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 2005-1
                           RECORD DATE: APRIL 29, 2005
                         DISTRIBUTION DATE: MAY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate    Beginning                                Current     Ending                   Cumulative
                    Class    Pass-Through  Certificate     Interest     Principal   Realized  Certificate      Total       Realized
Class    CUSIP   Description    Rate         Balance     Distribution  Distribution   Loss      Balance     Distribution     Loss
-----  --------- ----------- ------------ -------------- ------------ ------------- -------- -------------- ------------  ----------
<S>    <C>       <C>         <C>          <C>            <C>          <C>           <C>      <C>            <C>           <C>
  A-1  81744FGM#     SEN        3.22000%  282,056,045.33   756,850.39  9,461,614.70    0.00  272,594,430.63 10,218,465.09    0.00
  A-2  81744FGN1     SEN        3.16875%   97,007,155.00   256,159.52  2,433,180.59    0.00   94,573,974.41  2,689,340.11    0.00
  X-A  81744FGP6      IO        0.46522%            0.00   146,955.27          0.00    0.00            0.00    146,955.27    0.00
  X-B  81744FGS0      IO        0.13742%            0.00       310.94          0.00    0.00            0.00        310.94    0.00
  B-1  81744FGQ4     SUB        3.41000%    7,067,000.00    20,082.06          0.00    0.00    7,067,000.00     20,082.06    0.00
  B-2  81744FGR2     SUB        3.69000%    3,949,000.00    12,143.18          0.00    0.00    3,949,000.00     12,143.18    0.00
  B-3  81744FGU5     SUB        4.24000%    2,495,000.00     8,815.67          0.00    0.00    2,495,000.00      8,815.67    0.00
  B-4  81744FGV3     SUB        3.67273%    1,455,000.00     4,453.18          0.00    0.00    1,455,000.00      4,453.18    0.00
  B-5  81744FGW1     SUB        3.67273%      831,000.00     2,543.36          0.00    0.00      831,000.00      2,543.36    0.00
  B-6  81744FGX9     SUB        3.67273%    1,871,544.03     5,728.06          0.00    0.00    1,871,544.03      5,728.06    0.00
  A-R  81744FGT8     RES        3.75169%            0.00         0.51          0.00    0.00            0.00          0.51    0.00
                                          -------------- ------------ -------------    ----  -------------- -------------    ----
Totals                                    396,731,744.36 1,214,042.14 11,894,795.29    0.00  384,836,949.07 13,108,837.43    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                           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   298,055,000.00  282,056,045.33      0.00       9,461,614.70      0.00      0.00    9,461,614.70
  A-2   100,000,000.00   97,007,155.00      0.00       2,433,180.59      0.00      0.00    2,433,180.59
  X-A             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
  B-1     7,067,000.00    7,067,000.00      0.00               0.00      0.00      0.00            0.00
  B-2     3,949,000.00    3,949,000.00      0.00               0.00      0.00      0.00            0.00
  B-3     2,495,000.00    2,495,000.00      0.00               0.00      0.00      0.00            0.00
  B-4     1,455,000.00    1,455,000.00      0.00               0.00      0.00      0.00            0.00
  B-5       831,000.00      831,000.00      0.00               0.00      0.00      0.00            0.00
  B-6     1,871,544.03    1,871,544.03      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
        --------------  --------------      ----      -------------      ----      ----   -------------
Totals  415,723,644.03  396,731,744.36      0.00      11,894,795.29      0.00      0.00   11,894,795.29
        --------------  --------------      ----      -------------      ----      ----   -------------

<CAPTION>
           Ending         Ending
         Certificate    Certificate  Total Principal
 Class     Balance       Percentage    Distribution
 -----  --------------  -----------  --------------
<S>     <C>             <C>          <C>
  A-1   272,594,430.63   0.91457761   9,461,614.70
  A-2    94,573,974.41   0.94573974   2,433,180.59
  X-A             0.00   0.00000000           0.00
  X-B             0.00   0.00000000           0.00
  B-1     7,067,000.00   1.00000000           0.00
  B-2     3,949,000.00   1.00000000           0.00
  B-3     2,495,000.00   1.00000000           0.00
  B-4     1,455,000.00   1.00000000           0.00
  B-5       831,000.00   1.00000000           0.00
  B-6     1,871,544.03   1.00000000           0.00
  A-R             0.00   0.00000000           0.00
        --------------   ----------  -------------
Totals  384,836,949.07   0.92570378  11,894,795.29
        --------------   ----------  -------------
</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   Total Principal
Class     Amount          Balance     Distribution  Distribution   Accretion   Loss (3)      Reduction
-----  --------------  -------------  ------------  ------------  ----------  ----------  ---------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>         <C>
 A-1   298,055,000.00   946.32213964   0.00000000    31.74452601  0.00000000  0.00000000    31.74452601
 A-2   100,000,000.00   970.07155000   0.00000000    24.33180590  0.00000000  0.00000000    24.33180590
 X-A             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
 B-1     7,067,000.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-2     3,949,000.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-3     2,495,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-4     1,455,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-5       831,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000     0.00000000
 B-6     1,871,544.03  1000.00000000   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

<CAPTION>
           Ending       Ending
        Certificate   Certificate  Total Principal
Class     Balance     Percentage    Distribution
-----  -------------  ----------   ---------------
<S>    <C>            <C>          <C>
 A-1    914.57761363  0.91457761     31.74452601
 A-2    945.73974410  0.94573974     24.33180590
 X-A      0.00000000  0.00000000      0.00000000
 X-B      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
 A-R      0.00000000  0.00000000      0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                       Beginning                   Payment of               Non-
                          Current     Certificate/     Current       Unpaid     Current   Supported
        Original Face   Certificate     Notional       Accrued      Interest    Interest  Interest   Realized
 Class      Amount         Rate         Balance        Interest     Shortfall  Shortfall  Shortfall  Loss (4)
 -----  --------------  -----------  --------------  ------------  ----------  ---------  ---------  --------
<S>     <C>             <C>          <C>             <C>           <C>         <C>        <C>        <C>
  A-1   298,055,000.00    3.22000%   282,056,045.33    756,850.39      0.00       0.00      0.00       0.00
  A-2   100,000,000.00    3.16875%    97,007,155.00    256,159.52      0.00       0.00      0.00       0.00
  X-A             0.00    0.46522%   379,063,200.33    146,955.27      0.00       0.00      0.00       0.00
  X-B             0.00    0.13742%    13,511,000.00      1,547.24      0.00       0.00      0.00       0.00
  B-1     7,067,000.00    3.41000%     7,067,000.00     20,082.06      0.00       0.00      0.00       0.00
  B-2     3,949,000.00    3.69000%     3,949,000.00     12,143.18      0.00       0.00      0.00       0.00
  B-3     2,495,000.00    4.24000%     2,495,000.00      8,815.67      0.00       0.00      0.00       0.00
  B-4     1,455,000.00    3.67273%     1,455,000.00      4,453.18      0.00       0.00      0.00       0.00
  B-5       831,000.00    3.67273%       831,000.00      2,543.36      0.00       0.00      0.00       0.00
  B-6     1,871,544.03    3.67273%     1,871,544.03      5,728.06      0.00       0.00      0.00       0.00
  A-R           100.00    3.75169%             0.00          0.00      0.00       0.00      0.00       0.00
        --------------                               ------------      ----       ----      ----       ----
Totals  415,723,644.03                               1,215,277.93      0.00       0.00      0.00       0.00
        --------------                               ------------      ----       ----      ----       ----

<CAPTION>
                      Remaining      Ending
           Total       Unpaid     Certificate/
          Interest    Interest     Notational
 Class  Distribution  Shortfall      Balance
 -----  ------------  ---------  ---------------
<S>     <C>           <C>        <C>
  A-1     756,850.39    0.00     272,594,430.63
  A-2     256,159.52    0.00      94,573,974.41
  X-A     149,955.27    0.00     367,168,405.04
  X-B         310.94    0.00      13,511,000.00
  B-1      20,082.06    0.00       7,067,000.00
  B-2      12,143.18    0.00       3,949,000.00
  B-3       8,815.67    0.00       2,495,000.00
  B-4       4,453.18    0.00       1,455,000.00
  B-5       2,543.36    0.00         831,000.00
  B-6       5,728.06    0.00       1,871,544.03
  A-R           0.51    0.00               0.00
        ------------    ----
Totals  1,214,042.14    0.00
        ------------    ----
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                          Beginning                Payment of                Non-
                             Current     Certificate/   Current      Unpaid     Current    Supported
            Original Face  Certificate     Notional     Accrued     Interest   Interest    Interest     Realized
Class (5)       Amount        Rate         Balance      Interest    Shortfall  Shortfall   Shortfall    Loss (6)
---------  --------------  -----------  -------------  ----------  ----------  ----------  ----------  ----------
<S>        <C>             <C>          <C>            <C>         <C>         <C>         <C>         <C>
   A-1     298,055,000.00    3.22000%    946.32213964  2.53929775  0.00000000  0.00000000  0.00000000  0.00000000
   A-2     100,000,000.00    3.16875%    970.07155000  2.56159520  0.00000000  0.00000000  0.00000000  0.00000000
   X-A               0.00    0.46522%    952.28850367  0.36918333  0.00000000  0.00000000  0.00000000  0.00000000
   X-B               0.00    0.13742%   1000.00000000  0.11451706  0.00000000  0.00000000  0.00000000  0.00000000
   B-1       7,067,000.00    3.41000%   1000.00000000  2.84166690  0.00000000  0.00000000  0.00000000  0.00000000
   B-2       3,949,000.00    3.69000%   1000.00000000  3.07500127  0.00000000  0.00000000  0.00000000  0.00000000
   B-3       2,495,000.00    4.24000%   1000.00000000  3.53333467  0.00000000  0.00000000  0.00000000  0.00000000
   B-4       1,455,000.00    3.67273%   1000.00000000  3.06060481  0.00000000  0.00000000  0.00000000  0.00000000
   B-5         831,000.00    3.67273%   1000.00000000  3.06060168  0.00000000  0.00000000  0.00000000  0.00000000
   B-6       1,871,544.03    3.67273%   1000.00000000  3.06060659  0.00000000  0.00000000  0.00000000  0.00000000
   A-R             100.00    3.75169%      0.00000000  0.00000000  0.00000000  0.00000000  0.00000000  0.00000000

<CAPTION>
                         Remaining      Ending
              Total       Unpaid      Certificate/
             Interest     Interest    Notational
Class (5)  Distribution  Shortfall     Balance
---------  ------------  ----------  -------------
<S>        <C>           <C>         <C>
   A-1       2.53929775  0.00000000   914.57761363
   A-2       2.56159520  0.00000000   945.73974410
   X-A       0.36918333  0.00000000   922.40621281
   X-B       0.02301384  0.00000000  1000.00000000
   B-1       2.84166690  0.00000000  1000.00000000
   B-2       3.07500127  0.00000000  1000.00000000
   B-3       3.53333467  0.00000000  1000.00000000
   B-4       3.06060481  0.00000000  1000.00000000
   B-5       3.06060168  0.00000000  1000.00000000
   B-6       3.06060659  0.00000000  1000.00000000
   A-R       5.10000000  0.00000000     0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                           13,211,887.56
         Liquidations, Insurance Proceeds, Reserve Funds                       0.00
         Proceeds from Repurchased Loans                                       0.00
         Other Amounts (Servicer Advances)                                40,136.20
         Realized Losses (Gains, Subsequent Expenses & Recoveries)             0.00
         Prepayment Penalties                                                  0.00
                                                                      -------------
Total Deposits                                                        13,252,023.76

Withdrawals
         Reimbursement for Servicer Advances                              15,006.67
         Payment of Service Fee                                          128,179.66
         Payment of Interest and Principal                            13,108,837.43
                                                                      -------------
Total Withdrawals (Pool Distribution Amount)                          13,252,023.76

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                                      124,047.04
Master Servicing Fee                                       4,132.62
Supported Prepayment/Curtailment Interest Shortfall            0.00
                                                         ----------

Net Servicing Fee                                        128,179.66
                                                         ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                               Beginning     Current      Current   Ending
     Account Type               Balance    Withdrawals   Deposits   Balance
     ------------              ---------   -----------   --------   -------
<S>                            <C>         <C>           <C>       <C>
X-A Pool 1 Reserve Fund        4,500.00         0.00         0.00  4,500.00
X-A Pool 2 Reserve Fund        4,500.00         0.00         0.00  4,500.00
X-B Reserve Fund               1,000.00     1,236.30     1,236.30  1,000.00
</TABLE>

<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>        <C>
0-29 Days          0                 0.00
30 Days           33        11,956,457.12
60 Days            0                 0.00
90 Days            1           740,172.89
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --        -------------
                  34        12,696,630.01
</TABLE>

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>            <C>            <C>
0-29 Days      0.000000%      0.000000%
30 Days        2.894737%      3.106883%
60 Days        0.000000%      0.000000%
90 Days        0.087719%      0.192334%
120 Days       0.000000%      0.000000%
150 Days       0.000000%      0.000000%
180+ Days      0.000000%      0.000000%
               --------       --------
               2.982456%      3.299217%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                No. of        Principal
                Loans          Balance
<S>             <C>           <C>
0-29 Days         0             0.00
30 Days           0             0.00
60 Days           0             0.00
90 Days           0             0.00
120 Days          0             0.00
150 Days          0             0.00
180+ Days         0             0.00
                  -             ----
                  0             0.00
</TABLE>

<TABLE>
<CAPTION>
                No. of    Principal
                Loans      Balance
<S>           <C>         <C>
0-29 Days     0.000000%   0.000000%
30 Days       0.000000%   0.000000%
60 Days       0.000000%   0.000000%
90 Days       0.000000%   0.000000%
120 Days      0.000000%   0.000000%
150 Days      0.000000%   0.000000%
180+ Days     0.000000%   0.000000%
              --------    --------
              0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>          <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                   -             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>          <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                   -             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>        <C>
0-29 Days          0                 0.00
30 Days           33        11,956,457.12
60 Days            0                 0.00
90 Days            1           740,172.89
120 Days           0                 0.00
150 Days           0                 0.00
180+ Days          0                 0.00
                  --        -------------
                  34        12,696,630.01
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        2.894737%     3.106883%
60 Days        0.000000%     0.000000%
90 Days        0.087719%     0.192334%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               2.982456%     3.299217%
</TABLE>

<TABLE>
<S>                                        <C>                                                 <C>                       <C>
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties   0.00 Periodic Advance     40,136.20
</TABLE>

<TABLE>
<CAPTION>
             Original $     Original %     Current $    Current %   Current Class %  Prepayment %
             ----------     ----------     ---------    ---------   ---------------  ------------
<S>         <C>            <C>          <C>            <C>          <C>              <C>
Class A     17,668,544.03  4.25006956%  17,668,544.03  4.59117662%     95.408823%      0.000000%
Class B-1   10,601,544.03  2.55014219%  10,601,544.03  2.75481449%      1.836362%     39.997636%
Class B-2    6,652,544.03  1.60023230%   6,642,544.03  1.72866562%      1.026149%     22.350455%
Class B-3    4,157,544.03  1.00007399%   4,157,544.03  1.08033910%      0.648327%     14.121141%
Class B-4    2,702,544.03  0.65008187%   2,702,544.03  0.70225690%      0.378082%      8.234974%
Class B-5    1,871,544.03  0.45018946%   1,871,544.03  0.48632129%      0.215936%      4.703274%
Class B-6            0.00  0.00000000%           0.00  0.00000000%      0.486321%     10.592520%
</TABLE>

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

<PAGE>

                          DELINQUENCY STATUS BY GROUP

                                   DELINQUENT

GROUP  ONE

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>              <C>       <C>
0-29 Days          0               0.00
30 Days           23       8,969,693.56
60 Days            0               0.00
90 Days            1         740,172.89
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  24       9,709,866.45
</TABLE>

<TABLE>
<CAPTION>
                 No. of     Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        2.725118%    3.138177%
60 Days        0.000000%    0.000000%
90 Days        0.118483%    0.258960%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               2.843602%    3.397138%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                No. of        Principal
                Loans          Balance
<S>             <C>           <C>
0-29 Days         0             0.00
30 Days           0             0.00
60 Days           0             0.00
90 Days           0             0.00
120 Days          0             0.00
150 Days          0             0.00
180+ Days         0             0.00
                 --             ----
                  0             0.00
</TABLE>

<TABLE>
<CAPTION>
                No. of    Principal
                Loans      Balance
<S>           <C>         <C>
0-29 Days     0.000000%   0.000000%
30 Days       0.000000%   0.000000%
60 Days       0.000000%   0.000000%
90 Days       0.000000%   0.000000%
120 Days      0.000000%   0.000000%
150 Days      0.000000%   0.000000%
180+ Days     0.000000%   0.000000%
              --------    --------
              0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>          <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                  --             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>          <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                  --             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                     TOTAL

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>              <C>        <C>
0-29 Days          0                0.00
30 Days           23        8,969,693.56
60 Days            0                0.00
90 Days            1          740,172.89
120 Days           0                0.00
150 Days           0                0.00
180+ Days          0                0.00
                  --        ------------
                  24        9,709,866.45
</TABLE>

<TABLE>
<CAPTION>
                 No. of      Principal
                 Loans        Balance
<S>            <C>           <C>
0-29 Days      0.000000%     0.000000%
30 Days        2.725118%     3.138177%
60 Days        0.000000%     0.000000%
90 Days        0.118483%     0.258960%
120 Days       0.000000%     0.000000%
150 Days       0.000000%     0.000000%
180+ Days      0.000000%     0.000000%
               --------      --------
               2.843602%     3.397138%
</TABLE>

                                   DELINQUENT

GROUP TWO

<TABLE>
<CAPTION>
                No. of       Principal
                Loans         Balance
<S>             <C>        <C>
0-29 Days          0               0.00
30 Days           10       2,986,763.56
60 Days            0               0.00
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  10       2,986,763.56
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        3.378378%    3.016546%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               3.378378%    3.016546%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
              1.183654%
                No. of       Principal
                Loans         Balance
<S>           <C>            <C>
0-29 Days         0             0.00
30 Days           0             0.00
60 Days           0             0.00
90 Days           0             0.00
120 Days          0             0.00
150 Days          0             0.00
180+ Days         0             0.00
                 --             ----
                  0             0.00
</TABLE>

<TABLE>
<CAPTION>
                No. of    Principal
                Loans      Balance
<S>           <C>         <C>
0-29 Days     0.000000%   0.000000%
30 Days       0.000000%   0.000000%
60 Days       0.000000%   0.000000%
90 Days       0.000000%   0.000000%
120 Days      0.000000%   0.000000%
150 Days      0.000000%   0.000000%
180+ Days     0.000000%   0.000000%
              --------    --------
              0.000000%   0.000000%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                 No. of       Principal
                 Loans         Balance
<S>              <C>          <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                  --             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                 No. of        Principal
                 Loans          Balance
<S>              <C>           <C>
0-29 Days          0             0.00
30 Days            0             0.00
60 Days            0             0.00
90 Days            0             0.00
120 Days           0             0.00
150 Days           0             0.00
180+ Days          0             0.00
                  --             ----
                   0             0.00
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal
                 Loans      Balance
<S>            <C>         <C>
0-29 Days      0.000000%   0.000000%
30 Days        0.000000%   0.000000%
60 Days        0.000000%   0.000000%
90 Days        0.000000%   0.000000%
120 Days       0.000000%   0.000000%
150 Days       0.000000%   0.000000%
180+ Days      0.000000%   0.000000%
               --------    --------
               0.000000%   0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                No. of       Principal
                 Loans        Balance
<S>             <C>        <C>
0-29 Days          0               0.00
30 Days           10       2,986,763.56
60 Days            0               0.00
90 Days            0               0.00
120 Days           0               0.00
150 Days           0               0.00
180+ Days          0               0.00
                  --       ------------
                  10       2,986,763.56
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal
                 Loans       Balance
<S>            <C>          <C>
0-29 Days      0.000000%    0.000000%
30 Days        3.378378%    3.016546%
60 Days        0.000000%    0.000000%
90 Days        0.000000%    0.000000%
120 Days       0.000000%    0.000000%
150 Days       0.000000%    0.000000%
180+ Days      0.000000%    0.000000%
               --------     --------
               3.378378%    3.016546%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                                     Mixed ARM
<S>                                                                  <C>
Weighted Average Gross Coupon                                              4.059836%
Weighted Average Net Coupon                                                3.684630%
Weighted Average Pass-Through Rate                                         3.672130%
Weighted Average Maturity (Stepdown Calculation)                                332

Beginning Scheduled Collateral Loan Count                                     1,166
Number of Loans Paid in Full                                                     26
Ending Scheduled Collateral Loan Count                                        1,140

Beginning Scheduled Collateral Balance                               396,731,744.36
Ending Scheduled Collateral Balance                                  384,836,949.07
Ending Actual Collateral Balance at 29-Apr-2005                      384,837,642.54

Monthly P&I Constant                                                   1,342,221.62
Special Servicing Fee                                                          0.00
Prepayment Penalties                                                           0.00
Realization Loss Amount                                                        0.00
Cumulative Realized Loss                                                       0.00

Class A Optimal Amount                                                13,053,524.17

Scheduled Principal                                                            0.00
Unscheduled Principal                                                 11,894,795.29
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                            <C>
Pro Rata Senior Percent        95.546476%
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
              GROUP                       POOL ONE             POOL TWO             TOTAL
      Collateral Description              Mixed ARM       6 Month LIBOR ARM        Mixed ARM
<S>                                    <C>                <C>                   <C>
Weighted Average Coupon Rate                 4.093869              3.960775           4.059836
Weighted Average Net Rate                    3.718732              3.585366           3.684630
Pass-Through Rate                            3.706232              3.572866           3.672130
Weighted Average Maturity                         331                   336                332
Record Date                                04/29/2005            04/29/2005         04/29/2005
Principal and Interest Constant          1,007,384.62            334,837.00       1,342,221.62
Beginning Loan Count                              865                   301              1,166
Loans Paid in Full                                 21                     5                 26
Ending Loan Count                                 844                   296              1,140
Beginning Scheduled Balance            295,285,851.31        101,445,893.05     396,731,744.36
Ending Scheduled Balance               285,824,236.61         99,012,712.46     384,836,949.07
Scheduled Principal                              0.00                  0.00               0.00
Unscheduled Principal                    9,461,614.70          2,433,180.59      11,894,795.29
Scheduled Interest                       1,007,384.62            334,837.00       1,342,221.62
Servicing Fee                               92,310.58             31,736.46         124,047.04
Master Servicing Fee                         3,075.89              1,056.73           4,132.62
Trustee Fee                                      0.00                  0.00               0.00
FRY Amount                                       0.00                  0.00               0.00
Special Hazard Fee                               0.00                  0.00               0.00
Other Fee                                        0.00                  0.00               0.00
Pool Insurance Fee                               0.00                  0.00               0.00
Spread 1                                         0.00                  0.00               0.00
Spread 2                                         0.00                  0.00               0.00
Spread 3                                         0.00                  0.00               0.00
Net Interest                               911,998.15            302,043.81       1,214,041.96
Realized Loss Amount                             0.00                  0.00               0.00
Cumulative Realized Loss                         0.00                  0.00               0.00
Percentage of Cumulative Losses                  0.00                  0.00               0.00
Prepayment Penalties                             0.00                  0.00               0.00
Special Servicing Fee                            0.00                  0.00               0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Group Pool One
One Month Libor Loan Balance                                     148,026,349.83
Six Month Libor Loan Balance                                     137,797,886.78
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Principal Transfer Amount                                                  0.00
Interest Transfer Amount                                                   0.00

Group Pool Two
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%
Principal Transfer Amount                                                  0.00
Interest Transfer Amount                                                   0.00
</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

                                SHT SERIES 2004-1
                           RECORD DATE: APRIL 29, 2005
                         DISTRIBUTION DATE: MAY 20, 2005

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                           Certificate     Certificate          Beginning
                              Class        Pass-Through        Certificate        Interest         Principal
Class          CUSIP       Description         Rate              Balance        Distribution      Distribution
-----        ---------     -----------     ------------       --------------    -------------     -------------
<S>          <C>           <C>             <C>                <C>               <C>               <C>
 NOTE        817419AA2         SEN           3.22000%         257,491,078.08       690,934.39     10,386,597.82
  L          SHT04002L         DRAW          0.00000%                   0.00             0.00              0.00
  O          SHT04002O          OC           0.00000%           3,963,051.02       408,424.96              0.00
AMBAC                          FEE           0.12000%                   0.00        25,749.11              0.00
                                                              --------------     ------------     -------------
Totals                                                        261,454,129.10     1,125,108.46     10,386,597.82
                                                              --------------     ------------     -------------
</TABLE>

<TABLE>
<CAPTION>
              Current      Ending
             Realized    Certificate           Total            Cumulative
Class          Loss        Balance          Distribution       Realized Loss
-----        --------   --------------     -------------       -------------
<S>          <C>        <C>                <C>                 <C>
 NOTE          0.00     247,104,480.26     11,077,532.21             0.00
  L            0.00               0.00              0.00             0.00
  O            0.00       3,963,051.02        408,424.96             0.00
AMBAC          0.00               0.00         25,749.11             0.00
               ----     --------------     -------------             ----
Totals         0.00     251,067,531.28     11,511,706.28             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>
 NOTE       317,044,000.00    257,491,078.08        0.00          10,386,597.82        0.00         0.00
  L                   0.00              0.00        0.00                   0.00        0.00         0.00
  O                  81.98      3,963,051.02        0.00                   0.00        0.00         0.00
AMBAC                 0.00              0.00        0.00                   0.00        0.00         0.00
            --------------    --------------        ----          -------------        ----         ----
Totals      317,044,081.98    261,454,129.10        0.00          10,386,597.82        0.00         0.00
            --------------    --------------        ----          -------------        ----         ----
</TABLE>

<TABLE>
<CAPTION>
                    Total               Ending            Ending
                  Principal          Certificate        Certificate       Total Principal
Class             Reduction            Balance           Percentage        Distribution
------          --------------     --------------     ---------------     ---------------
<S>             <C>                <C>                <C>                 <C>
 NOTE           10,386,597.82      247,104,480.26          0.77940122      10,386,597.82
  L                      0.00                0.00          0.00000000               0.00
  O                      0.00        3,963,051.02     48,341.68114174               0.00
AMBAC                    0.00                0.00          0.00000000               0.00
                -------------      --------------     ---------------      -------------
Totals          10,386,597.82      251,067,531.28          0.79190102      10,386,597.82
                -------------      --------------     ---------------      -------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                  Scheduled     Unscheduled
            Original Face        Beginning        Principal      Principal                         Realized
Class          Amount       Certificate Balance  Distribution   Distribution     Accretion         Loss (3)
-----       --------------  -------------------  ------------   -------------    ----------        --------
<S>         <C>             <C>                  <C>            <C>              <C>              <C>
 NOTE       317,044,000.00         812.16196515    0.00000000    32.76074557     0.00000000       0.00000000
  L                   0.00           0.00000000    0.00000000     0.00000000     0.00000000       0.00000000
  O                  81.98     8341681.14174190    0.00000000     0.00000000     0.00000000       0.00000000
AMBAC                 0.00           0.00000000    0.00000000     0.00000000     0.00000000       0.00000000
</TABLE>

<TABLE>
<CAPTION>
               Total                                 Ending          Total
             Principal    Ending Certificate      Certificate      Principal
Class        Reduction          Balance            Percentage     Distribution
-----       -----------   ------------------     --------------   ------------
<S>         <C>           <C>                    <C>              <C>
 NOTE       32.76074557         779.40121958         0.77940122   32.76074557
  L          0.00000000           0.00000000         0.00000000    0.00000000
  O          0.00000000    48341681.14174190     48341.68114174    0.00000000
AMBAC        0.00000000           0.00000000         0.00000000    0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                Beginning                     Payment of
                                Current        Certificate/       Current       Unpaid       Current     Non-Supported
            Original Face     Certificate        Notional        Accrued       Interest      Interest      Interest      Realized
Class           Amount           Rate            Balance         Interest     Shortfall     Shortfall      Shortfall     Loss (4)
------      --------------    -----------     --------------    ----------    ----------    ---------    -------------   --------
<S>         <C>               <C>             <C>               <C>           <C>           <C>          <C>             <C>
 NOTE       317,044,000.00     3.22000%       257,491,078.08    690,934.39       0.00          0.00         0.00          0.00
  L                   0.00     0.00000%                 0.00          0.00       0.00          0.00         0.00          0.00
  O                  81.98     0.00000%         3,963,051.02          0.00       0.00          0.00         0.00          0.00
AMBAC                 0.00     0.12000%       257,491,078.08     25,749.11       0.00          0.00         0.00          0.00
            --------------                                      ----------       ----          ----         ----          ----
Totals      317,044,081.98                                      716,683.50       0.00          0.00         0.00          0.00
            --------------                                      ----------       ----          ----         ----          ----
</TABLE>

<TABLE>
<CAPTION>
                              Remaining           Ending
                                Unpaid         Certificate/
            Total Interest     Interest         Notational
Class        Distribution     Shortfall          Balance
-----       --------------    ---------       --------------
<S>         <C>               <C>             <C>
 NOTE            690,934.39      0.00         247,104,480.26
  L                    0.00      0.00                   0.00
  O              408,424.96      0.00           3,963,051.02
AMBAC             25,749.11      0.00         247,104,480.26
               ------------      ----
Totals         1,125,108.46      0.00
               ------------      ----
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                               Payment of
                                 Current         Beginning        Current        Unpaid       Current   Non-Supported
             Original Face     Certificate     Certificate/       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>
  NOTE       317,044,000.00      3.22000%         812.16196515   2.17930126    0.00000000   0.00000000   0.00000000    0.00000000
    L                  0.00      0.00000%           0.00000000   0.00000000    0.00000000   0.00000000   0.00000000    0.00000000
    O                 81.98      0.00000%    48341681.14174190   0.00000000    0.00000000   0.00000000   0.00000000    0.00000000
  AMBAC                0.00      0.12000%         812.16196515   0.08121620    0.00000000   0.00000000   0.00000000    0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                      Remaining
                                       Unpaid
                   Total Interest     Interest    Ending Certificate/
Class (5)           Distribution      Shortfall   Notational Balance
---------         ----------------   ----------   -------------------
<S>               <C>                <C>          <C>
  NOTE                  2.17930126   0.00000000        779.40121958
    L                   0.00000000   0.00000000          0.00000000
    O             4982007.31885826   0.00000000   48341681.14174190
  AMBAC                 0.08121620   0.00000000        779.40121958
</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                                  11,622,150.51
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                            0.00
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               11,622,150.51

Withdrawals
         Reimbursement for Servicer Advances                                          0.00
         Payment of Service Fee                                                 110,444.23
         Payment of Interest and Principal                                   11,511,706.28
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 11,622,150.51

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                                                    107,176.05
Master Servicing Fee                                                     3,268.18
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      110,444.23
                                                                       ==========
</TABLE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                         Beginning          Current          Current        Ending
   Account Type           Balance         Withdrawals        Deposits      Balance
------------------       ---------        -----------        --------      -------
<S>                      <C>              <C>                <C>           <C>
Financial Guaranty          0.00              0.00             0.00          0.00
</TABLE>
<PAGE>

            LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

                                   DELINQUENT

<TABLE>
<CAPTION>
                       No. of
                       Loans       Principal Balance
<S>                    <C>         <C>
0-29 Days                0                  0.00
30 Days                  0                  0.00
60 Days                  1             58,657.55
90 Days                  0                  0.00
120 Days                 0                  0.00
150 Days                 0                  0.00
180+ Days                0                  0.00
                        --             ---------
                         1             58,657.55
</TABLE>

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days            0.000000%         0.000000%
30 Days              0.000000%         0.000000%
60 Days              0.024504%         0.023363%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------          --------
                     0.024504%         0.023363%
</TABLE>

                                   BANKRUPTCY

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days                4            218,908.81
30 Days                  1             33,610.66
60 Days                  0                  0.00
90 Days                  0                  0.00
120 Days                 0                  0.00
150 Days                 0                  0.00
180+ Days                0                  0.00
                        --            ----------
                         5            252,519.47
</TABLE>

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days            0.098015%         0.087191%
30 Days              0.024504%         0.013387%
60 Days              0.000000%         0.000000%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------          --------
                     0.122519%         0.100578%
</TABLE>

                                   FORECLOSURE

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days                 0              0.00
30 Days                   0              0.00
60 Days                   0              0.00
90 Days                   0              0.00
120 Days                  0              0.00
150 Days                  0              0.00
180+ Days                 0              0.00
                         --              ----
                          0              0.00
</TABLE>

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days            0.000000%         0.000000%
30 Days              0.000000%         0.000000%
60 Days              0.000000%         0.000000%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------          --------
                     0.000000%         0.000000%
</TABLE>

                                       REO

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days                0               0.00
30 Days                  0               0.00
60 Days                  0               0.00
90 Days                  0               0.00
120 Days                 0               0.00
150 Days                 0               0.00
180+ Days                0               0.00
                        --               ----
                         0               0.00
</TABLE>

<TABLE>
<CAPTION>
                      No. of
                       Loans       Principal Balance
<S>                  <C>           <C>
0-29 Days            0.000000%         0.000000%
30 Days              0.000000%         0.000000%
60 Days              0.000000%         0.000000%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------          --------
                     0.000000%         0.000000%
</TABLE>

                                      TOTAL

<TABLE>
<CAPTION>
                      No. of       Principal Balance
                       Loans
<S>                  <C>           <C>
0-29 Days                4            218,908.81
30 Days                  1             33,610.66
60 Days                  1             58,657.55
90 Days                  0                  0.00
120 Days                 0                  0.00
150 Days                 0                  0.00
180+ Days                0                  0.00
                        --            ----------
                         6            311,177.02
</TABLE>

<TABLE>
<CAPTION>
                      No. of       Principal Balance
                       Loans
<S>                  <C>           <C>
0-29 Days            0.098015%         0.087191%
30 Days              0.024504%         0.013387%
60 Days              0.024504%         0.023363%
90 Days              0.000000%         0.000000%
120 Days             0.000000%         0.000000%
150 Days             0.000000%         0.000000%
180+ Days            0.000000%         0.000000%
                     --------          --------
                     0.147023%         0.123942%
</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 0.00
</TABLE>

<TABLE>
<S>         <C>        <C>             <C>              <C>             <C>           <C>
Class L     81.98      0.00002586%     3,963,051.02     1.60379570%     0.000000%     0.000000%
Class O      0.00      0.00000000%             0.00     0.00000000%     1.603796%     0.000000%
</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                                          5.670835%
Weighted Average Net Coupon                                            5.178927%
Weighted Average Pass-Through Rate                                     5.163927%
Weighted Average Maturity (Stepdown Calculation)                            115

Beginning Scheduled Collateral Loan Count                                 4,252
Number of Loans Paid in Full                                                171
Ending Scheduled Collateral Loan Count                                    4,081

Beginning Scheduled Collateral Balance                           257,491,078.08
Ending Scheduled Collateral Balance                              247,104,480.26
Ending Actual Collateral Balance at 29-Apr-2005                  251,067,531.28

Monthly P&I Constant                                                       0.00
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realized Loss Amount                                                       0.00
Cumulative Realized Loss                                                   0.00
</TABLE>

<TABLE>
<CAPTION>
MISCELLANEOUS REPORTING
<S>                                                                <C>
Additional Balance Contributed Amount                                      0.00
Additional Balance                                                 8,252,502.89
Cumulative Loss Percent                                                 0.00000%
Managed Amortization Period                                                 YES
Overcollateralization Amount                                       3,963,051.02
Six Month Rolling Delinquency                                         0.2301155%
Specified Overcollateralization Amount                             3,963,051.02
3 Largest Loan Balance                                             5,115,754.43
Draw Amount                                                        8,252,502.89
Rapid Amortization Event                                                     NO
Excess Cashflow                                                      408,424.96
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00086-of-00352.parquet"}]]