-1   23,748,468.00      3.79976359%   23,748,468.00      3.81708606%        0.000000%        0.000000%
Class X-2   23,748,468.00      3.79976359%   23,748,468.00      3.81708606%        0.000000%        0.000000%
Class B-1   14,373,468.00      2.29976015%   14,373,468.00      2.31024437%        1.506842%       39.476231%
Class B-2    8,436,468.00      1.34983797%    8,436,468.00      1.35599166%        0.954253%       24.999507%
Class B-3    4,999,468.00      0.79991671%    4,999,468.00      0.80356340%        0.552428%       14.472513%
Class B-4    3,437,468.00      0.54999614%    3,437,468.00      0.55250348%        0.251060%        6.577266%
Class B-5    2,500,468.00      0.40007580%    2,500,468.00      0.40189967%        0.150604%        3.945518%
Class B-6            0.00      0.00000000%            0.00      0.00000000%        0.401900%       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                                       3.053147%
Weighted Average Net Coupon                                         2.676936%
Weighted Average Pass-Through Rate                                  2.666936%
Weighted Average Maturity (Stepdown Calculation)                         333

Beginning Scheduled Collateral Loan Count                              1,785
Number of Loans Paid in Full                                               1
Ending Scheduled Collateral Loan Count                                 1,784

Beginning Scheduled Collateral Balance                        623,146,996.22
Ending Scheduled Collateral Balance                           622,162,235.91
Ending Actual Collateral Balance at 27-Feb-2004               622,164,682.77

Monthly P&I Constant                                            1,588,570.45
Special Servicing Fee                                                   0.00
Prepayment Penalties                                                    0.00
Realization Loss Amount                                                 0.00
Cumulative Realized Loss                                                0.00

Class A Optimal Amount                                          2,327,505.36

Ending Scheduled Balance for Premium Loans                    622,162,235.91

Scheduled Principal                                                 3,104.37
Unscheduled Principal                                             981,655.94
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                    <C>
One-Month Libor Loan Balance                            94,359,811.20
Six-Month Libor Loan Balance                           527,526,424.71
Prorata Senior Percentage                                   96.188946%
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 2004-2
                         RECORD DATE: FEBRUARY 27, 2004
                        DISTRIBUTION DATE: MARCH 22, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                        Beginning
                      Class     Certificate Pass-    Certificate      Interest       Principal
Class     CUSIP    Description    Through Rate         Balance      Distribution   Distribution
-----------------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>                <C>             <C>             <C>
  A     81744FAN7      SEN         1.45000%        671,998,000.00  671,998,000.00  1,460,269.06
 X-1    81744FAP2       IO         0.80000%                  0.00            0.00          0.00
 X-2    81744FAQ0       IO         0.74623%                  0.00            0.00          0.00
 X-B    81744FAR8       IO         1.27862%                  0.00            0.00          0.00
 B-1    81744FAT4      SUB         1.59000%         11,550,000.00   11,550,000.00          0.00
 B-2    81744FAU1      SUB         2.07000%          7,000,000.00    7,000,000.00          0.00
 B-3    81744FAV9      SUB         2.75456%          3,150,000.00    3,150,000.00          0.00
 B-4    81744FAW7      SUB         2.75456%          1,750,000.00    1,750,000.00          0.00
 B-5    81744FAX5      SUB         2.75456%          1,400,000.00    1,400,000.00          0.00
 B-6    81744FAY6      SUB         2.75456%          3,150,069.00    3,150,069.00          0.00
 A-R    81744FAS6      RES         2.75456%                100.00          100.00        100.00
-----------------------------------------------------------------------------------------------
Totals                                             699,998,169.00  699,998,169.00  1,460,369.06
-----------------------------------------------------------------------------------------------

<CAPTION>

                      Current     Ending Certificate      Total        Cumulative
Class     CUSIP    Realized Loss      Balance         Distribution   Realized Loss
----------------------------------------------------------------------------------
<S>     <C>        <C>            <C>                 <C>            <C>
  A     81744FAN7      0.00          670,537,730.94   2,136,933.71       0.00
 X-1    81744FAP2      0.00                    0.00     447,998.66       0.00
 X-2    81744FAQ0      0.00                    0.00     417,886.01       0.00
 X-B    81744FAR8      0.00                    0.00      19,765.29       0.00
 B-1    81744FAT4      0.00           11,550,000.00      12,753.12       0.00
 B-2    81744FAU1      0.00            7,000,000.00      10,062.50       0.00
 B-3    81744FAV9      0.00            3,150,000.00       7,230.72       0.00
 B-4    81744FAW7      0.00            1,750,000.00       4,017.07       0.00
 B-5    81744FAX5      0.00            1,400,000.00       3,213.65       0.00
 B-6    81744FAY6      0.00            3,150,069.00       7,230.88       0.00
 A-R    81744FAS6      0.00                    0.00         100.23       0.00
-----------------------------------------------------------------------------
Totals                 0.00          698,537,799.94   3,067,191.84       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>
  A     671,998,000.00  671,998,000.00      0.00      1,460,269.06    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     11,550,000.00   11,550,000.00      0.00              0.00    0.00       0.00
 B-2      7,000,000.00    7,000,000.00      0.00              0.00    0.00       0.00
 B-3      3,150,000.00    3,150,000.00      0.00              0.00    0.00       0.00
 B-4      1,750,000.00    1,750,000.00      0.00              0.00    0.00       0.00
 B-5      1,400,000.00    1,400,000.00      0.00              0.00    0.00       0.00
 B-6      3,150,069.00    3,150,069.00      0.00              0.00    0.00       0.00
 A-R            100.00          100.00      0.00            100.00    0.00       0.00
-------------------------------------------------------------------------------------
Totals  699,998,169.00  699,998,169.00      0.00      1,460,369.06    0.00       0.00
-------------------------------------------------------------------------------------

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class     Reduction          Balance             Percentage       Distribution
--------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
  A       1,460,269.06     670,537,730.94        0.99782697       1,460,269.06
 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      11,550,000.00        1.00000000               0.00
 B-2              0.00       7,000,000.00        1.00000000               0.00
 B-3              0.00       3,150,000.00        1.00000000               0.00
 B-4              0.00       1,750,000.00        1.00000000               0.00
 B-5              0.00       1,400,000.00        1.00000000               0.00
 B-6              0.00       3,150,069.00        1.00000000               0.00
 A-R            100.00               0.00        0.00000000             100.00
------------------------------------------------------------------------------
Totals    1,460,369.06     698,537,799.94        0.99791375       1,460,369.06
------------------------------------------------------------------------------
</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>
  A     671,998,000.00  1000.00000000   0.00000000      2.17302590  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     11,550,000.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
 B-2      7,000,000.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
 B-3      3,150,000.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
 B-4      1,750,000.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
 B-5      1,400,000.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
 B-6      3,150,069.00  1000.00000000   0.00000000      0.00000000  0.00000000 0.00000000
-----------------------------------------------------------------------------------------
 A-R            100.00  1000.00000000   0.00000000   1000.00000000  0.00000000 0.00000000
-----------------------------------------------------------------------------------------

<CAPTION>

        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance             Percentage       Distribution
-------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
  A        2.17302590       997.82697410        0.99782697          2.17302590
 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    1000.00000000         0.00000000        0.00000000       1000.00000000
------------------------------------------------------------------------------
</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
                                           Certificate/     Current       Unpaid      Current
         Original Face       Current         Notional       Accrued      Interest     Interest
 Class      Amount      Certificate Rate     Balance        Interest     Shortfall   Shortfall
----------------------------------------------------------------------------------------------
<S>     <C>             <C>               <C>             <C>           <C>          <C>
   A    671,998,000.00      1.45000%      671,998,000.00    676,664.65     0.00        0.00
  X-1             0.00      0.80000%      671,998,000.00    447,998.67     0.00        0.00
  X-2             0.00      0.74623%      671,998,000.00    417,886.01     0.00        0.00
  X-B             0.00      1.27862%       18,550,000.00     19,765.29     0.00        0.00
  B-1    11,550,000.00      1.59000%       11,550,000.00     12,753.13     0.00        0.00
  B-2     7,000,000.00      2.07000%        7,000,000.00     10,062.50     0.00        0.00
  B-3     3,150,000.00      2.75456%        3,150,000.00      7,230.72     0.00        0.00
  B-4     1,750,000.00      2.75456%        1,750,000.00      4,017.07     0.00        0.00
  B-5     1,400,000.00      2.75456%        1,400,000.00      3,213.65     0.00        0.00
  B-6     3,150,069.00      2.75456%        3,150,069.00      7,230.88     0.00        0.00
  A-R           100.00      2.75456%              100.00          0.23     0.00        0.00
-------------------------------------------------------------------------------------------
Totals  699,998,169.00                                    1,606,822.80     0.00        0.00
-------------------------------------------------------------------------------------------

<CAPTION>
          Non-                               Remaining      Ending
        Supported                             Unpaid     Certificate/
        Interest   Realized  Total Interest   Interest    Notational
 Class  Shortfall  Loss (4)   Distribution   Shortfall     Balance
----------------------------------------------------------------------
<S>     <C>        <C>       <C>             <C>        <C>
   A       0.00      0.00      676,664.65      0.00     670,537,730.94
  X-1      0.00      0.00      447,998.66      0.00     647,314,859.62
  X-2      0.00      0.00      417,886.01      0.00     670,537,730.94
  X-B      0.00      0.00       19,765.29      0.00      18,550,000.00
  B-1      0.00      0.00       12,753.12      0.00      11,550,000.00
  B-2      0.00      0.00       10,062.50      0.00       7,000,000.00
  B-3      0.00      0.00        7,230.72      0.00       3,150,000.00
  B-4      0.00      0.00        4,017.07      0.00       1,750,000.00
  B-5      0.00      0.00        3,213.65      0.00       1,400,000.00
  B-6      0.00      0.00        7,230.88      0.00       3,150,069.00
  A-R      0.00      0.00            0.23      0.00               0.00
----------------------------------------------------------------------
Totals     0.00      0.00    1,606,822.80      0.00
----------------------------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                           Payment of                Non-
                             Current       Beginning                         Unpaid     Current    Supported
            Original Face  Certificate    Certificate/    Current Accrued   Interest    Interest   Interest    Realized
Class (5)      Amount         Rate      Notional Balance     Interest      Shortfall    Shortfall  Shortfall    Loss (6)
-------------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>               <C>              <C>         <C>         <C>         <C>
    A      671,998,000.00    1.45000%    1000.00000000      1.00694444     0.00000000  0.00000000  0.00000000  0.00000000
   X-1               0.00    0.80000%    1000.00000000      0.66666667     0.00000000  0.00000000  0.00000000  0.00000000
   X-2               0.00    0.74623%    1000.00000000      0.62185603     0.00000000  0.00000000  0.00000000  0.00000000
   X-B               0.00    1.27862%    1000.00000000      1.06551429     0.00000000  0.00000000  0.00000000  0.00000000
   B-1      11,550,000.00    1.59000%    1000.00000000      1.10416710     0.00000000  0.00000000  0.00000000  0.00000000
   B-2       7,000,000.00    2.07000%    1000.00000000      1.43750000     0.00000000  0.00000000  0.00000000  0.00000000
   B-3       3,150,000.00    2.75456%    1000.00000000      2.29546667     0.00000000  0.00000000  0.00000000  0.00000000
   B-4       1,750,000.00    2.75456%    1000.00000000      2.29546857     0.00000000  0.00000000  0.00000000  0.00000000
   B-5       1,400,000.00    2.75456%    1000.00000000      2.29546429     0.00000000  0.00000000  0.00000000  0.00000000
-------------------------------------------------------------------------------------------------------------------------
   B-6       3,150,069.00    2.75456%    1000.00000000      2.29546718     0.00000000  0.00000000  0.00000000  0.00000000
   A-R             100.00    2.75456%    1000.00000000      2.30000000     0.00000000  0.00000000  0.00000000  0.00000000
-------------------------------------------------------------------------------------------------------------------------

<CAPTION>
                           Remaining
                            Unpaid
           Total Interest  Interest    Ending Certificate/
Class (5)   Distribution   Shortfall   Notational Balance
----------------------------------------------------------
<S>        <C>             <C>         <C>
    A       1.00694444     0.00000000     997.82697410
   X-1      0.66666666     0.00000000     963.26902702
   X-2      0.62185603     0.00000000     997.82697410
   X-B      0.62185603     0.00000000    1000.00000000
   B-1      1.10416623     0.00000000    1000.00000000
   B-2      1.43750000     0.00000000    1000.00000000
   B-3      2.29546667     0.00000000    1000.00000000
   B-4      2.29546857     0.00000000    1000.00000000
   B-5      2.29546429     0.00000000    1000.00000000
------------------------------------------------------
   B-6      2.29546718     0.00000000    1000.00000000
   A-R      2.30000000     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                          3,285,776.21
           Liquidations, Insurance Proceeds, Reserve Funds                     0.00
           Proceeds from Repurchased Loans                                     0.00
           Other Amounts (Servicer Advances)                               7,090.43
           Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
           Prepayment Penalties                                                0.00
                                                                       ------------
Total Deposits                                                         3,292,866.64

Withdrawals
           Reimbursement for Servicer Advances                                 0.00
           Payment of Service Fee                                        225,674.80
           Payment of Interest and Principal                           3,067,191.84
                                                                       ------------
Total Withdrawals (Pool Distribution Amount)                           3,292,866.64

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                                   220,133.15
Master Servicing Fee                                    5,541.65
Supported Prepayment/Curtailment Interest Shortfall         0.00
                                                      ----------

Net Servicing Fee                                     225,674.80
                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
          DELINQUENT                           BANKRUPTCY                        FORECLOSURE
------------------------------------------------------------------------------------------------------
            No. of      Principal                No. of    Principal               No. of    Principal
            Loans        Balance                 Loans      Balance                Loans      Balance
<S>        <C>        <C>           <C>         <C>        <C>         <C>        <C>        <C>
0-29 Days      0              0.00  0-29 Days       0           0.00   0-29 Days      0           0.00
30 Days        8      2,350,103.20  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        1        715,000.00  90 Days         0           0.00   90 Days        0           0.00
120 Days       0              0.00  120 Days        0           0.00   120 Days       0           0.00
150 Days       0              0.00  150 Days        0           0.00   150 Days       0           0.00
180+ Days      0              0.00  180+ Days       0           0.00   180+ Days      0           0.00
           -----------------------              --------------------              --------------------
               9      3,065,103.20                  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    0.397812%  0.336431%     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    0.049727%  0.102356%     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%
           -------------------                  --------------------              --------------------
           0.447539%  0.438788%                 0.000000%   0.000000%             0.000000%   0.000000%

<CAPTION>
             REO                               TOTAL
-----------------------------------------------------------------------
            No. of    Principal                No. of       Principal
            Loans      Balance                 Loans         Balance
<S>        <C>        <C>         <C>         <C>          <C>
0-29 Days      0           0.00   0-29 Days       0                0.00
30 Days        0           0.00   30 Days         8        2,350,103.20
60 Days        0           0.00   60 Days         0                0.00
90 Days        0           0.00   90 Days         1          715,000.00
120 Days       0           0.00   120 Days        0                0.00
150 Days       0           0.00   150 Days        0                0.00
180+ Days      0           0.00   180+ Days       0                0.00
           --------------------               -------------------------
               0           0.00                   9        3,065,103.20

            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     0.397812%        0.336431%
60 Days    0.000000%   0.000000%  60 Days     0.000000%        0.000000%
90 Days    0.000000%   0.000000%  90 Days     0.049727%        0.102356%
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%              0.447539%        0.438788%
</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  7,090.43
</TABLE>

<TABLE>
<CAPTION>
              Original $        Original%      Current $         Current %    Current Class %    Prepayment %
              ----------        ---------      ---------         ---------    ---------------    ------------
<S>         <C>               <C>            <C>               <C>            <C>                <C>
Class A     28,000,069.00      4.00002032%   28,000,069.00      4.00838280%       95.991617%        0.000000%
Class X-1   28,000,069.00      4.00002032%   28,000,069.00      4.00838280%        0.000000%        0.000000%
Class X-2   28,000,069.00      4.00002032%   28,000,069.00      4.00838280%        0.000000%        0.000000%
Class B-1   16,450,069.00      2.35001600%   16,450,069.00      2.35492897%        1.653454%       41.249898%
Class B-2    9,450,069.00      1.35001339%    9,450,069.00      1.35283574%        1.002093%       24.999938%
Class B-3    6,300,069.00      0.90001221%    6,300,069.00      0.90189378%        0.450942%       11.249972%
Class B-4    4,550,069.00      0.65001156%    4,550,069.00      0.65137048%        0.250523%        6.249985%
Class B-5    3,150,069.00      0.45001103%    3,150,069.00      0.45095183%        0.200419%        4.999988%
Class B-6            0.00      0.00000000%            0.00      0.00000000%        0.450952%       11.250219%
</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                                3.141433%
Weighted Average Net Coupon                                  2.764061%
Weighted Average Pass-Through Rate                           2.754561%
Weighted Average Maturity (Stepdown Calculation)                  344

Beginning Scheduled Collateral Loan Count                       2,012
Number of Loans Paid in Full                                        1
Ending Scheduled Collateral Loan Count                          2,011

Beginning Scheduled Collateral Balance                 699,998,169.00
Ending Scheduled Collateral Balance                    698,537,800.01
Ending Actual Collateral Balance at 27-Feb-2004        698,539,180.64

Monthly P&I Constant                                     1,832,497.60
Special Servicing Fee                                            0.00
Prepayment Penalties                                             0.00
Realization Loss Amount                                          0.00
Cumulative Realized Loss                                         0.00

Class A Optimal Amount                                   3,022,683.91

Ending Scheduled Balance for Premium Loans             698,537,800.01

Scheduled Principal                                              0.00
Unscheduled Principal                                    1,460,369.06
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                     <C>
One-Month Libor Loan Balance             78,529,949.92
Six-Month Libor Loan Balance            620,007,850.09
Prorata Senior Percentage                     95.99980%
Senior Percentage                           100.000000%
Senior Prepayment Percentage                100.000000%
Subordinate Percentage                        0.000000%
Subordinate Prepayment Percentage             0.000000%
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00064-of-00352.parquet"}]]