Document:

<PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-2
                         RECORD DATE: NOVEMBER 30, 2004
                      DISTRIBUTION DATE: DECEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate    Beginning                                Current     Ending                   Cumulative
                    Class       Pass-      Certificate     Interest      Principal  Realized   Certificate      Total      Realized
Class    CUSIP   Description Through Rate    Balance     Distribution  Distribution   Loss       Balance     Distribution    Loss
------------------------------------------------------------------------------------------------------------------------------------
<S>    <C>       <C>         <C>          <C>            <C>          <C>           <C>      <C>            <C>           <C>
  A    81744FAN7     SEN       2.19125%   577,379,974.80 1,054,319.89 11,547,483.69   0.00   565,832,491.11 12,601,803.58    0.00
 X-1   81744FAP2      IO       0.80000%             0.00   319,157.41          0.00   0.00             0.00    319,157.41    0.00
 X-2   81744FAQ0      IO       0.40801%             0.00   196,316.29          0.00   0.00             0.00    196,316.29    0.00
 X-B   81744FAR8      IO       0.44145%             0.00     6,824.16          0.00   0.00             0.00      6,824.16    0.00
 B-1   81744FAT4     SUB       2.64000%    11,550,000.00    25,410.00          0.00   0.00    11,550,000.00     25,410.00    0.00
 B-2   81744FAU1     SUB       3.12000%     7,000,000.00    18,200.00          0.00   0.00     7,000,000.00     18,200.00    0.00
 B-3   81744FAV9     SUB       3.26259%     3,150,000.00     8,564.29          0.00   0.00     3,150,000.00      8,564.29    0.00
 B-4   81744FAW7     SUB       3.26259%     1,750,000.00     4,757.94          0.00   0.00     1,750,000.00      4,757.94    0.00
 B-5   81744FAX5     SUB       3.26259%     1,400,000.00     3,806.35          0.00   0.00     1,400,000.00      3,806.35    0.00
 B-6   81744FAY6     SUB       3.26259%     3,150,069.00     8,564.48          0.00   0.00     3,150,069.00      8,564.48    0.00
 A-R   81744FAS6     RES       2.66948%             0.00       481.67          0.00   0.00             0.00        481.67    0.00
---------------------------------------------------------------------------------------------------------------------------------
Totals                                    605,380,043.80 1,646,402.48 11,547,483.69   0.00   593,832,560.11 13,193,886.17    0.00
---------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning       Scheduled    Unscheduled
         Original Face   Certificate      Principal     Principal               Realized
Class       Amount         Balance      Distribution   Distribution  Accretion  Loss (1)
----------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>
  A     671,998,000.00  577,379,974.80      0.00      11,547,483.69     0.00      0.00
 X-1              0.00            0.00      0.00               0.00     0.00      0.00
 X-2              0.00            0.00      0.00               0.00     0.00      0.00
 X-B              0.00            0.00      0.00               0.00     0.00      0.00
 B-1     11,550,000.00   11,550,000.00      0.00               0.00     0.00      0.00
 B-2      7,000,000.00    7,000,000.00      0.00               0.00     0.00      0.00
 B-3      3,150,000.00    3,150,000.00      0.00               0.00     0.00      0.00
 B-4      1,750,000.00    1,750,000.00      0.00               0.00     0.00      0.00
 B-5      1,400,000.00    1,400,000.00      0.00               0.00     0.00      0.00
 B-6      3,150,069.00    3,150,069.00      0.00               0.00     0.00      0.00
 A-R            100.00            0.00      0.00               0.00     0.00      0.00
--------------------------------------------------------------------------------------
Totals  699,998,169.00  605,380,043.80      0.00      11,547,483.69     0.00      0.00
--------------------------------------------------------------------------------------

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance            Percentage       Distribution
--------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
  A      11,547,483.69   565,832,491.11          0.84201514       11,547,483.69
 X-1              0.00             0.00          0.00000000                0.00
 X-2              0.00             0.00          0.00000000                0.00
 X-B              0.00             0.00          0.00000000                0.00
 B-1              0.00    11,550,000.00          1.00000000                0.00
 B-2              0.00     7,000,000.00          1.00000000                0.00
 B-3              0.00     3,150,000.00          1.00000000                0.00
 B-4              0.00     1,750,000.00          1.00000000                0.00
 B-5              0.00     1,400,000.00          1.00000000                0.00
 B-6              0.00 -   3,150,069.00          1.00000000                0.00
 A-R              0.00             0.00          0.00000000                0.00
-------------------------------------------------------------------------------
Totals   11,547,483.69   593,832,560.11          0.84833445       11,547,483.69
-------------------------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                           Beginning      Scheduled   Unscheduled
         Original Face    Certificate     Principal    Principal                 Realized
Class       Amount          Balance     Distribution  Distribution  Accretion    Loss (3)
------------------------------------------------------------------------------------------
<S>      <C>             <C>            <C>           <C>           <C>         <C>
  A      671,998,000.00   859.19894821   0.00000000    17.18380663  0.00000000  0.00000000
 X-1               0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-2               0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 X-B               0.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-1      11,550,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-2       7,000,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-3       3,150,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-4       1,750,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-5       1,400,000.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 B-6       3,150,069.00  1000.00000000   0.00000000     0.00000000  0.00000000  0.00000000
 A-R             100.00     0.00000000   0.00000000     0.00000000  0.00000000  0.00000000
------------------------------------------------------------------------------------------

<CAPTION>
        Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class      Reduction          Balance            Percentage       Distribution
--------------------------------------------------------------------------------
<S>     <C>              <C>                 <C>                 <C>
  A       17.18380663       842.01514158         0.84201514        17.18380663
 X-1       0.00000000         0.00000000         0.00000000         0.00000000
 X-2       0.00000000         0.00000000         0.00000000         0.00000000
 X-B       0.00000000         0.00000000         0.00000000         0.00000000
 B-1       0.00000000      1000.00000000         1.00000000         0.00000000
 B-2       0.00000000      1000.00000000         1.00000000         0.00000000
 B-3       0.00000000      1000.00000000         1.00000000         0.00000000
 B-4       0.00000000      1000.00000000         1.00000000         0.00000000
 B-5       0.00000000      1000.00000000         1.00000000         0.00000000
 B-6       0.00000000      1000.00000000         1.00000000         0.00000000
 A-R       0.00000000         0.00000000         0.00000000         0.00000000
--------------------------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                  Payment of                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     671,998,000.00    2.19125%   577,379,974.80  1,054,319.89     0.00       0.00        0.00      0.00
 X-1              0.00    0.80000%   478,736,120.69    319,157.41     0.00       0.00        0.00      0.00
 X-2              0.00    0.40801%   577,379,974.80    196,316.29     0.00       0.00        0.00      0.00
 X-B              0.00    0.44145%    18,550,000.00      6,824.16     0.00       0.00        0.00      0.00
 B-1     11,550,000.00    2.64000%    11,550,000.00     25,410.00     0.00       0.00        0.00      0.00
 B-2      7,000,000.00    3.12000%     7,000,000.00     18,200.00     0.00       0.00        0.00      0.00
 B-3      3,150,000.00    3.26259%     3,150,000.00      8,564.29     0.00       0.00        0.00      0.00
 B-4      1,750,000.00    3.26259%     1,750,000.00      4,757.94     0.00       0.00        0.00      0.00
 B-5      1,400,000.00    3.26259%     1,400,000.00      3,806.35     0.00       0.00        0.00      0.00
 B-6      3,150,069.00    3.26259%     3,150,069.00      8,564.48     0.00       0.00        0.00      0.00
 A-R            100.00    2.66948%             0.00          0.00     0.00       0.00        0.00      0.00
-------------------------------------------------------------------------------------------------------------
Totals  699,998,169.00                               1,645,920.81     0.00       0.00        0.00      0.00
-------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest   Interest    Notational
Class    Distribution   Shortfall     Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
  A      1,054,319.89      0.00    565,832,491.11
 X-1       319,157.41      0.00    460,867,657.98
 X-2       196,316.29      0.00    565,832,491.11
 X-B         6,824.16      0.00     18,550,000.00
 B-1        25,410.00      0.00     11,550,000.00
 B-2        18,200.00      0.00      7,000,000.00
 B-3         8,564.29      0.00      3,150,000.00
 B-4         4,757.94      0.00      1,750,000.00
 B-5         3,806.35      0.00      1,400,000.00
 B-6         8,564.48      0.00      3,150,069.00
 A-R           481.67      0.00              0.00
-------------------------------------------------
Totals   1,646,402.48      0.00
-------------------------------------------------
</TABLE>

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

<PAGE>

                     INTEREST DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                                                                        Payment of                 Non-
                          Current        Beginning                        Unpaid      Current    Supported
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>
  A     671,998,000.00    2.19125%      859.19894821      1.56893308    0.00000000  0.00000000  0.00000001  0.00000000
 X-1              0.00    0.80000%      712.40706176      0.47493804    0.00000000  0.00000000  0.00000000  0.00000000
 X-2              0.00    0.40801%      859.19894821      0.29213821    0.00000000  0.00000000  0.00000000  0.00000000
 X-B              0.00    0.44145%     1000.00000000      0.36787925    0.00000000  0.00000000  0.00000000  0.00000000
 B-1     11,550,000.00    2.64000%     1000.00000000      2.20000000    0.00000000  0.00000000  0.00000000  0.00000000
 B-2      7,000,000.00    3.12000%     1000.00000000      2.60000000    0.00000000  0.00000000  0.00000000  0.00000000
 B-3      3,150,000.00    3.26259%     1000.00000000      2.71882222    0.00000000  0.00000000  0.00000000  0.00000000
 B-4      1,750,000.00    3.26259%     1000.00000000      2.71882286    0.00000000  0.00000000  0.00000000  0.00000000
 B-5      1,400,000.00    3.26259%     1000.00000000      2.71882143    0.00000000  0.00000000  0.00000000  0.00000000
 B-6      3,150,069.00    3.26259%     1000.00000000      2.71882298    0.00000000  0.00000000  0.00000000  0.00000000
 A-R            100.00    2.66948%        0.00000000      0.00000000    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>
  A       1.56893308   0.00000000      842.01514158
 X-1      0.47493804   0.00000000      685.81700835
 X-2      0.29213821   0.00000000      842.01514158
 X-B      0.36787925   0.00000000     1000.00000000
 B-1      2.20000000   0.00000000     1000.00000000
 B-2      2.60000000   0.00000000     1000.00000000
 B-3      2.71882222   0.00000000     1000.00000000
 B-4      2.71882286   0.00000000     1000.00000000
 B-5      2.71882143   0.00000000     1000.00000000
 B-6      2.71882298   0.00000000     1000.00000000
 A-R   4816.70000000   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                         13,391,508.36
         Liquidations, Insurance Proceeds, Reserve Funds                     0.00
         Proceeds from Repurchased Loans                                     0.00
         Other Amounts (Servicer Advances)                              26,481.93
         Realized Losses (Gains, Subsequent Expenses & Recoveries)           0.00
         Prepayment Penalties                                                0.00
                                                                    -------------
Total Deposits                                                      13,417,990.29

Withdrawals
         Reimbursement for Servicer Advances                            28,691.91
         Payment of Service Fee                                        195,412.21
         Payment of Interest and Principal                          13,193,886.17
                                                                    -------------
Total Withdrawals (Pool Distribution Amount)                        13,417,990.29

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                                                   190,618.21
Master Servicing Fee                                                    4,794.00
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     195,412.21
                                                                      ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
           DELINQUENT                         BANKRUPTCY                       FORECLOSURE
----------------------------------------------------------------------------------------------------
            No. of     Principal                No. of    Principal               No. of   Principal
             Loans      Balance                  Loans     Balance                Loans     Balance
<S>        <C>        <C>           <C>       <C>         <C>        <C>       <C>         <C>
0-29 Days      0              0.00  0-29 Days      0         0.00    0-29 Days      0         0.00
30 Days       26      8,738,864.56  30 Days        0         0.00    30 Days        0         0.00
60 Days        2        431,679.32  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
           -----------------------             ------------------               ------------------
              28      9,170,543.88                 0         0.00                   0         0.00

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

0-29 Days  0.000000%    0.000000%   0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%  0.000000%
30 Days    1.473088%    1.471170%   30 Days    0.000000%  0.000000%  30 Days    0.000000%  0.000000%
60 Days    0.113314%    0.072672%   60 Days    0.000000%  0.000000%  60 Days    0.000000%  0.000000%
90 Days    0.000000%    0.000000%   90 Days    0.000000%  0.000000%  90 Days    0.000000%  0.000000%
120 Days   0.000000%    0.000000%   120 Days   0.000000%  0.000000%  120 Days   0.000000%  0.000000%
150 Days   0.000000%    0.000000%   150 Days   0.000000%  0.000000%  150 Days   0.000000%  0.000000%
180+ Days  0.000000%    0.000000%   180+ Days  0.000000%  0.000000%  180+ Days  0.000000%  0.000000%
           ---------------------               -------------------              -------------------
           1.586402%    1.543842%              0.000000%  0.000000%             0.000000%  0.000000%

<CAPTION>
              REO                             TOTAL
-------------------------------------------------------------------
            No. of    Principal               No. of    Principal
             Loans     Balance                Loans      Balance
<S>         <C>       <C>        <C>          <C>      <C>
0-29 Days      0         0.00    0-29 Days      0              0.00
30 Days        0         0.00    30 Days        26     8,738,864.56
60 Days        0         0.00    60 Days        2        431,679.32
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                   28     9,170,543.88

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

0-29 Days  0.000000%  0.000000%  0-29 Days  0.000000%    0.000000%
30 Days    0.000000%  0.000000%  30 Days    1.473088%    1.471170%
60 Days    0.000000%  0.000000%  60 Days    0.113314%    0.072672%
90 Days    0.000000%  0.000000%  90 Days    0.000000%    0.000000%
120 Days   0.000000%  0.000000%  120 Days   0.000000%    0.000000%
150 Days   0.000000%  0.000000%  150 Days   0.000000%    0.000000%
180+ Days  0.000000%  0.000000%  180+ Days  0.000000%    0.000000%
           -------------------              ---------------------
           0.000000%  0.000000%             1.586402%    1.543842%
</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  26,481.93
</TABLE>

<TABLE>
<CAPTION>
             Original $    Original%     Current $     Current %   Current Class %  Prepayment %
           -------------  -----------  -------------  -----------  ---------------  ------------
<S>        <C>            <C>          <C>            <C>          <C>              <C>
Class A    28,000,069.00  4.00002032%  28,000,069.00  4.71373919%    95.256436%       0.000000%
Class X-1  28,000,069.00  4.00002032%  28,000,069.00  4.71373919%     0.000000%       0.000000%
Class X-2  28,000,069.00  4.00002032%  28,000,069.00  4.71373919%     0.000000%       0.000000%
Class B-1  16,450,069.00  2.35001600%  16,450,069.00  2.76932656%     1.944131%      41.249898%
Class B-2   9,450,069.00  1.35001339%   9,450,069.00  1.59089467%     1.178432%      24.999938%
Class B-3   6,300,069.00  0.90001221%   6,300,069.00  1.06060032%     0.530294%      11.249972%
Class B-4   4,550,069.00  0.65001156%   4,550,069.00  0.76599235%     0.294608%       6.249985%
Class B-5   3,150,069.00  0.45001103%   3,150,069.00  0.53030597%     0.235686%       4.999988%
Class B-6           0.00  0.00000000%           0.00  0.00000000%     0.530306%      11.250219%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                              Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                          3.649825%
Weighted Average Net Coupon                                            3.272087%
Weighted Average Pass-Through Rate                                     3.262587%
Weighted Average Maturity (Stepdown Calculation)                            335

Beginning Scheduled Collateral Loan Count                                 1,795
Number of Loans Paid in Full                                                 30
Ending Scheduled Collateral Loan Count                                    1,765

Beginning Scheduled Collateral Balance                           605,557,204.61
Ending Scheduled Collateral Balance                              594,009,720.92
Ending Actual Collateral Balance at 30-Nov-2004                  594,007,818.45

Monthly P&I Constant                                               1,841,814.71
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            13,124,101.44

Ending Scheduled Balance for Premium Loans                       594,009,720.92

Scheduled Principal                                                        0.00
Unscheduled Principal                                             11,547,483.69
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      70,982,569.74
Six-Month Libor Loan Balance                                     523,027,151.18
Prorata Senior Percentage                                             95.346892%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2004-3
                         RECORD DATE: NOVEMBER 30, 2004
                      DISTRIBUTION DATE: DECEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate
                 Certificate     Pass-      Beginning                               Current     Ending                    Cumulative
                    Class       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    81744FAZ0     SEN         2.33000% 777,696,109.15 1,510,026.62 15,749,566.36     0.00 761,946,542.79 17,259,592.98       0.00
 M-1   81744FBA4     SUB         2.64000%  13,800,000.00    30,360.00          0.00     0.00  13,800,000.00     30,360.00       0.00
 M-2   81744FBB2     SUB         3.04000%   9,200,000.00    23,306.67          0.00     0.00   9,200,000.00     23,306.67       0.00
 M-3   81744FBC0     SUB         3.44402%   2,300,000.00     6,601.04          0.00     0.00   2,300,000.00      6,601.04       0.00
  X    81744FBD8      IO         0.00000%           0.00   747,518.81          0.00     0.00           0.00    747,518.81       0.00
  R    81744FBE6     RES         0.00000%           0.00         0.00          0.00     0.00           0.00          0.00       0.00
------------------------------------------------------------------------------------------------------------------------------------
Totals                                    802,996,109.15 2,317,813.14 15,749,566.36     0.00 787,246,542.79 18,067,379.50       0.00
------------------------------------------------------------------------------------------------------------------------------------
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                          Beginning      Scheduled     Unscheduled
        Original Face    Certificate     Principal      Principal               Realized
Class       Amount         Balance      Distribution  Distribution   Accretion  Loss (1)
----------------------------------------------------------------------------------------
<S>     <C>             <C>             <C>           <C>            <C>        <C>
  A     894,673,000.00  777,696,109.15          0.00  15,749,566.36       0.00      0.00
 M-1     13,800,000.00   13,800,000.00          0.00           0.00       0.00      0.00
 M-2      9,200,000.00    9,200,000.00          0.00           0.00       0.00      0.00
 M-3      2,300,000.00    2,300,000.00          0.00           0.00       0.00      0.00
  X               0.00            0.00          0.00           0.00       0.00      0.00
  R               0.00            0.00          0.00           0.00       0.00      0.00
----------------------------------------------------------------------------------------
Totals  919,973,000.00  802,996,109.15          0.00  15,749,566.36       0.00      0.00
----------------------------------------------------------------------------------------

<CAPTION>
            Total         Ending         Ending
          Principal     Certificate    Certificate  Total Principal
Class     Reduction       Balance       Percentage   Distribution
-------------------------------------------------------------------
<S>     <C>            <C>             <C>          <C>
  A     15,749,566.36  761,946,542.79   0.85164808    15,749,566.36
 M-1             0.00   13,800,000.00   1.00000000             0.00
 M-2             0.00    9,200,000.00   1.00000000             0.00
 M-3             0.00    2,300,000.00   1.00000000             0.00
  X              0.00            0.00   0.00000000             0.00
  R              0.00            0.00   0.00000000             0.00
-------------------------------------------------------------------
Totals  15,749,566.36  787,246,542.79   0.85572788    15,749,566.36
-------------------------------------------------------------------
</TABLE>

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

<PAGE>

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT

<TABLE>
<CAPTION>
                         Beginning     Scheduled     Unscheduled
       Original Face    Certificate    Principal      Principal                Realized
Class     Amount          Balance     Distribution  Distribution  Accretion    Loss (3)
----------------------------------------------------------------------------------------
<S>    <C>             <C>            <C>           <C>           <C>         <C>
  A    894,673,000.00   869.25179272    0.00000000   17.60371260  0.00000000  0.00000000
 M-1    13,800,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 M-2     9,200,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
 M-3     2,300,000.00  1000.00000000    0.00000000    0.00000000  0.00000000  0.00000000
  X              0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
  R              0.00     0.00000000    0.00000000    0.00000000  0.00000000  0.00000000
----------------------------------------------------------------------------------------

<CAPTION>
       Total Principal  Ending Certificate  Ending Certificate  Total Principal
Class     Reduction           Balance           Percentage       Distribution
-------------------------------------------------------------------------------
<S>    <C>              <C>                 <C>                 <C>
  A        17.60371260        851.64808013          0.85164808     17.630371260
 M-1        0.00000000       1000.00000000          1.00000000       0.00000000
 M-2        0.00000000       1000.00000000          1.00000000       0.00000000
 M-3        0.00000000       1000.00000000          1.00000000       0.00000000
  X         0.00000000          0.00000000          0.00000000       0.00000000
  R         0.00000000          0.00000000          0.00000000       0.00000000
-------------------------------------------------------------------------------
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                        Beginning                   Payment of               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    894,673,000.00      2.33000%  777,696,109.15  1,510,026.61        0.00       0.00       0.00      0.00
  M-1    13,800,000.00      2.64000%   13,800,000.00     30,360.00        0.00       0.00       0.00      0.00
  M-2     9,200,000.00      3.04000%    9,200,000.00     23,306.67        0.00       0.00       0.00      0.00
  M-3     2,300,000.00      3.44402%    2,300,000.00      6,601.04        0.00       0.00       0.00      0.00
   X              0.00      0.00000%  807,595,977.12          0.00        0.00       0.00       0.00      0.00
   R              0.00      0.00000%            0.00          0.00        0.00       0.00       0.00      0.00
--------------------------------------------------------------------------------------------------------------
Totals  919,973,000.00                                1,570,294.32        0.00       0.00       0.00      0.00
--------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
Class    Distribution   Shortfall     Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
   A      1,510,026.62       0.00  761,946,542.79
  M-1        30,360.00       0.00   13,800,000.00
  M-2        23,306.67       0.00    9,200,000.00
  M-3         6,601.04       0.00    2,300,000.00
   X        747,518.81       0.00  791,846,410.76
   R              0.00       0.00            0.00
-------------------------------------------------
Totals    2,317,813.14       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>
                                                                            Payment of
                             Current       Beginning                          Unpaid      Current
  Class    Original Face   Certificate    Certificate/        Current        Interest    Interest
   (5)         Amount         Rate      Notional Balance  Accrued Interest   Shortfall   Shortfall
---------  --------------  -----------  ----------------  ----------------  -----------  ----------
<S>        <C>             <C>          <C>               <C>               <C>          <C>
    A      894,673,000.00    2.33000%     869.25179272       1.68779723      0.00000000  0.00000000
   M-1      13,800,000.00    2.64000%    1000.00000000       2.20000000      0.00000000  0.00000000
   M-2       9,200,000.00    3.04000%    1000.00000000       2.53333370      0.00000000  0.00000000
   M-3       2,300,000.00    3.44402%    1000.00000000       2.87001739      0.00000000  0.00000000
    X                0.00    0.00000%     877.84691034       0.00000000      0.00000000  0.00000000
    R                0.00    0.00000%       0.00000000       0.00000000      0.00000000  0.00000000

<CAPTION>
             Non-                                  Remaining
          Supported                                 Unpaid
  Class    Interest    Realized   Total Interest   Interest   Ending Certificate/
   (5)    Shortfall    Loss (6)    Distribution    Shortfall  Notational Balance
--------- ----------  ----------  --------------  ----------  -------------------
<S>       <C>         <C>         <C>             <C>         <C>
    A     0.00000000  0.00000000    1.68779724    0.00000000      851.64808013
   M-1    0.00000000  0.00000000    2.20000000    0.00000000     1000.00000000
   M-2    0.00000000  0.00000000    2.53333370    0.00000000     1000.00000000
   M-3    0.00000000  0.00000000    2.87001739    0.00000000     1000.00000000
    X     0.00000000  0.00000000    0.81254377    0.00000000      860.72732510
    R     0.00000000  0.00000000    0.00000000    0.00000000        0.00000000
</TABLE>

(5)   Per $1 denomination

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

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT

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

Deposits
   Payments of Interest and Principal                                     18,345,566.12
   Liquidations, Insurance Proceeds, Reserve Funds                                 0.00
   Proceeds from Repurchased Loans                                                 0.00
   Other Amounts (Servicer Advances)                                          37,687.64
   Realized Losses (Gains, Subsequent Expenses & Recoveries)                       0.00
   Prepayment Penalties                                                            0.00
                                                                          -------------
Total Deposits                                                            18,383,253.76

Withdrawals
   Reimbursement for Servicer Advances                                        58,977.60
   Payment of Service Fee                                                    256,896.67
   Payment of Interest and Principal                                      18,067,379.49
                                                                          -------------
Total Withdrawals (Pool Distribution Amount)                              18,383,253.76

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                                              252,522.18
Master Servicing Fee                                               4,374.49
Supported Prepayment/Curtailment Interest Shortfall                    0.00
                                                                 ----------

Net Servicing Fee                                                256,896.67
                                                                 ==========
</TABLE>

                                 OTHER ACCOUNTS

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

<PAGE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
            DELINQUENT                            BANKRUPTCY                         FORECLOSURE
            ----------                            ----------                         -----------
              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      124,570.47    0-29 Days      0           0.00
30 Days       43       12,221,625.83    30 Days        0            0.00    30 Days        0           0.00
60 Days        1           52,392.62    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       2          375,393.54    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
              --       -------------                   -      ----------                   -           ----
              46       12,649,411.99                   1      124,570.47                   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  0.040000%  0.015732%     0-29 Days  0.000000%  0.000000%
30 Days     1.720000%    1.543430%      30 Days    0.000000%  0.000000%     30 Days    0.000000%  0.000000%
60 Days     0.040000%    0.006616%      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    0.080000%    0.047407%      150 Days   0.000000%  0.000000%     150 Days   0.000000%  0.000000%
180+ Days   0.000000%    0.000000%      180+ Days  0.000000%  0.000000%     180+ Days  0.000000%  0.000000%
            --------     --------                  --------   --------                 --------   --------
            1.840000%    1.597454%                 0.040000%  0.015732%                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         124,570.47
30 Days        0           0.00    30 Days       43      12,221,625.83
60 Days        0           0.00    60 Days        1          52,392.62
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       2         375,393.54
180+ Days      0           0.00    180+ Days      0               0.00
               -           ----                  --      -------------
               0           0.00                  47      12,773,982.46

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

0-29 Days  0.000000%  0.000000%    0-29 Days  0.040000%    0.015732%
30 Days    0.000000%  0.000000%    30 Days    1.720000%    1.543430%
60 Days    0.000000%  0.000000%    60 Days    0.040000%    0.006616%
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   0.080000%    0.047407%
180+ Days  0.000000%  0.000000%    180+ Days  0.000000%    0.000000%
           --------   --------                ---------    --------
           0.000000%  0.000000%               1.880000%    1.613185%
</TABLE>

<TABLE>
<S>                                             <C>                                               <C>
Current Period Class A Insufficient Funds: 0.00 Principal Balance of Contaminated Properties 0.00 Periodic Advance 37,687.64
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                        3.826637%
Weighted Average Net Coupon                                          3.451416%
Weighted Average Pass-Through Rate                                   3.444019%
Weighted Average Maturity (Stepdown Calculation)                          337

Beginning Scheduled Collateral Loan Count                               2,542
Number of Loans Paid in Full                                               42
Ending Scheduled Collateral Loan Count                                  2,500

Beginning Scheduled Collateral Balance                         807,595,977.12
Ending Scheduled Collateral Balance                            791,846,410.76
Ending Actual Collateral Balance at 30-Nov-2004                791,848,464.08

Monthly P&I Constant                                             2,573,313.83
Special Servicing Fee                                                    0.00
Prepayment Penalties                                                     0.00
Realization Loss Amount                                                  0.00
Cumulative Realized Loss                                                 0.00

Ending Scheduled Balance for Premium Loans                     791,846,410.76

Scheduled Principal                                                      0.00
Unscheduled Principal                                           15,749,566.36

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

Extra Principal Distribution Amount                                      0.00
Excess Cash Amount                                                 747,518.82
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                           <C>
Applied Loss Amount                     0.00
1 Month LIBOR Loan Balance     79,491,825.59
6 Month LIBOR Loan Balance    712,354,585.17
M-1 Target Amount             764,131,786.38
M-2 Target Amount             779,968,714.60
M-3 Target Amount             783,927,946.65
Senior Target Amount          740,376,394.06
Step Down Date Reached?                   No
Trigger Event?                            No
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00076-of-00352.parquet"}]]