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 2003-8
                         RECORD DATE: NOVEMBER 30, 2004
                      DISTRIBUTION DATE: DECEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                            Certificate                            Beginning
                               Class        Certificate Pass-     Certificate           Interest
Class          CUSIP        Description       Through Rate          Balance           Distribution
-----        ---------      -----------     -----------------   --------------        ------------
<S>          <C>            <C>             <C>                 <C>                   <C>
 A-1         81743PDX1          SEN              2.46000%       686,291,783.21         1,406,898.15
 X-1         81743PDZ6           IO              0.75335%                 0.00           391,147.06
 A-2         81743PDY9          SEN              2.21063%       134,061,234.36           246,966.49
 X-2         81743PEA0           IO              0.20641%                 0.00           141,107.88
 B-1         81743PED4          SUB              2.73000%        14,166,000.00            32,227.65
 X-B         81743PEB8           IO              0.29504%                 0.00             4,195.94
 B-2         81743PEE2          SUB              3.39000%         8,304,000.00            23,458.80
 B-3         81743PEF9          SUB              3.19799%         4,884,000.00            13,015.82
 B-4         81743PEG7          SUB              3.19799%         2,443,000.00             6,510.58
 B-5         81743PEH5          SUB              3.19799%         1,465,000.00             3,904.21
 B-6         81743PEJ1          SUB              3.19799%         3,908,267.00            10,415.50
 A-R         81743PEC6          RES              2.56064%                 0.00                 0.00
                                                                --------------         ------------
Totals                                                          855,523,284.57         2,279,848.08
                                                                --------------         ------------
<CAPTION>
               Principal          Current        Ending Certificate           Total           Cumulative
Class        Distribution      Realized Loss           Balance            Distribution      Realized Loss
-----        -------------     -------------     ------------------     --------------      -------------
<S>          <C>               <C>               <C>                    <C>                 <C>
 A-1         13,003,839.21           0.00          673,287,944.00        14,410,737.36           0.00
 X-1                  0.00           0.00                    0.00           391,147.06           0.00
 A-2          1,585,593.48           0.00          132,475,640.88         1,832,559.97           0.00
 X-2                  0.00           0.00                    0.00           141,107.88           0.00
 B-1                  0.00           0.00           14,166,000.00            32,227.65           0.00
 X-B                  0.00           0.00                    0.00             4,195.94           0.00
 B-2                  0.00           0.00            8,304,000.00            23,458.80           0.00
 B-3                  0.00           0.00            4,884,000.00            13,015.82           0.00
 B-4                  0.00           0.00            2,443,000.00             6,510.58           0.00
 B-5                  0.00           0.00            1,465,000.00             3,904.21           0.00
 B-6                  0.00           0.00            3,908,267.00            10,415.50           0.00
 A-R                  0.00           0.00                    0.00                 0.00           0.00
             -------------           ----         ---------------        -------------           ----
Totals       14,589,432.69           0.00          840,933,851.88        16,869,280.77           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
 Class           Amount               Balance          Distribution       Distribution       Accretion
 -----       --------------        --------------      ------------      -------------       ---------
<S>          <C>                   <C>                 <C>               <C>                 <C>
  A-1        791,768,000.00        686,291,783.21          0.00          13,003,839.21          0.00
  X-1                  0.00                  0.00          0.00                   0.00          0.00
  A-2        150,000,000.00        134,061,234.36          0.00           1,585,593.48          0.00
  X-2                  0.00                  0.00          0.00                   0.00          0.00
  B-1         14,166,000.00         14,166,000.00          0.00                   0.00          0.00
  X-B                  0.00                  0.00          0.00                   0.00          0.00
  B-2          8,304,000.00          8,304,000.00          0.00                   0.00          0.00
  B-3          4,884,000.00          4,884,000.00          0.00                   0.00          0.00
  B-4          2,443,000.00          2,443,000.00          0.00                   0.00          0.00
  B-5          1,465,000.00          1,465,000.00          0.00                   0.00          0.00
  B-6          3,908,267.00          3,908,267.00          0.00                   0.00          0.00
  A-R                100.00                  0.00          0.00                   0.00          0.00
             --------------        --------------          ----          -------------          ----
Totals       976,938,367.00        855,523,284.57          0.00          14,589,432.69          0.00
             --------------        --------------          ----          -------------          ----
<CAPTION>
             Realized       Total Principal      Ending Certificate     Ending Certificate      Total Principal
 Class       Loss (1)          Reduction              Balance               Percentage            Distribution
 -----       --------       ---------------      ------------------     ------------------      ---------------
<S>          <C>            <C>                  <C>                    <C>                     <C>
  A-1          0.00          13,003,839.21         673,287,944.00            0.85036014          13,003,839.21
  X-1          0.00                   0.00                   0.00            0.00000000                   0.00
  A-2          0.00           1,585,593.48         132,475,640.88            0.88317094           1,585,593.48
  X-2          0.00                   0.00                   0.00            0.00000000                   0.00
  B-1          0.00                   0.00          14,166,000.00            1.00000000                   0.00
  X-B          0.00                   0.00                   0.00            0.00000000                   0.00
  B-2          0.00                   0.00           8,304,000.00            1.00000000                   0.00
  B-3          0.00                   0.00           4,884,000.00            1.00000000                   0.00
  B-4          0.00                   0.00           2,443,000.00            1.00000000                   0.00
  B-5          0.00                   0.00           1,465,000.00            1.00000000                   0.00
  B-6          0.00                   0.00           3,908,267.00            1.00000000                   0.00
  A-R          0.00                   0.00                   0.00            0.00000000                   0.00
               ----          -------------         --------------            ----------          -------------
Totals         0.00          14,589,432.69         840,933,851.88            0.86078496          14,589,432.69
               ----          -------------         --------------            ----------          -------------
</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.

                    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          791,768,000.00        866.78393571          0.00000000           16.42379991            0.00000000
  X-1                    0.00          0.00000000          0.00000000            0.00000000            0.00000000
  A-2          150,000,000.00        893.74156240          0.00000000           10.57062320            0.00000000
  X-2                    0.00          0.00000000          0.00000000            0.00000000            0.00000000
  B-1           14,166,000.00       1000.00000000          0.00000000            0.00000000            0.00000000
  X-B                    0.00          0.00000000          0.00000000            0.00000000            0.00000000
  B-2            8,304,000.00       1000.00000000          0.00000000            0.00000000            0.00000000
  B-3            4,884,000.00       1000.00000000          0.00000000            0.00000000            0.00000000
  B-4            2,443,000.00       1000.00000000          0.00000000            0.00000000            0.00000000
  B-5            1,465,000.00       1000.00000000          0.00000000            0.00000000            0.00000000
  B-6            3,908,267.00       1000.00000000          0.00000000            0.00000000            0.00000000
  A-R                  100.00          0.00000000          0.00000000            0.00000000            0.00000000
<CAPTION>
               Realized        Total Principal      Ending Certificate      Ending Certificate         Total Principal
 Class         Loss (3)           Reduction               Balance              Percentage                Distribution
 -----        ----------       ---------------      ------------------      ------------------         --------------
 <S>          <C>              <C>                  <C>                     <C>                        <C>
  A-1         0.00000000          16.42379991           850.36013580             0.85036014             16.42379991
  X-1         0.00000000           0.00000000             0.00000000             0.00000000              0.00000000
  A-2         0.00000000          10.57062320           883.17093920             0.88317094             10.57062320
  X-2         0.00000000           0.00000000             0.00000000             0.00000000              0.00000000
  B-1         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  X-B         0.00000000           0.00000000             0.00000000             0.00000000              0.00000000
  B-2         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  B-3         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  B-4         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  B-5         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  B-6         0.00000000           0.00000000          1000.00000000             1.00000000              0.00000000
  A-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.
<PAGE>

                        INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                         Beginning                  Payment of
                           Current     Certificate/     Current       Unpaid     Current
         Original Face   Certificate     Notional       Accrued      Interest    Interest
 Class       Amount         Rate          Balance       Interest    Shortfall   Shortfall
------   --------------  -----------  --------------  ------------  ----------  ---------
<S>      <C>             <C>          <C>             <C>           <C>         <C>
  A-1    791,768,000.00    2.46000%   686,291,783.21  1,406,898.16     0.00       0.00
  X-1              0.00    0.75335%   623,049,735.60    391,147.06     0.00       0.00
  A-2    150,000,000.00    2.21063%   134,061,234.36    246,966.49     0.00       0.00
  X-2              0.00    0.20641%   820,353,017.57    141,107.88     0.00       0.00
  B-1     14,166,000.00    2.73000%    14,166,000.00     32,227.65     0.00       0.00
  X-B              0.00    0.29504%    22,470,000.00      5,524.64     0.00       0.00
  B-2      8,304,000.00    3.39000%     8,304,000.00     23,458.80     0.00       0.00
  B-3      4,884,000.00    3.19799%     4,884,000.00     13,015.82     0.00       0.00
  B-4      2,443,000.00    3.19799%     2,443,000.00      6,510.58     0.00       0.00
  B-5      1,465,000.00    3.19799%     1,465,000.00      3,904.21     0.00       0.00
  B-6      3,908,267.00    3.19799%     3,908,267.00     10,415.50     0.00       0.00
  A-R            100.00    2.56064%             0.00          0.00     0.00       0.00
         --------------                               ------------     ----       ----
Totals   976,938,367.00                               2,281,176.79     0.00       0.00
         --------------                               ------------     ----       ----
</TABLE>

<TABLE>
<CAPTION>
                                                  Remaining      Ending
         Non-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     1,406,898.15      0.00    673,287,944.00
  X-1         0.00        0.00       391,147.06      0.00    599,839,671.21
  A-2         0.00        0.00       246,966.49      0.00    132,475,640.88
  X-2         0.00        0.00       141,107.88      0.00    805,763,584.88
  B-1         0.00        0.00        32,227.65      0.00     14,166,000.00
  X-B         0.00        0.00         4,195.94      0.00     22,470,000.00
  B-2         0.00        0.00        23,458.80      0.00      8,304,000.00
  B-3         0.00        0.00        13,015.82      0.00      4,884,000.00
  B-4         0.00        0.00         6,510.58      0.00      2,443,000.00
  B-5         0.00        0.00         3,904.21      0.00      1,465,000.00
  B-6         0.00        0.00        10,415.50      0.00      3,908,267.00
  A-R         0.00        0.00             0.00      0.00              0.00
              ----        ----     ------------      ----
Totals        0.00        0.00     2,279,848.08      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     791,768,000.00     2.46000%       866.78393571     1.77690707       0.00000000  0.00000000
   X-1               0.00     0.75335%       661.57454447     0.41533271       0.00000000  0.00000000
   A-2     150,000,000.00     2.21063%       893.74156240     1.64644327       0.00000000  0.00000000
   X-2               0.00     0.20641%       871.07760889     0.14983295       0.00000000  0.00000000
   B-1      14,166,000.00     2.73000%      1000.00000000     2.27500000       0.00000000  0.00000000
   X-B               0.00     0.29504%      1000.00000000     0.24586738       0.00000000  0.00000000
   B-2       8,304,000.00     3.39000%      1000.00000000     2.82500000       0.00000000  0.00000000
   B-3       4,884,000.00     3.19799%      1000.00000000     2.66499181       0.00000000  0.00000000
   B-4       2,443,000.00     3.19799%      1000.00000000     2.66499386       0.00000000  0.00000000
   B-5       1,465,000.00     3.19799%      1000.00000000     2.66498976       0.00000000  0.00000000
   B-6       3,908,267.00     3.19799%      1000.00000000     2.66499193       0.00000000  0.00000000
   A-R             100.00     2.56064%         0.00000000     0.00000000       0.00000000  0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                      Remaining
           Non-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      0.00000001    0.00000000    1.77690706    0.00000000      850.36013580
   X-1      0.00000000    0.00000000    0.41533271    0.00000000      636.92934057
   A-2      0.00000000    0.00000000    1.64644327    0.00000000      883.17093920
   X-2      0.00000000    0.00000000    0.14983295    0.00000000      855.58607309
   B-1      0.00000000    0.00000000    2.27500000    0.00000000     1000.00000000
   X-B      0.00000000    0.00000000    0.18673520    0.00000000     1000.00000000
   B-2      0.00000000    0.00000000    2.82500000    0.00000000     1000.00000000
   B-3      0.00000000    0.00000000    2.66499181    0.00000000     1000.00000000
   B-4      0.00000000    0.00000000    2.66499386    0.00000000     1000.00000000
   B-5      0.00000000    0.00000000    2.66498976    0.00000000     1000.00000000
   B-6      0.00000000    0.00000000    2.66499193    0.00000000     1000.00000000
   A-R      0.00000000    0.00000000    0.00000000    0.00000000        0.00000000
</TABLE>

(5)   Per $1 denomination

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

<PAGE>

                      CERTIFICATEHOLDER ACCOUNT STATEMENT

                              CERTIFICATE ACCOUNT

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

Deposits
         Payments of Interest and Principal                               17,136,961.13
         Liquidations, Insurance Proceeds, Reserve Funds                           0.00
         Proceeds from Repurchased Loans                                           0.00
         Other Amounts (Servicer Advances)                                    16,115.17
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                 0.00
         Prepayment Penalties                                                      0.00
                                                                          -------------
Total Deposits                                                            17,153,076.30

Withdrawals
         Reimbursement for Servicer Advances                                  10,606.49
         Payment of Service Fee                                              273,189.04
         Payment of Interest and Principal                                16,869,280.77
                                                                          -------------
Total Withdrawals (Pool Distribution Amount)                              17,153,076.30

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                                                    269,267.89
Master Servicing Fee                                                     3,921.15
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------

Net Servicing Fee                                                      273,189.04
                                                                       ==========
</TABLE>

<PAGE>

                                 OTHER ACCOUNTS

<TABLE>
<CAPTION>
                                    Beginning     Current     Current   Ending
           Account Type              Balance    Withdrawals  Deposits   Balance
-------------------------------     ---------   -----------  --------  ---------
<S>                                 <C>         <C>          <C>       <C>
Class 1-A Companion Sub Account      4,000.00        0.00        0.00  4,000.00
Class 1-A NAS Sub Account            1,000.00        0.00        0.00  1,000.00
Class 2-A Companion Sub Account      2,000.00        0.00        0.00  2,000.00
Class 2-A NAS Sub Account              500.00        0.00        0.00    500.00
Class X-B Sub Account                2,500.00    1,328.70    1,328.70  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        16     5,611,652.98   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      1        100,000.00   180+ Days         0         0.00      180+ Days       0         0.00
               --     ------------                     -         ----                      -         ----
               17     5,711,652.98                     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    0.636943%   0.667312%     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  0.039809%   0.011892%     180+ Days     0.000000%  0.000000%    180+ Days   0.000000%  0.000000%
           --------    --------                    --------   --------                 --------   --------
           0.676752%   0.679204%                   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          16     5,611,652.98
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        1        100,000.00
               -         ----                     --     ------------
               0         0.00                     17     5,711,652.98

             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      0.636943%   0.667312%
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    0.039809%   0.011892%
           --------   --------                --------    --------
           0.000000%  0.000000%               0.676752%   0.679204%
</TABLE>

<TABLE>
<S>                                              <C>                                                 <C>
Current Period Class A Insufficient Funds 0.00   Principal Balance of Contaminated Properties 0.00   Periodic Advance 16,115.17
</TABLE>

<PAGE>

                    SUBORDINATION LEVEL/CREDIT ENHANCEMENT/
                   CLASS PERCENTAGE AND PREPAYMENT PERCENTAGE

<TABLE>
<CAPTION>
             Original $    Original%      Current $     Current %   Current Class %  Prepayment %
           -------------  -----------   -------------  -----------  ---------------  ------------
<S>        <C>            <C>           <C>            <C>          <C>               <C>
Class A    35,170,267.00  3.60004973%   35,170,267.00  4.18228698%     95.817713%      0.000000%
Class X-1  35,170,267.00  3.60004973%   35,170,267.00  4.18228698%      0.000000%      0.000000%
Class X-2  35,170,267.00  3.60004973%   35,170,267.00  4.18228698%      0.000000%      0.000000%
Class B-1  21,004,267.00  2.15000943%   21,004,267.00  2.49773117%      1.684556%     40.278341%
Class B-2  12,700,267.00  1.30000698%   12,700,267.00  1.51025755%      0.987474%     23.610853%
Class B-3   7,816,267.00  0.80007780%    7,816,267.00  0.92947465%      0.580783%     13.886730%
Class B-4   5,373,267.00  0.55001085%    5,373,267.00  0.63896429%      0.290510%      6.946208%
Class B-5   3,908,267.00  0.40005257%    3,908,267.00  0.46475320%      0.174211%      4.165450%
Class B-6           0.00  0.00000000%            0.00  0.00000000%      0.464753%     11.112418%
</TABLE>

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

                           DELINQUENCY STATUS BY GROUP

POOL 1--1 MO LIBOR

<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>

POOL 1--6 MO LIBOR

<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       12      4,597,627.50  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      0              0.00  180+ Days      0          0.00     180+ Days      0          0.00
              --      ------------                 -          ----                    -          ----
              12      4,597,627.50                 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    0.645856%   0.774476%    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%
           --------    --------                --------    --------               --------    --------
           0.645856%   0.774476%               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         12    4,597,627.50
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       0             0.00
               -         ----                      --    ------------
               0         0.00                      12    4,597,627.00

             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    0.645856%   0.774476%
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%              0.645856%   0.774476%
</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        4      1,014,025.48   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      1       100 ,000.00   180+ Days      0         0.00      180+ Days        0         0.00
               -      ------------                  -         ----                       -         ----
               5      1,114,025.48                  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    0.919540%   0.734384%     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  0.229885%   0.072423%     180+ Days  0.000000%   0.000000%   180+ Days    0.000000%   0.000000%
           --------    --------                 --------    --------                 --------    --------
           1.149425%   0.806807%                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         4     1,014,025.48
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       1       100,000.00
               -         ----                        -     ------------
               0         0.00                        5     1,114,025.48

             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    0.919540%   0.734384%
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  0.229885%   0.072423%
           --------    --------                 --------    --------
           0.000000%   0.000000%                1.149425%   0.806807%
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
              Collateral Description                  Mixed Arm
<S>                                                <C>
Weighted Average Gross Coupon                            3.581018%
Weighted Average Net Coupon                              3.203330%
Weighted Average Pass-Through Rate                       3.197830%
Weighted Average Maturity (Stepdown Calculation)              311

Beginning Scheduled Collateral Loan Count                   2,545
Number of Loans Paid in Full                                   33
Ending Scheduled Collateral Loan Count                      2,512

Beginning Scheduled Collateral Balance             855,523,285.52
Ending Scheduled Collateral Balance                840,933,852.83
Ending Actual Collateral Balance at 30-Nov-2004    840,933,922.68

Monthly P&I Constant                                 2,553,037.16
Special Servicing Fee                                        0.00
Prepayment Penalties                                         0.00
Realized Loss Amount                                         0.00
Cumulative Realized Loss                                     0.00

Class A Optimal Amount                              16,774,223.58

Ending Scheduled Balance for Premium Loans         840,933,852.83

Scheduled Principal                                          0.00
Unscheduled Principal                               14,589,432.69
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
             GROUP               POOL 1--1 MO LIBOR     POOL 1--6 MO LIBOR           POOL 2            TOTAL
<S>                              <C>                    <C>                    <C>                <C>
Collateral Description              1 Month LIBOR ARM     6 Month LIBOR ARM    6 Month LIBOR ARM       Mixed ARM
Weighted Average Coupon Rate                 3.538765              3.596931             3.545766        3.581018
Weighted Average Net Rate                    3.147301              3.221549             3.169059        3.203330
Pass-Through Rate                            3.141801              3.216049             3.163558        3.197830
Weighted Average Maturity                         296                   313                  312             311
Record Date                                11/30/2004            11/30/2004           11/30/2004      11/30/2004
Principal and Interest Constant            327,903.67          1,812,453.95           412,679.54    2,553,037.16
Beginning Loan Count                              221                 1,884                  440           2,545
Loans Paid in Full                                  2                    26                    5              33
Ending Loan Count                                 219                 1,858                  435           2,512
Beginning Scheduled Balance            111,192,589.78        604,666,800.36       139,663,895.38  855,523,285.52
Ending Scheduled Balance               109,212,121.73        593,643,429.20       138,078,301.90  840,933,852.83
Scheduled Principal                              0.00                  0.00                 0.00            0.00
Unscheduled Principal                    1,980,468.05         11,023,371.16         1,585,593.48   14,589,432.69
Scheduled Interest                         327,903.67          1,812,453.95           412,679.54    2,553,037.16
Servicing Fee                               36,273.18            189,151.05            43,843.66      269,267.89
Master Servicing Fee                           509.63              2,771.39               640.13        3,921.15
Trustee Fee                                      0.00                  0.00                 0.00            0.00
FRY Amount                                       0.00                  0.00                 0.00            0.00
Special Hazard Fee                               0.00                  0.00                 0.00            0.00
Other Fee                                        0.00                  0.00                 0.00            0.00
Pool Insurance Fee                               0.00                  0.00                 0.00            0.00
Spread 1                                         0.00                  0.00                 0.00            0.00
Spread 2                                         0.00                  0.00                 0.00            0.00
Spread 3                                         0.00                  0.00                 0.00            0.00
Net Interest                               291,120.86          1,620,531.51           368,195.75    2,279,848.12
Realized Loss Amount                             0.00                  0.00                 0.00            0.00
Cumulative Realized Loss                         0.00                  0.00                 0.00            0.00
Percentage of Cumulative Losses                  0.00                  0.00                 0.00            0.00
Prepayment Penalties                             0.00                  0.00                 0.00            0.00
Special Servicing Fee                            0.00                  0.00                 0.00            0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                               <C>
Group Pool 1--1 Mo LIBOR
       Interest Transfer Amount                          0.00
       Principal Transfer Amount                         0.00
       Prorata Senior Percent                      95.869635%
       Senior Percentage                          100.000000%
       Senior Prepayment Percentage               100.000000%
       Subordinate Percentage                       0.000000%
       Subordinate Prepayment Percentage            0.000000%

Group Pool 1--6Mo LIBOR
       Interest Transfer Amount                          0.00
       Principal Transfer Amount                         0.00
       Prorata Senior Percent                      95.988469%
       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 2004-1
                         RECORD DATE: NOVEMBER 30, 2004
                      DISTRIBUTION DATE: DECEMBER 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                 Certificate Certificate      Beginning
                    Class       Pass-        Certificate    Interest
Class    CUSIP   Description Through Rate      Balance    Distribution
------ --------- ----------- ------------ -------------- --------------
<S>    <C>       <C>         <C>          <C>            <C>
  A    81744FAA5     SEN        2.19125%  527,666,329.05     963,540.70
 X-1   81744FAB3      IO        0.78029%            0.00     268,382.69
 X-2   81744FAC1      IO        0.16995%            0.00      74,730.19
 X-B   81744FAD9      IO        0.17238%            0.00       1,118.77
 B-1   81744FAG2     SUB        2.69000%    9,375,000.00      21,015.62
 B-2   81744FAH0     SUB        3.19000%    5,937,000.00      15,782.52
 B-3   81744FAJ6     SUB        2.97154%    3,437,000.00       8,511.00
 B-4   81744FAK3     SUB        2.97154%    1,562,000.00       3,867.96
 B-5   81744FAL1     SUB        2.97154%      937,000.00       2,320.28
 B-6   81744FAM9     SUB        2.97154%    2,500,468.00       6,191.88
 A-R   81744FAF4     RES        2.57152%            0.00           0.00
                                          --------------   ------------
Totals                                    551,414,797.05   1,365,461.61
                                          --------------   ------------
<CAPTION>
                                       Ending
          Principal     Current      Certificate     Total       Cumulative
Class   Distribution Realized Loss     Balance    Distribution  Realized Loss
------  ------------ ------------- -------------- ------------- -------------
<S>     <C>          <C>           <C>            <C>           <C>
  A     9,012,644.70         0.00  518,653,684.35  9,976,185.40       0.00
 X-1            0.00         0.00            0.00    268,382.69       0.00
 X-2            0.00         0.00            0.00     74,730.19       0.00
 X-B            0.00         0.00            0.00      1,118.77       0.00
 B-1            0.00         0.00    9,375,000.00     21,015.62       0.00
 B-2            0.00         0.00    5,937,000.00     15,782.52       0.00
 B-3            0.00         0.00    3,437,000.00      8,511.00       0.00
 B-4            0.00         0.00    1,562,000.00      3,867.96       0.00
 B-5            0.00         0.00      937,000.00      2,320.28       0.00
 B-6            0.00         0.00    2,500,468.00      6,191.88       0.00
 A-R            0.00         0.00            0.00          0.00       0.00
        ------------         ----  -------------- -------------       ----
Totals  9,012,644.70         0.00  542,402,152.35 10,378,106.31       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    601,250,000.00 527,666,329.05   1,061.29   9,011,583.41   0.00
 X-1             0.00           0.00       0.00           0.00   0.00
 X-2             0.00           0.00       0.00           0.00   0.00
 X-B             0.00           0.00       0.00           0.00   0.00
 B-1     9,375,000.00   9,375,000.00       0.00           0.00   0.00
 B-2     5,937,000.00   5,937,000.00       0.00           0.00   0.00
 B-3     3,437,000.00   3,437,000.00       0.00           0.00   0.00
 B-4     1,562,000.00   1,562,000.00       0.00           0.00   0.00
 B-5       937,000.00     937,000.00       0.00           0.00   0.00
 B-6     2,500,468.00   2,500,468.00       0.00           0.00   0.00
 A-R           100.00           0.00       0.00           0.00   0.00
       -------------- --------------   --------   ------------   ----
Totals 624,998,568.00 551,414,797.05   1,061.29   9,011,583.41   0.00
       -------------- --------------   --------   ------------   ----

<CAPTION>
                    Total         Ending        Ending
        Realized  Principal    Certificate   Certificate Total Principal
Class   Loss (1)  Reduction      Balance      Percentage  Distribution
------  -------- ------------ -------------- ----------- ---------------
<S>     <C>      <C>          <C>            <C>         <C>
  A       0.00   9,012,644.70 518,653,684.35  0.86262567   9,012,644.70
 X-1      0.00           0.00           0.00  0.00000000           0.00
 X-2      0.00           0.00           0.00  0.00000000           0.00
 X-B      0.00           0.00           0.00  0.00000000           0.00
 B-1      0.00           0.00   9,375,000.00  1.00000000           0.00
 B-2      0.00           0.00   5,937,000.00  1.00000000           0.00
 B-3      0.00           0.00   3,437,000.00  1.00000000           0.00
 B-4      0.00           0.00   1,562,000.00  1.00000000           0.00
 B-5      0.00           0.00     937,000.00  1.00000000           0.00
 B-6      0.00           0.00   2,500,468.00  1.00000000           0.00
 A-R      0.00           0.00           0.00  0.00000000           0.00
          ----   ------------ --------------  ----------   ------------
Totals    0.00   9,012,644.70 542,402,152.35  0.86784543   9,012,644.70
          ----   ------------ --------------  ----------   ------------
</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   601,250,000.00   877.61551609  0.00176514  14.98808052  0.00000000
 X-1            0.00     0.00000000  0.00000000   0.00000000  0.00000000
 X-2            0.00     0.00000000  0.00000000   0.00000000  0.00000000
 X-B            0.00     0.00000000  0.00000000   0.00000000  0.00000000
 B-1    9,375,000.00  1000.00000000  0.00000000   0.00000000  0.00000000
 B-2    5,937,000.00  1000.00000000  0.00000000   0.00000000  0.00000000
 B-3    3,437,000.00  1000.00000000  0.00000000   0.00000000  0.00000000
 B-4    1,562,000.00  1000.00000000  0.00000000   0.00000000  0.00000000
 B-5      937,000.00  1000.00000000  0.00000000   0.00000000  0.00000000
 B-6    2,500,468.00  1000.00000000  0.00000000   0.00000000  0.00000000
 A-R          100.00     0.00000000  0.00000000   0.00000000  0.00000000

<CAPTION>
                     Total        Ending       Ending
        Realized   Principal   Certificate  Certificate Total Principal
Class   Loss (3)   Reduction     Balance     Percentage  Distribution
-----  ---------- ----------- ------------- ----------- ---------------
<S>    <C>        <C>         <C>           <C>         <C>
  A    0.00000000 14.98984565  862.62567044  0.86262567  14.98984565
 X-1   0.00000000  0.00000000    0.00000000  0.00000000   0.00000000
 X-2   0.00000000  0.00000000    0.00000000  0.00000000   0.00000000
 X-B   0.00000000  0.00000000    0.00000000  0.00000000   0.00000000
 B-1   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 B-2   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 B-3   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 B-4   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 B-5   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 B-6   0.00000000  0.00000000 1000.00000000  1.00000000   0.00000000
 A-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
                        Current     Certificate/     Current    Unpaid    Current
       Original Face  Certificate     Notional       Accrued   Interest   Interest
Class      Amount        Rate          Balance      Interest  Shortfall  Shortfall
------ -------------- ----------- -------------- ------------ ---------- ---------
<S>    <C>            <C>         <C>            <C>          <C>        <C>
  A    601,250,000.00    2.19125% 527,666,329.05   963,540.70    0.00       0.00
 X-1             0.00    0.78029% 412,740,282.52   268,382.69    0.00       0.00
 X-2             0.00    0.16995% 527,666,329.05    74,730.19    0.00       0.00
 X-B             0.00    0.17238%  15,312,000.00     2,199.57    0.00       0.00
 B-1     9,375,000.00    2.69000%   9,375,000.00    21,015.63    0.00       0.00
 B-2     5,937,000.00    3.19000%   5,937,000.00    15,782.53    0.00       0.00
 B-3     3,437,000.00    2.97154%   3,437,000.00     8,511.00    0.00       0.00
 B-4     1,562,000.00    2.97154%   1,562,000.00     3,867.96    0.00       0.00
 B-5       937,000.00    2.97154%     937,000.00     2,320.28    0.00       0.00
 B-6     2,500,468.00    2.97154%   2,500,468.00     6,191.88    0.00       0.00
 A-R           100.00    2.57152%           0.00         0.00    0.00       0.00
         ------------                            ------------    ----       ----
Totals 624,998,568.00                            1,366,542.43    0.00       0.00
       --------------                            ------------    ----       ----
<CAPTION>
          Non-                            Remaining     Ending
        Supported                          Unpaid     Certificate/
        Interest  Realized Total Interest  Interest    Notational
Class   Shortfall Loss (4)  Distribution  Shortfall      Balance
------  --------- -------- -------------- --------- --------------
<S>     <C>       <C>      <C>            <C>       <C>
  A       0.00      0.00     963,540.70       0.00  518,653,684.35
 X-1      0.00      0.00     268,382.69       0.00  397,348,824.84
 X-2      0.00      0.00      74,730.19       0.00  518,653,684.35
 X-B      0.00      0.00       1,118.77       0.00   15,312,000.00
 B-1      0.00      0.00      21,015.62       0.00    9,375,000.00
 B-2      0.00      0.00      15,782.52       0.00    5,937,000.00
 B-3      0.00      0.00       8,511.00       0.00    3,437,000.00
 B-4      0.00      0.00       3,867.96       0.00    1,562,000.00
 B-5      0.00      0.00       2,320.28       0.00      937,000.00
 B-6      0.00      0.00       6,191.88       0.00    2,500,468.00
 A-R      0.00      0.00           0.00       0.00            0.00
          ----      ----   ------------       ----
Totals    0.00      0.00   1,365,461.61       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      601,250,000.00      2.19125%      877.61551609          1.60256249     0.00000000    0.00000000    0.00000000    0.00000000
 X-1               0.00      0.78029%      686.47032436          0.44637454     0.00000000    0.00000000    0.00000000    0.00000000
 X-2               0.00      0.16995%      877.61551609          0.12429138     0.00000000    0.00000000    0.00000000    0.00000000
 X-B               0.00      0.17238%     1000.00000000          0.14365008     0.00000000    0.00000000    0.00000000    0.00000000
 B-1       9,375,000.00      2.69000%     1000.00000000          2.24166720     0.00000000    0.00000000    0.00000000    0.00000000
 B-2       5,937,000.00      3.19000%     1000.00000000          2.65833418     0.00000000    0.00000000    0.00000000    0.00000000
 B-3       3,437,000.00      2.97154%     1000.00000000          2.47628746     0.00000000    0.00000000    0.00000000    0.00000000
 B-4       1,562,000.00      2.97154%     1000.00000000          2.47628681     0.00000000    0.00000000    0.00000000    0.00000000
 B-5         937,000.00      2.97154%     1000.00000000          2.47628602     0.00000000    0.00000000    0.00000000    0.00000000
 B-6       2,500,468.00      2.97154%     1000.00000000          2.47628844     0.00000000    0.00000000    0.00000000    0.00000000
 A-R             100.00      2.57152%        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        1.60256249     0.00000000       862.62567044
 X-1       0.44637454     0.00000000       660.87122635
 X-2       0.12429138     0.00000000       862.62567044
 X-B       0.07306492     0.00000000      1000.00000000
 B-1       2.24166613     0.00000000      1000.00000000
 B-2       2.65833249     0.00000000      1000.00000000
 B-3       2.47628746     0.00000000      1000.00000000
 B-4       2.47628681     0.00000000      1000.00000000
 B-5       2.47628602     0.00000000      1000.00000000
 B-6       2.47628844     0.00000000      1000.00000000
 A-R       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>
<CAPTION>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  10,565,848.42
         Liquidations, Insurance Proceeds, Reserve Funds                              0.00
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       11,846.35
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               10,577,694.77

Withdrawals
         Reimbursement for Servicer Advances                                     22,103.58
         Payment of Service Fee                                                 177,484.87
         Payment of Interest and Principal                                   10,378,106.32
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 10,577,694.77

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                                                   172,889.74
Master Servicing Fee                                                    4,595.13
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------

Net Servicing Fee                                                     177,484.87
                                                                      ==========
</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     1,080.81         1,080.81      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           12       4,345,513.01  30 Days        0         0.00      30 Days         0         0.00
60 Days            2         397,192.00  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
                  --       ------------              ----         ----                   ----         ----
                  14       4,742,705.01                 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        0.757098%    0.801159%    30 Days    0.000000%   0.000000%   30 Days     0.000000%   0.000000%
60 Days        0.126183%    0.073228%    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%
               --------     --------                --------    --------                --------    --------
               0.883281%    0.874388%               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        12       4,345,513.01
60 Days            0          0.00       60 Days         2         397,192.00
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                      14       4,742,705.01

                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     0.757098%     0.801159%
60 Days        0.000000%    0.000000%    60 Days     0.126183%     0.073228%
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%                0.883281%     0.874388%
</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   11,846.35
</TABLE>

<TABLE>
<CAPTION>
                    Original $       Original %       Current $        Current %     Current Class %    Prepayment %
                    ----------       ----------       ---------        ---------     ---------------    ------------
<S>               <C>               <C>            <C>               <C>             <C>                <C>
Class A           23,748,468.00     3.79976359%    23,748,468.00     4.37838749%        95.621612%        0.000000%
Class X-1         23,748,468.00     3.79976359%    23,748,468.00     4.37838749%         0.000000%        0.000000%
Class X-2         23,748,468.00     3.79976359%    23,748,468.00     4.37838749%         0.000000%        0.000000%
Class B-1         14,373,468.00     2.29976015%    14,373,468.00     2.64996515%         1.728422%       39.476231%
Class B-2          8,436,468.00     1.34983797%     8,436,468.00     1.55538984%         1.094575%       24.999507%
Class B-3          4,999,468.00     0.79991671%     4,999,468.00     0.92172717%         0.633663%       14.472513%
Class B-4          3,437,468.00     0.54999614%     3,437,468.00     0.63374896%         0.287978%        6.577266%
Class B-5          2,500,468.00     0.40007580%     2,500,468.00     0.46099891%         0.172750%        3.945518%
Class B-6                  0.00     0.00000000%             0.00     0.00000000%         0.460999%       10.528965%
</TABLE>

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

<PAGE>

                              COLLATERAL STATEMENT

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

Weighted Average Gross Coupon                                                    3.357791%
Weighted Average Net Coupon                                                      2.981545%
Weighted Average Pass-Through Rate                                               2.971545%
Weighted Average Maturity (Stepdown Calculation)                                      324

Beginning Scheduled Collateral Loan Count                                           1,608
Number of Loans Paid in Full                                                           23
Ending Scheduled Collateral Loan Count                                              1,585

Beginning Scheduled Collateral Balance                                     551,414,797.48
Ending Scheduled Collateral Balance                                        542,402,152.78
Ending Actual Collateral Balance at 30-Nov-2004                            542,402,998.67

Monthly P&I Constant                                                         1,544,007.79
Special Servicing Fee                                                                0.00
Prepayment Penalties                                                                 0.00
Realization Loss Amount                                                              0.00
Cumulative Realized Loss                                                             0.00

Class A Optimal Amount                                                      10,321,497.86

Ending Scheduled Balance for Premium Loans                                 542,402,152.78

Scheduled Principal                                                              1,061.29
Unscheduled Principal                                                        9,011,583.41
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
One-Month Libor Loan Balance                                      88,926,708.13
Six-Month Libor Loan Balance                                     453,199,462.61
Prorata Senior Percentage                                             95.693175%
Senior Percentage                                                    100.000000%
Senior Prepayment Percentage                                         100.000000%
Subordinate Percentage                                                 0.000000%
Subordinate Prepayment Percentage                                      0.000000%
</TABLE>

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