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 2004-3
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate  Certificate     Beginning
                        Class        Pass-       Certificate      Interest      Principal
  Class     CUSIP    Description  Through Rate     Balance      Distribution  Distribution
-------------------------------------------------------------------------------------------
<S>       <C>        <C>          <C>           <C>             <C>           <C>
     A    81744FAZ0      SEN        1.40000%    863,937,285.43  1,007,926.84  15,255,138.54
    M-1   81744FBA4      SUB        1.78000%     13,800,000.00     20,470.00           0.00
    M-2   81744FBB2      SUB        2.18000%      9,200,000.00     16,713.33           0.00
    M-3   81744FBC0      SUB        2.76584%      2,300,000.00      5,301.19           0.00
     X    81744FBD8       IO        0.00000%              0.00         12.93           0.00
     R    81744FBE6      RES        0.00000%              0.00          0.00           0.00
-------------------------------------------------------------------------------------------
Totals                                          889,237,285.43  1,050,424.29  15,255,138.54
-------------------------------------------------------------------------------------------

<CAPTION>
                             Ending
             Current      Certificate        Total        Cumulative
  Class   Realized Loss     Balance      Distribution   Realized Loss
---------------------------------------------------------------------
<S>       <C>            <C>             <C>            <C>
     A         0.00      848,682,146.89  16,263,065.38      0.00
    M-1        0.00       13,800,000.00      20,470.00      0.00
    M-2        0.00        9,200,000.00      16,713.33      0.00
    M-3        0.00        2,300,000.00       5,301.19      0.00
     X         0.00                0.00          12.93      0.00
     R         0.00                0.00           0.00      0.00
---------------------------------------------------------------------
Totals         0.00      873,982,146.89  16,305,562.83      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  863,937,285.43      0.00      15,255,138.54     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  889,237,285.43      0.00      15,255,138.54     0.00      0.00
------------------------------------------------------------------------------------------

<CAPTION>
              Total          Ending        Ending
            Principal     Certificate    Certificate  Total Principal
   Class    Reduction        Balance     Percentage     Distribution
---------------------------------------------------------------------
<S>       <C>            <C>             <C>          <C>
     A    15,255,138.54  848,682,146.89   0.94859479    15,255,138.54
    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    15,255,138.54  873,982,146.89   0.95000848    15,255,138.54
---------------------------------------------------------------------
</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   965.64586774   0.00000000    17.05107737  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>
                           Ending
       Total Principal   Certificate   Ending Certificate  Total Principal
Class     Reduction        Balance         Percentage       Distribution
--------------------------------------------------------------------------
<S>    <C>              <C>            <C>                 <C>
  A      17.05107737     948.59479038      0.94859479        17.05107737
 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    1.40000%   863,937,285.43  1,007,926.83     0.00       0.00       (0.01)     0.00
  M-1    13,800,000.00    1.78000%    13,800,000.00     20,470.00     0.00       0.00        0.00      0.00
  M-2     9,200,000.00    2.18000%     9,200,000.00     16,713.33     0.00       0.00        0.00      0.00
  M-3     2,300,000.00    2.76584%     2,300,000.00      5,301.19     0.00       0.00        0.00      0.00
   X              0.00    0.00000%   892,689,618.51          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                               1,050,411.35     0.00       0.00       (0.01)     0.00
-------------------------------------------------------------------------------------------------------------

<CAPTION>
                        Remaining      Ending
                         Unpaid     Certificate/
        Total Interest  Interest     Notational
 Class   Distribution   Shortfall      Balance
-------------------------------------------------
<S>     <C>             <C>        <C>
   A     1,007,926.84      0.00    848,682,146.89
  M-1       20,470.00      0.00     13,800,000.00
  M-2       16,713.33      0.00      9,200,000.00
  M-3        5,301.19      0.00      2,300,000.00
   X            12.93      0.00    878,441,598.52
   R             0.00      0.00              0.00
-------------------------------------------------
Totals   1,050,424.29      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       Current      Unpaid     Current     Supported
           Original Face   Certificate    Certificate/     Accrued     Interest    Interest     Interest     Realized
Class (5)      Amount         Rate      Notional Balance   Interest   Shortfall   Shortfall    Shortfall     Loss (6)
----------------------------------------------------------------------------------------------------------------------
<S>        <C>             <C>          <C>               <C>         <C>         <C>         <C>           <C>
    A      894,673,000.00    1.40000%     965.64586774    1.12658684  0.00000000  0.00000000  (0.00000001)  0.00000000
   M-1      13,800,000.00    1.78000%    1000.00000000    1.48333333  0.00000000  0.00000000   0.00000000   0.00000000
   M-2       9,200,000.00    2.18000%    1000.00000000    1.81666630  0.00000000  0.00000000   0.00000000   0.00000000
   M-3       2,300,000.00    2.76584%    1000.00000000    2.30486522  0.00000000  0.00000000   0.00000000   0.00000000
    X                0.00    0.00000%     970.34265363    0.00000000  0.00000000  0.00000000   0.00000000   0.00000000
    R                0.00    0.00000%       0.00000000    0.00000000  0.00000000  0.00000000   0.00000000   0.00000000

<CAPTION>
                           Remaining      Ending
                             Unpaid    Certificate/
           Total Interest   Interest    Notational
Class (5)   Distribution    Shortfall     Balance
----------------------------------------------------
<S>        <C>             <C>         <C>
    A        1.12658685    0.00000000   948.59479038
   M-1       1.48333333    0.00000000  1000.00000000
   M-2       1.81666630    0.00000000  1000.00000000
   M-3       2.30486522    0.00000000  1000.00000000
    X        0.14050009    0.00000000   954.85523086
    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>
<S>                                                                          <C>
Beginning Balance                                                                     0.00

Deposits
         Payments of Interest and Principal                                  16,610,408.86
         Liquidations, Insurance Proceeds, Reserve Funds                             12.93
         Proceeds from Repurchased Loans                                              0.00
         Other Amounts (Servicer Advances)                                       19,400.44
         Realized Losses (Gains, Subsequent Expenses & Recoveries)                    0.00
         Prepayment Penalties                                                         0.00
                                                                             -------------
Total Deposits                                                               16,629,822.23

Withdrawals
         Reimbursement for Servicer Advances                                     40,306.92
         Payment of Service Fee                                                 283,952.48
         Payment of Interest and Principal                                   16,305,562.83
                                                                             -------------
Total Withdrawals (Pool Distribution Amount)                                 16,629,822.23

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                                                   279,117.07
Master Servicing Fee                                                    4,835.41
Supported Prepayment/Curtailment Interest Shortfall                         0.00
                                                                      ----------
Net Servicing Fee                                                     283,952.48
                                                                      ==========
</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         12.93          12.93      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      0          0.00    0-29 Days       0         0.00
30 Days        22      7,982,478.48  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       0              0.00  180+ Days      0          0.00    180+ Days       0         0.00
           ------------------------             -------------------               -------------------
               22      7,982,478.48                 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    0.811509%     0.908708%   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%
           ----------------------               -------------------               -------------------
           0.811509%     0.908708%              0.000000%  0.000000%              0.000000%  0.000000%

<CAPTION>
            REO                                   TOTAL
--------------------------------   -----------------------------------
           No. of     Principal                No. of      Principal
           Loans       Balance                 Loans        Balance
<C>        <C>        <C>          <C>         <C>        <C>
0-29 Days    0        0.00         0-29 Days       0              0.00
30 Days      0        0.00         30 Days        22      7,982,478.48
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       0              0.00
           ---------------                     -----------------------
             0        0.00                        22      7,982,478.48

            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     0.811509%  0.908708%
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%                0.811509%  0.908708%
</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  19,400.44
</TABLE>

<PAGE>

                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
             Collateral Description                                 Mixed Arm
<S>                                                              <C>
Weighted Average Gross Coupon                                         3.147543%
Weighted Average Net Coupon                                           2.772339%
Weighted Average Pass-Through Rate                                    2.765839%
Weighted Average Maturity (Stepdown Calculation)                            342

Beginning Scheduled Collateral Loan Count                                 2,746
Number of Loans Paid in Full                                                 35
Ending Scheduled Collateral Loan Count                                    2,711

Beginning Scheduled Collateral Balance                           892,689,618.51
Ending Scheduled Collateral Balance                              878,441,598.52
Ending Actual Collateral Balance at 30-June-2004                 878,442,632.07

Monthly P&I Constant                                               2,341,482.37
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                       878,441,598.52

Scheduled Principal                                                        0.00
Unscheduled Principal                                             14,248,019.99

Required Overcollateralized Amount                                         0.00
Overcollateralized Increase Amount                                 1,007,118.56
Overcollateralized Reduction Amount                                        0.00
Specified O/C Amount                                               4,599,867.97
Overcollateralization Amount                                       4,459,451.63
Overcollateralized Deficiency Amount                               1,147,534.90
Base Overcollateralization Amount                                          0.00

Extra Principal Distribution Amount                                1,007,118.56
Excess Cash Amount                                                 1,007,118.56
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                              <C>
Applied Loss Amount                                                        0.00
1 Month LIBOR Loan Balance                                        86,163,965.80
6 Month LIBOR Loan Balance                                       792,277,632.72
M-1 Target Amount                                                847,696,142.57
M-2 Target Amount                                                865,264,974.54
M-3 Target Amount                                                869,657,182.53
Senior Target Amount                                             821,342,894.62
Step Down Date Reached?                                                      No
Trigger Event?                                                               No
</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 2004-4
                           RECORD DATE: JUNE 30, 2004
                        DISTRIBUTION DATE: JULY 20, 2004

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                          Certificate                           Beginning
                              Class      Certificate Pass-     Certificate        Interest           Principal
   Class        CUSIP     Description       Through Rate         Balance         Distribution       Distribution
----------------------------------------------------------------------------------------------------------------
<S>           <C>         <C>            <C>                  <C>                <C>               <C>
     A        81744FBF3       SEN             1.60813%        785,971,431.26      1,053,286.87     12,964,974.49
    X-1       81744FBG1       SEN             0.80000%                  0.00        494,443.89              0.00
    X-2       81744FBH9       SEN             0.32844%                  0.00        215,119.59              0.00
    X-B       81744FBJ5       SEN             0.76601%                  0.00         14,658.11              0.00
    B-1       81744FBK2       SUB             1.78000%         14,612,000.00         21,674.47              0.00
    B-2       81744FBL0       SUB             2.18000%          8,350,000.00         15,169.17              0.00
    B-3       81744FBM8       SUB             2.69147%          4,175,000.00          9,364.05              0.00
    B-4       81744FBN6       SUB             2.69147%          2,509,000.00          5,627.40              0.00
    B-5       81744FBP1       SUB             2.69147%          2,088,000.00          4,683.15              0.00
    B-6       81744FBQ9       SUB             2.69147%          3,757,983.00          8,428.73              0.00
    A-R       81744FBR7       RES             2.68605%                  0.00              0.00              0.00
----------------------------------------------------------------------------------------------------------------
Totals                                                        821,463,414.26      1,842,455.43     12,964,974.49
----------------------------------------------------------------------------------------------------------------

<CAPTION>
                 Current        Ending Certificate         Total            Cumulative
   Class      Realized Loss           Balance           Distribution       Realized Loss
----------------------------------------------------------------------------------------
<S>           <C>               <C>                     <C>                <C>
     A             0.00           773,006,456.77        14,018,261.36           0.00
    X-1            0.00                     0.00           494,443.89           0.00
    X-2            0.00                     0.00           215,119.59           0.00
    X-B            0.00                     0.00            14,658.11           0.00
    B-1            0.00            14,612,000.00            21,674.47           0.00
    B-2            0.00             8,350,000.00            15,169.17           0.00
    B-3            0.00             4,175,000.00             9,364.05           0.00
    B-4            0.00             2,509,000.00             5,627.40           0.00
    B-5            0.00             2,088,000.00             4,683.15           0.00
    B-6            0.00             3,757,983.00             8,428.73           0.00
    A-R            0.00                     0.00                 0.00           0.00
----------------------------------------------------------------------------------------
Totals             0.00           808,498,439.77        14,807,429.92           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          799,511,000.00        785,971,431.26          0.00        12,964,974.49          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          14,612,000.00         14,612,000.00          0.00                 0.00          0.00           0.00
    B-2           8,350,000.00          8,350,000.00          0.00                 0.00          0.00           0.00
    B-3           4,175,000.00          4,175,000.00          0.00                 0.00          0.00           0.00
    B-4           2,509,000.00          2,509,000.00          0.00                 0.00          0.00           0.00
    B-5           2,088,000.00          2,088,000.00          0.00                 0.00          0.00           0.00
    B-6           3,757,983.00          3,757,983.00          0.00                 0.00          0.00           0.00
    A-R                 100.00                  0.00          0.00                 0.00          0.00           0.00
---------------------------------------------------------------------------------------------------------------------
Totals          835,003,083.00        821,463,414.26          0.00        12,964,974.49          0.00           0.00
---------------------------------------------------------------------------------------------------------------------

<CAPTION>
                Total Principal     Ending Certificate    Ending Certificate       Total Principal
   Class           Reduction             Balance              Percentage            Distribution
--------------------------------------------------------------------------------------------------
<S>             <C>                 <C>                   <C>                      <C>
     A           12,964,974.49        773,006,456.77             0.96684906         12,964,974.49
    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         14,612,000.00             1.00000000                  0.00
    B-2                   0.00          8,350,000.00             1.00000000                  0.00
    B-3                   0.00          4,175,000.00             1.00000000                  0.00
    B-4                   0.00          2,509,000.00             1.00000000                  0.00
    B-5                   0.00          2,088,000.00             1.00000000                  0.00
    B-6                   0.00          3,757,983.00             1.00000000                  0.00
    A-R                   0.00                  0.00             0.00000000                  0.00
--------------------------------------------------------------------------------------------------
Totals           12,964,974.49        808,498,439.77             0.96825803         12,964,974.49
--------------------------------------------------------------------------------------------------
</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         799,511,000.00        983.06518767       0.00000000         16.21613022     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         14,612,000.00       1000.00000000       0.00000000          0.00000000     0.00000000        0.00000000
 B-2          8,350,000.00       1000.00000000       0.00000000          0.00000000     0.00000000        0.00000000
 B-3          4,175,000.00       1000.00000000       0.00000000          0.00000000     0.00000000        0.00000000
 B-4          2,509,000.00       1000.00000000       0.00000000          0.00000000     0.00000000        0.00000000
 B-5          2,088,000.00       1000.00000000       0.00000000          0.00000000     0.00000000        0.00000000
 B-6          3,757,983.00       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          16.21613022          966.84905745             0.96684906            16.21613022
 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-
                                                   Certificate/       Current           Unpaid      Current     Supported
              Original Face         Current         Notional          Accrued          Interest    Interest      Interest  Realized
   Class          Amount       Certificate Rate      Balance          Interest        Shortfall    Shortfall    Shortfall   Loss (4)
------------------------------------------------------------------------------------------------------------------------------------
<S>          <C>               <C>                <C>               <C>               <C>          <C>          <C>        <C>
     A       799,511,000.00          1.60813%     785,971,431.26    1,053,286.86         0.00         0.00         0.00      0.00
    X-1                0.00          0.80000%     741,662,104.82      494,441.40         0.00         0.00         0.00      0.00
    X-2                0.00          0.32844%     785,971,431.26      215,117.11         0.00         0.00         0.00      0.00
    X-B                0.00          0.76601%      22,962,000.00       14,657.55         0.00         0.00         0.00      0.00
    B-1       14,612,000.00          1.78000%      14,612,000.00       21,674.47         0.00         0.00         0.00      0.00
    B-2        8,350,000.00          2.18000%       8,350,000.00       15,169.17         0.00         0.00         0.00      0.00
    B-3        4,175,000.00          2.69147%       4,175,000.00        9,364.05         0.00         0.00         0.00      0.00
    B-4        2,509,000.00          2.69147%       2,509,000.00        5,627.40         0.00         0.00         0.00      0.00
    B-5        2,088,000.00          2.69147%       2,088,000.00        4,683.15         0.00         0.00         0.00      0.00
    B-6        3,757,983.00          2.69147%       3,757,983.00        8,428.73         0.00         0.00         0.00      0.00
    A-R              100.00          2.68605%               0.00            0.00         0.00         0.00         0.00      0.00
------------------------------------------------------------------------------------------------------------------------------------
  Totals     835,003,083.00                                         1,842,449.89         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       1,053,286.87           0.00        773,006,456.77
    X-1        494,443.89           0.00        714,258,352.25
    X-2        215,119.59           0.00        773,006,456.77
    X-B         14,658.11           0.00         22,962,000.00
    B-1         21,674.47           0.00         14,612,000.00
    B-2         15,169.17           0.00          8,350,000.00
    B-3          9,364.05           0.00          4,175,000.00
    B-4          5,627.40           0.00          2,509,000.00
    B-5          4,683.15           0.00          2,088,000.00
    B-6          8,428.73           0.00          3,757,983.00
    A-R              0.00           0.00                  0.00
--------------------------------------------------------------
  Totals     1,842,455.43           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         799,511,000.00      1.60813%       983.06518767       1.31741384     0.00000000    0.00000000  0.00000000   0.00000000
   X-1                  0.00      0.80000%       927.64465382       0.61842977     0.00000000    0.00000000  0.00000000   0.00000000
   X-2                  0.00      0.32844%       983.06518767       0.26906085     0.00000000    0.00000000  0.00000000   0.00000000
   X-B                  0.00      0.76601%      1000.00000000       0.63833943     0.00000000    0.00000000  0.00000000   0.00000000
   B-1         14,612,000.00      1.78000%      1000.00000000       1.48333356     0.00000000    0.00000000  0.00000000   0.00000000
   B-2          8,350,000.00      2.18000%      1000.00000000       1.81666707     0.00000000    0.00000000  0.00000000   0.00000000
   B-3          4,175,000.00      2.69147%      1000.00000000       2.24288623     0.00000000    0.00000000  0.00000000   0.00000000
   B-4          2,509,000.00      2.69147%      1000.00000000       2.24288561     0.00000000    0.00000000  0.00000000   0.00000000
   B-5          2,088,000.00      2.69147%      1000.00000000       2.24288793     0.00000000    0.00000000  0.00000000   0.00000000
   B-6          3,757,983.00      2.69147%      1000.00000000       2.24288668     0.00000000    0.00000000  0.00000000   0.00000000
   A-R                100.00      2.68605%         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          1.31741386     0.00000000         966.84905745
   X-1         0.61843288     0.00000000         893.36901212
   X-2         0.26906395     0.00000000         966.84905745
   X-B         0.63836382     0.00000000        1000.00000000
   B-1         1.48333356     0.00000000        1000.00000000
   B-2         1.81666707     0.00000000        1000.00000000
   B-3         2.24288623     0.00000000        1000.00000000
   B-4         2.24288561     0.00000000        1000.00000000
   B-5         2.24288793     0.00000000        1000.00000000
   B-6         2.24288668     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>
<S>                                                                               <C>
Beginning Balance                                                                          0.00

Deposits

           Payments of Interest and Principal                                     15,092,002.98
           Liquidations, Insurance Proceeds, Reserve Funds                                 5.52
           Proceeds from Repurchased Loans                                                 0.00
           Other Amounts (Servicer Advances)                                          14,336.50
           Realized Losses (Gains, Subsequent Expenses & Recoveries)                       0.00
           Prepayment Penalties                                                            0.00
                                                                                  -------------
Total Deposits                                                                    15,106,345.00

Withdrawals
           Reimbursement for Servicer Advances                                        35,947.20
           Payment of Service Fee                                                    262,967.88
           Payment of Interest and Principal                                      14,807,429.92
                                                                                  -------------
Total Withdrawals (Pool Distribution Amount)                                      15,106,345.00

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                                                 257,833.73
Master Servicing Fee                                                  5,134.15
Supported Prepayment/Curtailment Interest Shortfall                       0.00
                                                                    ----------
Net Servicing Fee                                                   262,967.88
                                                                    ==========
</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         2.48           2.48      4,500.00
Class X-2 Sub Account         4,500.00         2.48           2.48      4,500.00
Class X-B Sub Account         1,000.00         0.56           0.56      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       16          5,941,257.77  30 Days        0           0.00        30 Days         0           0.00
60 Days        1            202,000.00  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
              --          ------------                 -           ----                        -           ----
              17          6,143,257.77                 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      0.652795%    0.734850%     30 Days     0.000000%   0.000000%      30 Days     0.000000%   0.000000%
60 Days      0.040800%    0.024985%     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%
             --------     --------                  --------    --------                   --------    --------
             0.693594%    0.759835%                 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          16          5,941,257.77
60 Days             0            0.00         60 Days          1             202,000.00
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                         17           6,143,257.77

                  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     0.652795%         0.734850%
60 Days         0.000000%     0.000000%       60 Days     0.040800%         0.024985%
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%                   0.693594%         0.759835%
</TABLE>

<TABLE>
<S>                                         <C>    <C>                                            <S>    <C>               <C>
Current Period Class A Insufficient Funds:  0.00   Principal Balance of Contaminated Properties   0.00   Periodic Advance  14,336.50
</TABLE>

<TABLE>
<CAPTION>
                Original $        Original %    Current $     Current %     Current Class %     Prepayment %
               -------------     -----------  -------------  -----------    ---------------    -------------
<S>            <C>               <C>          <C>            <C>            <C>                <C>
Class A        35,491,983.00     4.25052119%  35,491,983.00  4.38986413%      95.610136%         0.000000%
Class X-1      35,491,983.00     4.25052119%  35,491,983.00  4.38986413%       0.000000%         0.000000%
Class X-2      35,491,983.00     4.25052119%  35,491,983.00  4.38986413%       0.000000%         0.000000%
Class B-1      20,879,983.00     2.50058753%  20,879,983.00  2.58256318%       1.807301%        41.169861%
Class B-2      12,529,983.00     1.50059123%  12,529,983.00  1.54978444%       1.032779%        23.526440%
Class B-3       8,354,983.00     1.00059307%   8,354,983.00  1.03339507%       0.516389%        11.763220%
Class B-4       5,845,983.00     0.70011514%   5,845,983.00  0.72306670%       0.310328%         7.069202%
Class B-5       3,757,983.00     0.45005618%   3,757,983.00  0.46481017%       0.258257%         5.883019%
Class B-6               0.00     0.00000000%           0.00  0.00000000%       0.464810%        10.588259%
</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                                          3.075621%
Weighted Average Net Coupon                                            2.698975%
Weighted Average Pass-Through Rate                                     2.691475%
Weighted Average Maturity (Stepdown Calculation)                            340

Beginning Scheduled Collateral Loan Count                                 2,474
Number of Loans Paid in Full                                                 23
Ending Scheduled Collateral Loan Count                                    2,451

Beginning Scheduled Collateral Balance                           821,463,415.00
Ending Scheduled Collateral Balance                              808,498,440.51
Ending Actual Collateral Balance at 30-June-2004                 808,499,311.83

Monthly P&I Constant                                               2,105,425.05
Special Servicing Fee                                                      0.00
Prepayment Penalties                                                       0.00
Realization Loss Amount                                                    0.00
Cumulative Realized Loss                                                   0.00

Class A Optimal Amount                                            14,742,477.42

Ending Scheduled Balance for Premium Loans                       808,498,440.51

Scheduled Principal                                                        0.00
Unscheduled Principal                                             12,964,974.49
</TABLE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                  <C>
One-Month Libor Loan Balance                         105,145,034.49
Six-Month Libor Loan Balance                         703,353,406.02
Prorata Senior Percentage                                 95.679420%
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-00069-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00069-of-00352.parquet"}]]