Document:

<PAGE>

                                                                    EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660

                                SMT SERIES 2003-1
                           RECORD DATE: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                   Certificate                        Beginning
                      Class     Certificate Pass-    Certificate     Interest      Principal       Current     Ending Certificate
 Class    CUSIP    Description    Through Rate         Balance     Distribution  Distribution   Realized Loss       Balance
---------------------------------------------------------------------------------------------------------------------------------
<S>     <C>        <C>          <C>                <C>             <C>           <C>            <C>            <C>
  1A    81743PAA4      SEN          1.48000%       678,787,911.93    837,171.76  11,497,301.55       0.00        667,290,610.38
  2A    81743PAB2      SEN          1.57000%       160,610,030.23    210,131.46   1,993,802.48       0.00        158,616,227.75
 X-1A   81743PAC0       IO          0.91778%                 0.00    119,633.61           0.00       0.00                  0.00
 X-1B   81743PAD8       IO          1.18158%                 0.00    514,347.55           0.00       0.00                  0.00
  X-2   81743PAE6       IO          1.09876%                 0.00    147,060.03           0.00       0.00                  0.00
  X-B   81743PAF3       IO          0.63386%                 0.00      8,401.24           0.00       0.00                  0.00
  A-R   81743PAG1       R           2.74379%                 0.00          0.00           0.00       0.00                  0.00
  B-1   81743PAH9      SUB          1.98000%        15,905,000.00     26,243.25           0.00       0.00         15,905,000.00
  B-2   81743PAJ5      SUB          2.61386%         8,210,000.00     17,883.14           0.00       0.00          8,210,000.00
  B-3   81743PAK2      SUB          2.61386%         5,644,000.00     12,293.84           0.00       0.00          5,644,000.00
  B-4   SEQ0301B4      SUB          2.61386%         2,565,000.00      5,587.12           0.00       0.00          2,565,000.00
  B-5   SEQ0301B5      SUB          2.61386%         1,539,000.00      3,352.27           0.00       0.00          1,539,000.00
  B-6   SEQ0301B6      SUB          2.61386%         4,105,618.00      8,942.91           0.00       0.00          4,105,618.00
---------------------------------------------------------------------------------------------------------------------------------
Totals                                             877,366,560.16  1,911,048.18  13,491,104.03       0.00        863,875,456.13
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
                   Certificate
                      Class         Total        Cumulative
 Class    CUSIP    Description   Distribution  Realized Loss
------------------------------------------------------------
<S>     <C>        <C>          <C>            <C>
  1A    81743PAA4      SEN         12,334,473       0.00
  2A    81743PAB2      SEN       2,203,933.94       0.00
 X-1A   81743PAC0       IO         119,633.61       0.00
 X-1B   81743PAD8       IO         514,347.55       0.00
  X-2   81743PAE6       IO         147,060.03       0.00
  X-B   81743PAF3       IO           8,401.24       0.00
  A-R   81743PAG1       R                0.00       0.00
  B-1   81743PAH9      SUB          26,243.25       0.00
  B-2   81743PAJ5      SUB          17,883.14       0.00
  B-3   81743PAK2      SUB          12.293.84       0.00
  B-4   SEQ0301B4      SUB           5,587.12       0.00
  B-5   SEQ0301B5      SUB           3,352.27       0.00
  B-6   SEQ0301B6      SUB           8,942.91       0.00
--------------------------------------------------------
Totals                          15,402,152.21       0.00
--------------------------------------------------------
</TABLE>

All distributions required by the Pooling and Servicing Agreement have been
calculated by the Certificate Administrator on behalf of the Trustee.

<PAGE>

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                              Beginning      Scheduled    Unscheduled
          Original Face      Certificate     Principal     Principal               Realized  Total Principal  Ending Certificate
 Class        Amount           Balance     Distribution   Distribution  Accretion  Loss (1)     Reduction          Balance
--------------------------------------------------------------------------------------------------------------------------------
<S>      <C>               <C>             <C>           <C>            <C>        <C>       <C>              <C>
  1A       798,206,000.00  678,787,911.93      0.00      11,497,301.55     0.00      0.00     11,497,301.55     667,290,610.38
  2A       190,000,000.00  160,610,030.23      0.00       1,993,802.48     0.00      0.00      1,993,802.48     158,616,227.75
 X-1A                0.00            0.00      0.00               0.00     0.00      0.00              0.00               0.00
 X-1B                0.00            0.00      0.00               0.00     0.00      0.00              0.00               0.00
  X-2                0.00            0.00      0.00               0.00     0.00      0.00              0.00               0.00
  X-B                0.00            0.00      0.00               0.00     0.00      0.00              0.00               0.00
  A-R              100.00            0.00      0.00               0.00     0.00      0.00              0.00               0.00
  B-1       15,905,000.00   15,905,000.00      0.00               0.00     0.00      0.00              0.00      15,905,000.00
  B-2        8,210,000.00    8,210,000.00      0.00               0.00     0.00      0.00              0.00       8,210,000.00
  B-3        5,644,000.00    5,644,000.00      0.00               0.00     0.00      0.00              0.00       5,644,000.00
  B-4        2,565,000.00    2,565,000.00      0.00               0.00     0.00      0.00              0.00       2,565,000.00
  B-5        1,539,000.00    1,539,000.00      0.00               0.00     0.00      0.00              0.00       1,539,000.00
  B-6        4,105,618.00    4,105,618.00      0.00               0.00     0.00      0.00              0.00       4,105,618.00
------------------------------------------------------------------------------------------------------------------------------
Totals   1,026,174,718.00  877,366,560.16      0.00      13,491,104.03     0.00      0.00     13,491,104.03     863,875,456.13
------------------------------------------------------------------------------------------------------------------------------
</TABLE>

<TABLE>
<CAPTION>
        Ending Certificate  Total Principal
 Class      Percentage        Distribution
-------------------------------------------
<S>     <C>                 <C>
  1A        0.83598797       11,497,301.55
  2A        0.83482225        1,993,802.48
 X-1A       0.00000000                0.00
 X-1B       0.00000000                0.00
  X-2       0.00000000                0.00
  X-B       0.00000000                0.00
  A-R       0.00000000                0.00
  B-1       1.00000000                0.00
  B-2       1.00000000                0.00
  B-3       1.00000000                0.00
  B-4       1.00000000                0.00
  B-5       1.00000000                0.00
  B-6       1.00000000                0.00
------------------------------------------
Totals      0.84184052       13,491,104.03
------------------------------------------
</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                             Beginning      Scheduled      Unscheduled
           Original Face    Certificate     Principal       Principal                     Realized     Total Principal
Class          Amount         Balance      Distribution   Distribution     Accretion      Loss (3)        Reduction
----------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>             <C>            <C>             <C>            <C>           <C>
 1A        798,206,000.00   850.39189373    0.00000000     14.40392775    0.00000000     0.00000000      14.40392775
 2A        190,000,000.00   845.31594858    0.00000000     10.49369726    0.00000000     0.00000000      10.49369726
X-1A                 0.00     0.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
X-1B                 0.00     0.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 X-2                 0.00     0.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 X-B                 0.00     0.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 A-R               100.00     0.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-1        15,905,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-2         8,210,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-3         5,644,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-4         2,565,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-5         1,539,000.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
 B-6         4,105,618.00  1000.00000000    0.00000000      0.00000000    0.00000000     0.00000000       0.00000000
</TABLE>

<TABLE>
<CAPTION>
           Ending Certificate  Ending Certificate   Total Principal
Class           Balance            Percentage        Distribution
-------------------------------------------------------------------
<S>        <C>                 <C>                  <C>
 1A            835.98796599        0.83598797         14.40392775
 2A            834.82225132        0.83482225         10.49369726
X-1A             0.00000000        0.00000000          0.00000000
X-1B             0.00000000        0.00000000          0.00000000
 X-2             0.00000000        0.00000000          0.00000000
 X-B             0.00000000        0.00000000          0.00000000
 A-R             0.00000000        0.00000000          0.00000000
 B-1          1000.00000000        1.00000000          0.00000000
 B-2          1000.00000000        1.00000000          0.00000000
 B-3          1000.00000000        1.00000000          0.00000000
 B-4          1000.00000000        1.00000000          0.00000000
 B-5          1000.00000000        1.00000000          0.00000000
 B-6          1000.00000000        1.00000000          0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                Beginning                  Payment of               Non-
                                              Certificate/      Current      Unpaid     Current   Supported
          Original Face        Current          Notional        Accrued     Interest    Interest  Interest   Realized
 Class        Amount       Certificate Rate      Balance       Interest    Shortfall   Shortfall  Shortfall  Loss (4)
---------------------------------------------------------------------------------------------------------------------
<S>      <C>               <C>               <C>             <C>           <C>         <C>        <C>        <C>
  1A       798,206,000.00      1.48000%      678,787,911.93    837,171.76     0.00        0.00      0.00       0.00
  2A       190,000,000.00      1.57000%      160,610,030.23    210,131.46     0.00        0.00      0.00       0.00
 X-1A                0.00      0.91778%      156,420,738.96    119,633.61     0.00        0.00      0.00       0.00
 X-1B                0.00      1.18158%      522,367,173.96    514,347.55     0.00        0.00      0.00       0.00
  X-2                0.00      1.09875%      160,610,030.23    147,060.03     0.00        0.00      0.00       0.00
  X-B                0.00      0.63386%       15,905,000.00      8,401.24     0.00        0.00      0.00       0.00
  A-R              100.00      2.74379%                0.00          0.00     0.00        0.00      0.00       0.00
  B-1       15,905,000.00      1.98000%       15,905,000.00     26,243.25     0.00        0.00      0.00       0.00
  B-2        8,210,000.00      2.61386%        8,210,000.00     17,883.14     0.00        0.00      0.00       0.00
  B-3        5,644,000.00      2.61386%        5,644,000.00     12,293.84     0.00        0.00      0.00       0.00
  B-4        2,565,000.00      2.61386%        2,565,000.00      5,587.12     0.00        0.00      0.00       0.00
  B-5        1,539,000.00      2.61386%        1,539,000.00      3,352.27     0.00        0.00      0.00       0.00
  B-6        4,105,618.00      2.61386%        4,105,618.00      8,942.91     0.00        0.00      0.00       0.00
-------------------------------------------------------------------------------------------------------------------
Totals   1,026,174,718.00                                    1,911,048.18     0.00        0.00      0.00       0.00
-------------------------------------------------------------------------------------------------------------------

<CAPTION>
                          Remaining       Ending
                           Unpaid     Certificate/
         Total Interest   Interest     Notational
 Class    Distribution   Shortfall       Balance
---------------------------------------------------
<S>      <C>             <C>         <C>
  1A        837,171.76      0.00     667,290,610.38
  2A        210,131.46      0.00     158,616,227.75
 X-1A       119,633.61      0.00     154,475,144.37
 X-1B       514,347.55      0.00     512,815,467.00
  X-2       147,060.03      0.00     158,616,227.75
  X-B         8,401.24      0.00      15,905,000.00
  A-R             0.00      0.00               0.00
  B-1        26,243.25      0.00      15,905,000.00
  B-2        17,883.14      0.00       8,210,000.00
  B-3        12,293.84      0.00       5,644,000.00
  B-4         5,587.12      0.00       2,565,000.00
  B-5         3,352.27      0.00       1,539,000.00
  B-6         8,942.91      0.00       4,105,618.00
---------------------------------------------------
Totals    1,911,048.18      0.00
---------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                           Payment of                   Non-
                             Current       Beginning                         Unpaid      Current     Supported
Class     Original Face    Certificate    Certificate/    Current Accrued   Interest    Interest      Interest    Realized
 (5)          Amount          Rate      Notional Balance     Interest       Shortfall   Shortfall    Shortfall    Loss (6)
---------------------------------------------------------------------------------------------------------------------------
<S>       <C>              <C>          <C>               <C>              <C>          <C>          <C>         <C>
 1A       798,206,000.00     1.48000%      850.39189373     1.04881667     0.00000000   0.00000000   0.00000000  0.00000000
 2A       190,000,000.00     1.57000%      845.31594858     1.10595505     0.00000000   0.00000000   0.00000000  0.00000000
X-1A                0.00     0.91778%      853.92686211     0.65309980     0.00000000   0.00000000   0.00000000  0.00000000
X-1B                0.00     1.18158%      849.33905043     0.83629960     0.00000000   0.00000000   0.00000000  0.00000000
 X-2                0.00     1.09876%      845.31594858     0.77400016     0.00000000   0.00000000   0.00000000  0.00000000
 X-B                0.00     0.63386%     1000.00000000     0.52821377     0.00000000   0.00000000   0.00000000  0.00000000
 A-R              100.00     2.74379%        0.00000000     0.00000000     0.00000000   0.00000000   0.00000000  0.00000000
 B-1       15,905,000.00     1.98000%     1000.00000000     1.65000000     0.00000000   0.00000000   0.00000000  0.00000000
 B-2        8,210,000.00     2.61386%     1000.00000000     2.17821437     0.00000000   0.00000000   0.00000000  0.00000000
 B-3        5,644,000.00     2.61386%     1000.00000000     2.17821403     0.00000000   0.00000000   0.00000000  0.00000000
 B-4        2,565,000.00     2.61386%     1000.00000000     2.17821442     0.00000000   0.00000000   0.00000000  0.00000000
 B-5        1,539,000.00     2.61386%     1000.00000000     2.17821313     0.00000000   0.00000000   0.00000000  0.00000000
 B-6        4,105,618.00     2.61386%     1000.00000000     2.17821288     0.00000000   0.00000000   0.00000000  0.00000000

<CAPTION>
                            Remaining
                             Unpaid
Class     Total Interest    Interest    Ending Certificate/
 (5)       Distribution     Shortfall   Notational Balance
-----------------------------------------------------------
<S>       <C>              <C>          <C>
 1A         1.04881667     0.00000000       835.98796599
 2A         1.10595505     0.00000000       834.82225132
X-1A        0.65309980     0.00000000       843.30553725
X-1B        0.83629960     0.00000000       833.80852300
 X-2        0.77400016     0.00000000       834.82225132
 X-B        0.52821377     0.00000000      1000.00000000
 A-R        0.00000000     0.00000000        0.000000000
 B-1        1.65000000     0.00000000      1000.00000000
 B-2        2.17821437     0.00000000      1000.00000000
 B-3        2.17821403     0.00000000      1000.00000000
 B-4        2.17821442     0.00000000      1000.00000000
 B-5        2.17821313     0.00000000      1000.00000000
 B-6        2.17821288     0.00000000      1000.00000000
</TABLE>

(5) Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                             15,684,503.91
         Liquidations, Insurance Proceeds, Reserve Funds                         0.00
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                   2,556.77
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          15,687,060.68

Withdrawals
         Reimbursement for Servicer Advances                                 1,868.97
         Payment of Service Fee                                            283,039.51
         Payment of Interest and Principal                              15,402,152.20
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            15,687,060.68

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

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL

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

Non-Supported Prepayment Curtailment Interest Shortfall                          0.00
                                                                                 ====
</TABLE>

                                 SERVICING FEES

<TABLE>
<S>                                                                        <C>
Gross Servicing Fee                                                        275,728.12
Master Servicing Fee                                                         7,311.39
Supported Prepayment/Curtailment Interest Shortfall                              0.00
                                                                           ----------

Net Servicing Fee                                                          283,039.51
                                                                           ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                            Beginning          Current          Current       Ending
           Account Type                      Balance         Withdrawals       Deposits       Balance
-----------------------------------------------------------------------------------------------------
<S>                                         <C>              <C>               <C>           <C>
Class X-1 Reserve Fund Sub Account          5,000.00            0.00             0.00        5,000.00
Class X-2 Reserve Fund Sub Account          2,500.00            0.00             0.00        2,500.00
Class X-B Reserve Fund Sub Account          2,500.00            0.00             0.00        2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
-------------------------------------   ---------------------------------   ----------------------------------
                No. of     Principal                  No. of    Principal                 No. of    Principal
                 Loans      Balance                   Loans      Balance                  Loans      Balance
<S>           <C>          <C>          <C>         <C>         <C>         <C>        <C>          <C>
0-29 Days          0             0.00   0-29 Days       0           0.00    0-29 Days       0             0.00
30 Days            0             0.00   30 Days         0           0.00    30 Days         0             0.00
60 Days            0             0.00   60 Days         0           0.00    60 Days         0             0.00
90 Days            1       499,843.75   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          1       275,900.00   180+ Days       0           0.00    180+ Days       1       280,250.00
              -----------------------               --------------------               -----------------------
                   2       775,743.75                   0           0.00                    1       280,250.00

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

0-29 Days      0.000000%     0.000000%  0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days        0.000000%     0.000000%  30 Days     0.000000%   0.000000%   30 Days     0.000000%     0.000000%
60 Days        0.000000%     0.000000%  60 Days     0.000000%   0.000000%   60 Days     0.000000%     0.000000%
90 Days        0.040177%     0.057860%  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      0.040177%     0.031937%  180+ Days   0.000000%   0.000000%   180+ Days   0.040177%     0.032441%
              -----------------------               --------------------               -----------------------
               0.080354%     0.089797%              0.000000%   0.000000%               0.040177%     0.032441%
</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         0               0.00
60 Days          0           0.00    60 Days         0               0.00
90 Days          0           0.00    90 Days         1         499,843.75
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       2         556,150.00
             --------------------                ------------------------
                 0           0.00                    3       1,055,993.75

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.000000%       0.000000%
60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.040177%       0.057860%
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   0.080354%       0.064378%
             --------------------                ------------------------
             0.000000%   0.000000%               0.120530%       0.122238%
</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  2,556.77
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                         Original $            Original%        Current $          Current %      Current Class %    Prepayment %
                         ----------            ---------        ---------          ---------      ---------------    ------------
<S>                  <C>                     <C>              <C>                <C>              <C>                <C>
Class A              1,026,174,618.00        99.99999026%     863,875,456.13     100.00000000%       95.604850%          0.000000%
Class 1A               227,968,618.00        22.21538048%     196,584,845.75      22.75615592%       77.243844%      1,757.479322%
Class 2A                37,968,618.00         3.70001495%      37,968,618.00       4.39514952%       18.361006%        417.756126%
Class X-1-A             37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class X-1-B             37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class X-2               37,968,618.00         3.70001495%      37,968,618.00       4.39514952%        0.000000%          0.000000%
Class B-1               22,063,618.00         2.15008396%      22,063,618.00       2.55402765%        1.841122%         41.889858%
Class B-2               13,853,618.00         1.35002527%      13,853,618.00       1.60365917%        0.950368%         21.623120%
Class B-3                8,209,618.00         0.80002146%       8,209,618.00       0.95032426%        0.653335%         14.864908%
Class B-4                5,644,618.00         0.55006403%       5,644,618.00       0.65340646%        0.296918%          6.755579%
Class B-5                4,105,618.00         0.40008957%       4,105,618.00       0.47525578%        0.178151%          4.053347%
Class B-6                        0.00         0.00000000%               0.00       0.00000000%        0.475256%         10.813188%
</TABLE>

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

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     POOL 1

<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             0            0.00   30 Days         0           0.00    30 Days         0             0.00
60 Days             0            0.00   60 Days         0           0.00    60 Days         0             0.00
90 Days             1      499,843.75   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           1      275,900.00   180+ Days       0           0.00    180+ Days       1       280,250.00
               ----------------------               --------------------                ----------------------
                    2      775,743.75                   0           0.00                    1       280,250.00

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

0-29 Days      0.000000%     0.000000%  0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
30 Days        0.000000%     0.000000%  30 Days     0.000000%   0.000000%   30 Days     0.000000%     0.000000%
60 Days        0.000000%     0.000000%  60 Days     0.000000%   0.000000%   60 Days     0.000000%     0.000000%
90 Days        0.050201%     0.071614%  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      0.050201%     0.039529%  180+ Days   0.000000%   0.000000%   180+ Days   0.050201%     0.040152%
               ----------------------               --------------------                ----------------------
               0.100402%     0.111144%              0.000000%   0.000000%               0.050201%     0.040152%
</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         0               0.00
60 Days          0           0.00    60 Days         0               0.00
90 Days          0           0.00    90 Days         1         499,843.75
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       2         556,150.00
             --------------------                ------------------------
                 0           0.00                    3       1,055,993.75

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

0-29 Days    0.000000%   0.000000%   0-29 Days   0.000000%       0.000000%
30 Days      0.000000%   0.000000%   30 Days     0.000000%       0.000000%
60 Days      0.000000%   0.000000%   60 Days     0.000000%       0.000000%
90 Days      0.000000%   0.000000%   90 Days     0.050201%       0.071614%
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   0.100402%       0.079682%
             --------------------                ------------------------
             0.000000%   0.000000%               0.150602%       0.151296%
</TABLE>

                                     POOL 2

<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            0           0.00     30 Days         0           0.00    30 Days         0            0.00
60 Days            0           0.00     60 Days         0           0.00    60 Days         0            0.00
90 Days            0           0.00     90 Days         0           0.00    90 Days         0            0.00
120 Days           0           0.00     120 Days        0           0.00    120 Days        0            0.00
150 Days           0           0.00     150 Days        0           0.00    150 Days        0            0.00
180+ Days          0           0.00     180+ Days       0           0.00    180+ Days       0            0.00
               --------------------                 --------------------                ---------------------
                   0           0.00                     0           0.00                    0            0.00

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

0-29 Days      0.000000%   0.000000%    0-29 Days   0.000000%   0.000000%   0-29 Days   0.000000%    0.000000%
30 Days        0.000000%   0.000000%    30 Days     0.000000%   0.000000%   30 Days     0.000000%    0.000000%
60 Days        0.000000%   0.000000%    60 Days     0.000000%   0.000000%   60 Days     0.000000%    0.000000%
90 Days        0.000000%   0.000000%    90 Days     0.000000%   0.000000%   90 Days     0.000000%    0.000000%
120 Days       0.000000%   0.000000%    120 Days    0.000000%   0.000000%   120 Days    0.000000%    0.000000%
150 Days       0.000000%   0.000000%    150 Days    0.000000%   0.000000%   150 Days    0.000000%    0.000000%
180+ Days      0.000000%   0.000000%    180+ Days   0.000000%   0.000000%   180+ Days   0.000000%    0.000000%
               --------------------                 --------------------                ---------------------
               0.000000%   0.000000%                0.000000%   0.000000%               0.000000%    0.000000%
</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         0           0.00
60 Days         0           0.00     60 Days         0           0.00
90 Days         0           0.00     90 Days         0           0.00
120 Days        0           0.00     120 Days        0           0.00
150 Days        0           0.00     150 Days        0           0.00
180+ Days       0           0.00     180+ Days       0           0.00
             -------------------                 --------------------
                0           0.00                     0           0.00

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

0-29 Days    0.000000%  0.000000%    0-29 Days   0.000000%   0.000000%
30 Days      0.000000%  0.000000%    30 Days     0.000000%   0.000000%
60 Days      0.000000%  0.000000%    60 Days     0.000000%   0.000000%
90 Days      0.000000%  0.000000%    90 Days     0.000000%   0.000000%
120 Days     0.000000%  0.000000%    120 Days    0.000000%   0.000000%
150 Days     0.000000%  0.000000%    150 Days    0.000000%   0.000000%
180+ Days    0.000000%  0.000000%    180+ Days   0.000000%   0.000000%
             -------------------                 --------------------
             0.000000%  0.000000%                0.000000%   0.000000%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                                  Mixed Arm
<S>                                                                   <C>
Weighted Average Gross Coupon                                               3.000918%
Weighted Average Net Coupon                                                 2.623797%
Weighted Average Pass-Through Rate                                          2.613797%
Weighted Average Maturity (Stepdown Calculation)                                 312

Beginning Scheduled Collateral Loan Count                                      2,522
Number of Loans Paid in Full                                                      33
Ending Scheduled Collateral Loan Count                                         2,489

Beginning Scheduled Collateral Balance                                877,366,560.16
Ending Scheduled Collateral Balance                                   863,875,456.13
Ending Actual Collateral Balance at 30-Apr-2004                       863,882,353.20

Monthly P&I Constant                                                    2,194,087.67
Special Servicing Fee                                                           0.00
Prepayment Penalties                                                            0.00
Realization Loss Amount                                                         0.00
Cumulative Realized Loss                                                        0.00

Class A Optimal Amount                                                 15,319,448.43

Ending Scheduled Balance for Premium Loans                            863,875,456.13

Scheduled Principal                                                             0.00
Unscheduled Principal                                                  13,491,104.03
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                                           <C>
Cap Agreement Deposit - 1 month Libor Loan                                    0
Cap Agreement Deposit - 6 month Libor Loan                                    0
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                 GROUP                           1                   2                  TOTAL
                                                                6 Month
     Collateral Description                  Mixed ARM          LIBOR ARM            Mixed ARM
<S>                                        <C>               <C>                   <C>
Weighted Average Coupon Rate                     2.988412          3.053761              3.000918
Weighted Average Net Rate                        2.610788          2.678761              2.623797
Pass-Through Rate                                2.600788          2.668761              2.613797
Weighted Average Maturity                             310               318                   312
Record Date                                    04/30/2004        04/30/2004            04/30/2004
Principal and Interest Constant              1,766,790.49        427,297.18          2,194,087.67
Beginning Loan Count                                2,019               503                 2,522
Loans Paid in Full                                     27                 6                    33
Ending Loan Count                                   1,992               497                 2,489
Beginning Scheduled Balance                709,456,687.93    167,909,872.23        877,366,560.16
Ending Scheduled Balance                   697,959,386.38    165,916,069.75        863,875,456.13
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                       11,497,301.55      1,993,802.48         13,491,104.03
Scheduled Interest                           1,766,790.49        427,297.18          2,194,087.67
Servicing Fee                                  223,256.28         52,471.84            275,728.12
Master Servicing Fee                             5,912.14          1,399.25              7,311.39
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                                 1,537,622.07        373,426.09          1,911,048.16
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 1
One Month Libor Loan Balance                                     161,574,844.82
Six Month Libor Loan Balance                                     536,384,541.56
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         0.000000%

Group Pool 2
Six Month Libor Loan Balance                                     165,916,069.75
Senior Percent                                                       100.000000%
Senior Prepayment Percent                                            100.000000%
Subordinate Percent                                                    0.000000%
Subordinate Prepayment Percent                                         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 2003-2
                           RECORD DATE: APRIL 30, 2004
                         DISTRIBUTION DATE: MAY 20, 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-1   81743PAP1      SEN          1.43000%       441,122,189.45    525,670.62  15,388,545.48
 A-2   81743PAQ9      SEN          1.62000%       264,114,891.10    356,555.11   6,653,379.26
 M-1   81743PAR7      SUB          1.75000%        11,480,000.00     16,741.67           0.00
 M-2   81743PAS5      SUB          2.53000%         4,920,000.00     10,373.00           0.00
  X    SMT03002X      IO           0.00000%                 0.00    664,282.44           0.00
  R    SMT03002R      SUB          0.00000%                 0.00          0.00           0.00
---------------------------------------------------------------------------------------------
Totals                                            721,637,080.55  1,573,622.84  22,041,924.74
---------------------------------------------------------------------------------------------

<CAPTION>
                  Certificate
                     Class        Current     Ending Certificate     Total        Cumulative
Class    CUSIP    Description  Realized Loss        Balance       Distribution   Realized Loss
----------------------------------------------------------------------------------------------
<S>    <C>        <C>          <C>            <C>                 <C>            <C>
 A-1   81743PAP1      SEN           0.00        425,733,643.97    15,914,216.10      0.00
 A-2   81743PAQ9      SEN           0.00        257,461,511.84     7,009,934.37      0.00
 M-1   81743PAR7      SUB           0.00         11,480,000.00        16,741.67      0.00
 M-2   81743PAS5      SUB           0.00          4,920,000.00        10,373.00      0.00
  X    SMT03002X      IO            0.00                  0.00       664,282.44      0.00
  R    SMT03002R      SUB           0.00                  0.00             0.00      0.00
-----------------------------------------------------------------------------------------
Totals                              0.00        699,595,155.81    23,615,547.58      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
Class           Amount          Balance        Distribution   Distribution      Accretion
-----------------------------------------------------------------------------------------
<S>         <C>              <C>               <C>            <C>               <C>
 A-1        500,000,000.00   441,122,189.45        0.00       15,388,545.48        0.00
 A-2        303,600,000.00   264,114,891.10        0.00        6,653,379.26        0.00
 M-1         11,480,000.00    11,480,000.00        0.00                0.00        0.00
 M-2          4,920,000.00     4,920,000.00        0.00                0.00        0.00
  X                   0.00             0.00        0.00                0.00        0.00
  R                   0.00             0.00        0.00                0.00        0.00
-----------------------------------------------------------------------------------------
Totals      820,000,000.00   721,637,080.55        0.00       22,041,924.74        0.00
-----------------------------------------------------------------------------------------

<CAPTION>
                           Total            Ending           Ending           Total
            Realized     Principal        Certificate      Certificate       Principal
Class       Loss (1)     Reduction          Balance        Percentage      Distribution
----------------------------------------------------------------------------------------
<S>         <C>         <C>             <C>                <C>             <C>
 A-1          0.00      15,388,545.48   426,733,643.97     0.85146729      15,388,545.48
 A-2          0.00       6,653,379.26   257,461,511.84     0.84802870       6,653,379.26
 M-1          0.00               0.00    11,480,000.00     1.00000000               0.00
 M-2          0.00               0.00     4,920,000.00     1.00000000               0.00
  X           0.00               0.00             0.00     0.00000000               0.00
  R           0.00               0.00             0.00     0.00000000               0.00
----------------------------------------------------------------------------------------
Totals        0.00      22,041,924.74   699,595,155.81     0.85316482      22,041,924.74
----------------------------------------------------------------------------------------
</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
Class           Amount          Balance      Distribution     Distribution   Accretion
---------------------------------------------------------------------------------------
<S>         <C>               <C>            <C>              <C>            <C>
 A-1        500,000,000.00     882.24437890   0.00000000      30.77709096    0.00000000
 A-2        303,600,000.00     869.94364657   0.00000000      21.91495145    0.00000000
 M-1         11,480,000.00    1000.00000000   0.00000000       0.00000000    0.00000000
 M-2          4,920,000.00    1000.00000000   0.00000000       0.00000000    0.00000000
  X                   0.00       0.00000000   0.00000000       0.00000000    0.00000000
  R                   0.00       0.00000000   0.00000000       0.00000000    0.00000000
---------------------------------------------------------------------------------------

<CAPTION>
                            Total          Ending         Ending         Total
             Realized     Principal      Certificate    Certificate     Principal
Class        Loss (3)     Reduction        Balance      Percentage    Distribution
-----------------------------------------------------------------------------------
<S>         <C>          <C>           <C>              <C>           <C>
 A-1        0.00000000   30.77709096    851.46728794    0.85146729    30.77709096
 A-2        0.00000000   21.91495145    848.02869513    0.84802870    21.91495145
 M-1        0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
 M-2        0.00000000    0.00000000   1000.00000000    1.00000000     0.00000000
  X         0.00000000    0.00000000      0.00000000    0.00000000     0.00000000
  R         0.00000000    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-1         500,000,000.00      1.43000%       441,122,189.45   525,670.61      0.00         0.00
 A-2         303,600,000.00      1.62000%       264,114,891.10   356,555.10      0.00         0.00
 M-1          11,480,000.00      1.75000%        11,480,000.00    16,741.67      0.00         0.00
 M-2           4,920,000.00      2.53000%         4,920,000.00    10,373.00      0.00         0.00
  X                    0.00      0.00000%       721,637,080.55         0.00      0.00         0.00
  R                    0.00      0.00000%                 0.00         0.00      0.00         0.00
--------------------------------------------------------------------------------------------------
Totals       820,000,000.00                                      909,340.38      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-1            0.00          0.00       525,670.62        0.00      425,733,643.97
 A-2            0.00          0.00       356,555.11        0.00      257,461,511.84
 M-1            0.00          0.00        16,741.67        0.00       11,480,000.00
 M-2            0.00          0.00        10,373.00        0.00        4,920,000.00
  X             0.00          0.00       664,282.44        0.00      701,645,155.81
  R             0.00          0.00             0.00        0.00                0.00
-----------------------------------------------------------------------------------
Totals          0.00          0.00     1,573,622.84        0.00
-----------------------------------------------------------------------------------
</TABLE>

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

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                                    Payment of
                                  Current         Beginning                          Unpaid        Current
                Original Face   Certificate      Certificate/    Current Accrued     Interest     Interest
Class (5)           Amount         Rate       Notional Balance      Interest         Shortfall    Shortfall
-----------------------------------------------------------------------------------------------------------
<S>            <C>              <C>           <C>                <C>                <C>          <C>
 A-1           500,000,000.00     1.43000%       882.24437890      1.05134122       0.00000000   0.00000000
 A-2           303,600,000.00     1.62000%       869.94364657      1.17442391       0.00000000   0.00000000
 M-1            11,480,000.00     1.75000%      1000.00000000      1.45833362       0.00000000   0.00000000
 M-2             4,920,000.00     2.53000%      1000.00000000      2.10833333       0.00000000   0.00000000
  X                      0.00     0.00000%       880.04522018      0.00000000       0.00000000   0.00000000
  R                      0.00     0.00000%         0.00000000      0.00000000       0.00000000   0.00000000
-----------------------------------------------------------------------------------------------------------

<CAPTION>
                   Non-                                   Remaining
                 Supported                                  Unpaid
                 Interest     Realized   Total Interest    Interest    Ending Certificate/
Class (5)        Shortfall    Loss (6)    Distribution     Shortfall    Notational Balance
------------------------------------------------------------------------------------------
<S>            <C>          <C>          <C>              <C>          <C>
 A-1           0.00000000   0.00000000     1.05134124     0.00000000       851.46728794
 A-2           0.00000000   0.00000000     1.17442395     0.00000000       848.02869513
 M-1           0.00000000   0.00000000     1.45833362     0.00000000      1000.00000000
 M-2           0.00000000   0.00000000     2.10833333     0.00000000      1000.00000000
  X            0.00000000   0.00000000     0.81010054     0.00000000       855.66482416
  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.

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
           Payments of Interest and Principal                     23,843,884.34
           Liquidations, Insurance Proceeds, Reserve Funds                 0.00
           Proceeds from Repurchased Loans                                 0.00
           Other Amounts (Servicer Advances)                          13,560.62
           Realized Losses                                                 0.00
           Prepayment Penalties                                            0.00
                                                                  -------------
Total Deposits                                                    23,857,444.96

Withdrawals
           Reimbursement for Servicer Advances                        10,628.24
           Payment of Service Fee                                    231,269.15
           Payment of Interest and Principal                      23,615,547.57
                                                                  -------------
Total Withdrawals (Pool Distribution Amount)                      23,857,444.96

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                                          227,047.66
Master Servicing Fee                                           4,221.49
Supported Prepayment/Curtailment Interest Shortfall                0.00
                                                             ----------

Net Servicing Fee                                            231,269.15
                                                             ==========
</TABLE>

<TABLE>
<CAPTION>
                      Beginning      Current    Current    Ending
Account Type           Balance     Withdrawals  Deposits   Balance
------------          ---------    -----------  --------  ---------
<S>                   <C>          <C>          <C>       <C>
Reserve Fund          10,000.00        0.00       0.00    10,000.00
</TABLE>

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                                 BANKRUPTCY                                FORECLOSURE
---------------------------------------------------------------------------------------------------------------------------
               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           1       152,768.00    0-29 Days          0              0.00
30 Days         10         4,424,144.57    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        7         1,211,906.56    180+ Days           0             0.00    180+ Days          1        199,400.00
              -------------------------                    ----------------------                   -----------------------
                17         5,636,051.13                        1       152,768.00                       1        199,400.00

               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       0.050403%     0.021773%   0-29 Days      0.000000%      0.000000%
30 Days       0.504032%        0.630538%   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     0.352823%        0.172723%   180+ Days       0.000000%     0.000000%   180+ Days      0.050403%      0.028419%
              -------------------------                    ----------------------                   -----------------------
              0.856855%        0.803262%                   0.050403%     0.021773%                  0.050403%      0.028419%
</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          1          152,768.00
30 Days           0              0.00      30 Days           10        4,424,144.57
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          8        1,411,306.56
              -----------------------                      ------------------------
                  0              0.00                        19        5,988,219.13

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

0-29 Days     0.000000%      0.000000%     0-29 Days       0.050403%       0.021773%
30 Days       0.000000%      0.000000%     30 Days         0.504032%       0.630538%
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       0.403226%       0.201142%
              -----------------------                      ------------------------
              0.000000%      0.000000%                     0.957661%       0.853453%
</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  13,560.62
</TABLE>

<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<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           7        2,860,612.07    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         3          315,099.78    180+ Days           0             0.00    180+ Days          1        199,400.00
              -------------------------                    ----------------------                   -----------------------
                 10        3,175,711.85                        0             0.00                       1        199,400.00

               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       0.586265%        0.654608%   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     0.251256%        0.072106%   180+ Days       0.000000%     0.000000%   180+ Days      0.083752%      0.045630%
              -------------------------                    ----------------------                   -----------------------
              0.837521%        0.726714%                   0.000000%     0.000000%                  0.083752%      0.045630%

<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            7        2,860,612.07
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          4          514,499.78
              -------------------------                    ------------------------
                 0                 0.00                      11        3,375,111.85

                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         0.586265%       0.654608%
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       0.335008%       0.117736%
              -------------------------                    ------------------------
              0.000000%        0.000000%                   0.921273%       0.772344%
</TABLE>

                                     GROUP 2

<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          1        152,768.00    0-29 Days          0              0.00
30 Days           3        1,563,532.50    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         4          896,806.78    180+ Days          0              0.00    180+ Days          0              0.00
              -------------------------                    ----------------------                   -----------------------
                  7        2,460,339.28                       1        152,768.00                       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       0.126582%     0.057725%   0-29 Days      0.000000%      0.000000%
30 Days       0.379747%        0.590793%   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     0.506329%        0.338866%   180+ Days       0.000000%     0.000000%   180+ Days      0.000000%      0.000000%
              -------------------------                    ----------------------                   -----------------------
              0.886076%        0.929659%                   0.126582%     0.057725%                  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          1          152,768.00
30 Days           0                0.00    30 Days            3        1,563,532.50
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          4          896,806.78
              -------------------------                    ------------------------
                  0                0.00                       8        2,613,107.28

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

0-29 Days     0.000000%        0.000000%   0-29 Days       0.126582%       0.057725%
30 Days       0.000000%        0.000000%   30 Days         0.379747%       0.590793%
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       0.506329%       0.338866%
              -------------------------                    ------------------------
              0.000000%        0.000000%                   1.012658%       0.987384%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
         Collateral Description                            Mixed Arm
<S>                                                      <C>
Weighted Average Gross Coupon                                  2.992827%
Weighted Average Net Coupon                                    2.616342%
Weighted Average Pass-Through Rate                             2.609342%
Weighted Average Maturity (Stepdown Calculation)                    320

Beginning Scheduled Collateral Loan Count                         2,020
Number of Loans Paid in Full                                         36
Ending Scheduled Collateral Loan Count                            1,984

Beginning Scheduled Collateral Balance                   723,687,080.55
Ending Scheduled Collateral Balance                      701,645,155.81
Ending Actual Collateral Balance at 30-Apr-2004          701,645,813.95

Monthly P&I Constant                                       1,804,891.96
Special Servicing Fee                                              0.00
Prepayment Penalties                                               0.00
Realized Loss Amount                                               0.00
Cumulative Realized Loss                                           0.00

Ending Scheduled Balance for Premium Loans               701,645,155.81

Scheduled Principal                                                0.00
Unscheduled Principal                                     22,041,924.74

Required Overcollateralized Amount                                 0.00
Overcollateralized Increase Amount                                 0.00
Overcollateralized Reduction Amount                                0.00
Specified O/C Amount                                       2,050,000.00
Overcollateralized Amount                                  2,050,000.00
Overcollateralized Deficiency Amount                               0.00
Base Overcollateralization Amount                                  0.00

Extra Principal Distribution Amount                                0.00
Excess Cash Amount                                           664,282.45
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                      <C>
Applied Loss Amount                                                0.00
Group 1 - One-Month LIBOR Loans                          127,518,481.61
Group 1 - Six-Month LIBOR Loans                          309,477,295.76
Group 2 - Six Month LIBOR Loans                          264,649,378.44

M-1 Target Amount                                        689,717,188.16
M-2 Target Amount                                        698,136,930.03
Senior Target Amount                                     670,071,123.80
</TABLE>

<TABLE>
<CAPTION>
           GROUP                                 1                      2                       TOTAL
<S>                                        <C>                    <C>                       <C>
Collateral Description                          Mixed ARM            6 Month ARM               Mixed ARM
Weighted Average Coupon Rate                     2.959691               3.048080                  2.992827
Weighted Average Net Rate                        2.582778               2.672310                  2.616342
Pass-Through Rate                                2.575778               2.665310                  2.609342
Weighted Average Maturity                             314                    327                       320
Record Date                                    04/30/2004             04/30/2004                04/30/2004
Principal and Interest Constant              1,115,764.76             689,127.20              1,804,891.96
Beginning Loan Count                                1,215                    805                     2,020
Loans Paid in Full                                     21                     15                        36
Ending Loan Count                                   1,194                    790                     1,984
Beginning Scheduled Balance                452,384,322.85         271,302,757.70            723,687,080.55
Ending Scheduled Balance                   436,995,777.37         264,649,378.44            701,645,155.81
Scheduled Principal                                  0.00                   0.00                      0.00
Unscheduled Principal                       15,388,545.48           6,653,379.26             22,041,924.74
Scheduled Interest                           1,115,764.76             689,127.20              1,804,891.96
Servicing Fee                                  142,091.31              84,956.35                227,047.66
Master Servicing Fee                             2,638.90               1,582.59                  4,221.49
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                                   971,034.55             602,588.26              1,573,622.81
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>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00067-of-00352.parquet"}]]