Document:

<PAGE>
                                  EXHIBIT 10.1

CONTACT: CUSTOMER SERVICES -- CTSLINK
         WELLS FARGO BANK MINNESOTA, N.A.
         SECURITIES ADMINISTRATION SERVICES
         7485 NEW HORIZON WAY
         FREDERICK, MD  21703
         WWW.CTSLINK.COM
         TELEPHONE:        (301) 815-6600
         FAX:              (301) 315-6660
                                SMT SERIES 2003-1
                           RECORD DATE: JUNE 30, 2003
                        DISTRIBUTION DATE: JUNE 21, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                              Certificate         Certificate          Beginning
                                 Class            Pass-Through        Certificate          Interest          Principal
   Class          CUSIP       Description            Rate               Balance          Distribution      Distribution
   -----          -----       -----------            ----               -------          ------------      ------------
<S>             <C>           <C>                 <C>                <C>                 <C>               <C>
    1A          81743PAA4         SEN               1.48375%         775,613,187.62        959,013.39      12,370,253.11
    2A          81743PAB2         SEN               1.74000%         184,819,250.12        267,987.91       4,863,198.71
   X-1A         81743PAC0          IO               1.17201%                   0.00        174,130.80               0.00
   X-1B         81743PAD8          IO               1.34268%                   0.00        668,357.12               0.00
    X-2         81743PAE6          IO               1.07483%                   0.00        165,546.76               0.00
    X-B         81743PAF3          IO               0.80876%                   0.00         10,725.77               0.00
    A-R         81743PAG1          R                2.77918%                   0.00              0.00               0.00
    B-1         81743PAH9         SUB               1.98375%          15,905,000.00         26,292.95               0.00
    B-2         81743PAJ5         SUB               2.79251%           8,210,000.00         19,105.41               0.00
    B-3         81743PAK2         SUB               2.79251%           5,644,000.00         13,134.10               0.00
    B-4         SEQ0301B4         SUB               2.79251%           2,565,000.00          5,968.99               0.00
    B-5         SEQ0301B5         SUB               2.79251%           1,539,000.00          3,581.39               0.00
    B-6         SEQ0301B6         SUB               2.79251%           4,105,618.00          9,554.14               0.00
                                                                     --------------      ------------      -------------
Totals                                                               998,401,055.74      2,323,398.73      17,233,451.82

</TABLE>

<TABLE>
<CAPTION>
                                  Ending
                Current         Certificate          Total          Cumulative
   Class     Realized Loss        Balance         Distribution     Realized Loss
   -----     -------------        -------         ------------     -------------
<S>          <C>              <C>                <C>               <C>
    1A            0.00        763,242,934.51     13,329,266.50           0.00
    2A            0.00        179,956,051.41      5,131,186.62           0.00
   X-1A           0.00                  0.00        174,130.80           0.00
   X-1B           0.00                  0.00        668,357.12           0.00
    X-2           0.00                  0.00        165,546.76           0.00
    X-B           0.00                  0.00         10,725.77           0.00
    A-R           0.00                  0.00              0.00           0.00
    B-1           0.00         15,905,000.00         26,292.95           0.00
    B-2           0.00          8,210,000.00         19,105.41           0.00
    B-3           0.00          5,644,000.00         13,134.10           0.00
    B-4           0.00          2,565,000.00          5,968.99           0.00
    B-5           0.00          1,539,000.00          3,581.39           0.00
    B-6           0.00          4,105,618.00          9,554.14           0.00
                  ----        --------------     -------------          -----
Totals            0.00        981,167,603.92     19,556,850.55          00.00

</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                                    Total
                Original Face       Certificate        Principal         Principal                        Realized     Principal
   Class           Amount            Balance          Distribution       Distribution      Accretion      Loss (1)     Reduction
   -----           ------            -------          ------------       ------------      ---------      --------     ---------
<S>            <C>                <C>                 <C>             <C>                  <C>            <C>         <C>
    1A         798,206,000.00     775,613,187.62           0.00       12,370,253.11          0.00           0.00      12,370,253.11
    2A         190,000,000.00     184,819,250.12           0.00        4,863,198.71          0.00           0.00       4,863,198.71
   X-1A                  0.00               0.00           0.00                0.00          0.00           0.00               0.00
   X-1B                  0.00               0.00           0.00                0.00          0.00           0.00               0.00
    X-2                  0.00               0.00           0.00                0.00          0.00           0.00               0.00
    X-B                  0.00               0.00           0.00                0.00          0.00           0.00               0.00
    A-R                100.00               0.00           0.00                0.00          0.00           0.00               0.00
    B-1         15,905,000.00      15,905,000.00           0.00                0.00          0.00           0.00               0.00
    B-2          8,210,000.00       8,210,000.00           0.00                0.00          0.00           0.00               0.00
    B-3          5,644,000.00       5,644,000.00           0.00                0.00          0.00           0.00               0.00
    B-4          2,565,000.00       2,565,000.00           0.00                0.00          0.00           0.00               0.00
    B-5          1,539,000.00       1,539,000.00           0.00                0.00          0.00           0.00               0.00
    B-6          4,105,618.00       4,105,618.00           0.00                0.00          0.00           0.00               0.00
             ----------------     --------------           ----       -------------          ----           ----      -------------
Totals       1,026,174,718.00     998,401,055.74           0.00       17,233,451.82          0.00           0.00      17,233,451.82

</TABLE>

<TABLE>
<CAPTION>
                   Ending                Ending
                 Certificate           Certificate       Total Principal
   Class           Balance              Percentage        Distribution
   -----           -------              ----------        ------------
<S>             <C>                    <C>               <C>
    1A          763,242,934.51          0.95619794        12,370,253.11
    2A          179,956,051.41          0.94713711         4,863,198.71
   X-1A                   0.00          0.00000000                 0.00
   X-1B                   0.00          0.00000000                 0.00
    X-2                   0.00          0.00000000                 0.00
    X-B                   0.00          0.00000000                 0.00
    A-R                   0.00          0.00000000                 0.00
    B-1          15,905,000.00          1.00000000                 0.00
    B-2           8,210,000.00          1.00000000                 0.00
    B-3           5,644,000.00          1.00000000                 0.00
    B-4           2,565,000.00          1.00000000                 0.00
    B-5           1,539,000.00          1.00000000                 0.00
    B-6           4,105,618.00          1.00000000                 0.00
                --------------          ----------        -------------
Totals          981,167,603.92          0.95614089        17,233,451.82

</TABLE>

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

                    PRINCIPAL DISTRIBUTION FACTORS STATEMENT
<TABLE>
<CAPTION>
                                   Beginning      Scheduled       Unscheduled                                      Total
               Original Face      Certificate     Principal        Principal                     Realized        Principal
   Class           Amount           Balance      Distribution    Distribution    Accretion       Loss (3)        Reduction
   -----           ------           -------      ------------    ------------    ---------       --------        ---------
<S>           <C>                <C>             <C>             <C>             <C>            <C>             <C>
    1A        798,206,000.00      971.69551171    0.00000000      15.49756969    0.00000000     0.00000000      15.49756969
    2A        190,000,000.00      972.73289537    0.00000000      25.59578268    0.00000000     0.00000000      25.59578268
   X-1A                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
   X-1B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-2                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    X-B                 0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    A-R               100.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-1        15,905,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-2         8,210,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-3         5,644,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-4         2,565,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-5         1,539,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
    B-6         4,105,618.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
</TABLE>

<TABLE>
<CAPTION>
                 Ending              Ending
              Certificate         Certificate        Total Principal
   Class        Balance            Percentage         Distribution
   -----        -------            ----------         ------------
<S>           <C>                 <C>                <C>
    1A        956.19794202          0.95619794        15.49756969
    2A        947.13711268          0.94713711        25.59578268
   X-1A         0.00000000          0.00000000         0.00000000
   X-1B         0.00000000          0.00000000         0.00000000
    X-2         0.00000000          0.00000000         0.00000000
    X-B         0.00000000          0.00000000         0.00000000
    A-R         0.00000000          0.00000000         0.00000000
    B-1      1000.00000000          1.00000000         0.00000000
    B-2      1000.00000000          1.00000000         0.00000000
    B-3      1000.00000000          1.00000000         0.00000000
    B-4      1000.00000000          1.00000000         0.00000000
    B-5      1000.00000000          1.00000000         0.00000000
    B-6      1000.00000000          1.00000000         0.00000000
</TABLE>

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

<PAGE>

                         INTEREST DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
                                                    Beginning                       Payment of
                                       Current      Certificate/     Current          Unpaid       Current     Non-Supported
                Original Face        Certificate    Notional         Accrued         Interest      Interest     Interest
  Class            Amount               Rate        Balance          Interest        Shortfall     Shortfall    Shortfall
  -----            ------               ----        -------          --------        ---------     ---------    ---------
<S>            <C>                   <C>         <C>                <C>             <C>            <C>         <C>
   1A          798,206,000.00         1.48375%   775,613,187.62     959,013.39          0.00          0.00         0.00
   2A          190,000,000.00         1.74000%   184,819,250.12     267,987.91          0.00          0.00         0.00
  X-1A                   0.00         1.17201%   178,286,393.89     174,128.17          0.00          0.00         0.00
  X-1B                   0.00         1.34268%   597,326,794.72     668,347.04          0.00          0.00         0.00
   X-2                   0.00         1.07483%   184,819,250.12     165,540.41          0.00          0.00         0.00
   X-B                   0.00         0.80876%    15,905,000.00      10,719.42          0.00          0.00         0.00
   A-R                 100.00         2.77918%             0.00           0.00          0.00          0.00         0.00
   B-1          15,905,000.00         1.98375%    15,905,000.00      26,292.95          0.00          0.00         0.00
   B-2           8,210,000.00         2.79251%     8,210,000.00      19,105.41          0.00          0.00         0.00
   B-3           5,644,000.00         2.79251%     5,644,000.00      13,134.10          0.00          0.00         0.00
   B-4           2,565,000.00         2.79251%     2,565,000.00       5,968.99          0.00          0.00         0.00
   B-5           1,539,000.00         2.79251%     1,539,000.00       3.581.39          0.00          0.00         0.00
   B-6           4,105,618.00         2.79251%     4,105,618.00       9,554.14          0.00          0.00         0.00
             ----------------                                     ------------          ----          ----         ----
 Totals      1,026,174,718.00                                     2,323,373.32          0.00          0.00         0.00

</TABLE>
<TABLE>
<CAPTION>
                                             Remaining         Ending
                                              Unpaid         Certificate/
               Realized    Total Interest     Interest       Notational
  Class        Loss (4)     Distribution     Shortfall        Balance
  -----        --------     ------------     ---------        -------
<S>            <C>         <C>               <C>           <C>
   1A            0.00       959,013.39          0.00       763,242,934.51
   2A            0.00       267,987.91          0.00       179,956,051.41
  X-1A           0.00       174,130.80          0.00       176,085,421.66
  X-1B           0.00       668,357.12          0.00       587,157,513.84
   X-2           0.00       165,546.76          0.00       179,956,051.41
   X-B           0.00        10,725.77          0.00        15,905,000.00
   A-R           0.00             0.00          0.00                 0.00
   B-1           0.00        26,292.95          0.00        15,905,000.00
   B-2           0.00        19,105.41          0.00         8,210,000.00
   B-3           0.00        13,134.10          0.00         5,644,000.00
   B-4           0.00         5,968.99          0.00         2,565,000.00
   B-5           0.00         3,581.39          0.00         1,539,000.00
   B-6           0.00         9,554.14          0.00         4,105,618.00
                 ----     ------------          ----
 Totals          0.00     2,323,398.73          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        Non-Supported
              Original Face    Certificate     Certificate/       Current Accrued    Interest       Interest       Interest
Class (5)         Amount       Rate          Notional Balance         Interest       Shortfall      Shortfall      Shortfall
---------         ------       ----          ----------------         --------       ---------      ---------      ---------
<S>          <C>               <C>           <C>                  <C>                <C>           <C>             <C>
   1A        798,206,000.00    1.48375%        971.69551171          1.20146101      0.00000000    0.00000000      0.00000000
   2A        190,000,000.00    1.74000%        972.73289537          1.41046268      0.00000000    0.00000000      0.00000000
  X-1A                 0.00    1.17201%        973.29511358          0.95059468      0.00000000    0.00000000      0.00000000
  X-1B                 0.00    1.34268%        971.21909245          1.08669394      0.00000000    0.00000000      0.00000000
   X-2                 0.00    1.07483%        972.73289537          0.87126532      0.00000000    0.00000000      0.00000000
   X-B                 0.00    0.80876%       1000.00000000          0.67396542      0.00000000    0.00000000      0.00000000
   A-R               100.00    2.77918%          0.00000000          0.00000000      0.00000000    0.00000000      0.00000000
   B-1        15,905,000.00    1.98375%       1000.00000000          1.65312480      0.00000000    0.00000000      0.00000000
   B-2         8,210,000.00    2.79251%       1000.00000000          2.32709013      0.00000000    0.00000000      0.00000000
   B-3         5,644,000.00    2.79251%       1000.00000000          2.32709072      0.00000000    0.00000000      0.00000000
   B-4         2,565,000.00    2.79251%       1000.00000000          2.32709162      0.00000000    0.00000000      0.00000000
   B-5         1,539,000.00    2.79251%       1000.00000000          2.32708902      0.00000000    0.00000000      0.00000000
   B-6         4,105,618.00    2.79251%       1000.00000000          2.32708937      0.00000000    0.00000000      0.00000000
</TABLE>

<TABLE>
<CAPTION>
                                                   Remaining
                                                   Unpaid
                Realized         Total Interest    Interest       Ending Certificate/
Class (5        Loss (6)          Distribution     Shortfall      Notational Balance
--------        --------          ------------     ---------      ------------------
<S>             <C>                <C>            <C>             <C>
   1A           0.00000000         1.20146101     0.00000000          956.19794202
   2A           0.00000000         1.41046268     0.00000000          947.13711268
  X-1A          0.00000000         0.95060903     0.00000000          961.27963965
  X-1B          0.00000000         1.08671033     0.00000000          954.68442528
   X-2          0.00000000         0.87129874     0.00000000          947.13711268
   X-B          0.00000000         0.67436467     0.00000000         1000.00000000
   A-R          0.00000000         0.00000000     0.00000000           0.000000000
   B-1          0.00000000         1.65312480     0.00000000         1000.00000000
   B-2          0.00000000         2.32709013     0.00000000         1000.00000000
   B-3          0.00000000         2.32709072     0.00000000         1000.00000000
   B-4          0.00000000         2.32709162     0.00000000         1000.00000000
   B-5          0.00000000         2.32708902     0.00000000         1000.00000000
   B-6          0.00000000         2.32708937     0.00000000         1000.00000000
</TABLE>

(5)  Per $1 denomination

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

<PAGE>

                       CERTIFICATEHOLDER ACCOUNT STATEMENT

                               CERTIFICATE ACCOUNT
<TABLE>
<S>                                                                     <C>
Beginning Balance                                                                0.00
Deposits

         Payments of Interest and Principal                             19,884,288.41
         Liquidations, Insurance Proceeds, Reserve Funds                        25.39
         Proceeds from Repurchased Loans                                         0.00
         Other Amounts (Servicer Advances)                                       0.00
         Realized Losses                                                         0.00
         Prepayment Penalties                                                    0.00
                                                                        -------------
Total Deposits                                                          19,884,313.80
Withdrawals
         Reimbursement for Servicer Advances                                 4,796.47
         Payment of Service Fee                                            322,667.18
         Payment of Interest and Principal                              19,556,850.15
                                                                        -------------
Total Withdrawals (Pool Distribution Amount)                            19,884,313.80
Ending Balance                                                                   0.00
                                                                        =============
</TABLE>

                    PREPAYMENT/CURTAILMENT INTEREST SHORTFALL
<TABLE>
<CAPTION>
<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                                                    314,347.17
Master Servicing Fee                                                     8,320.01
Supported Prepayment/Curtailment Interest Shortfall                          0.00
                                                                       ----------
Net Servicing Fee                                                      322,667.18
                                                                       ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                                                 Beginning          Current          Current       Ending
                Account Type                      Balance         Withdrawals       Deposits       Balance
                ------------                      -------         -----------       --------       -------
<S>                                              <C>              <C>               <C>           <C>
     Class X-1 Reserve Fund Sub Account          5,000.00            12.70            12.70       5,000.00
     Class X-2 Reserve Fund Sub Account          2,500.00            6.35             6.35        2,500.00
     Class X-B Reserve Fund Sub Account          2,500.00            6.35             6.35        2,500.00
</TABLE>

             LOAN STATUS STRATIFICATION/CREDIT ENHANCEMENT STATEMENT

<TABLE>
<CAPTION>
              DELINQUENT                            BANKRUPTCY                         FORECLOSURE
              ----------                            ----------                         -----------

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

<TABLE>
<CAPTION>
                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      0.000000%    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
</TABLE>

<TABLE>
<CAPTION>
               No. of     Principal                 No. of     Principal
                Loans      Balance                  Loans       Balance
                -----      -------                  -----       -------
 <S>          <C>         <C>         <C>         <C>          <C>
 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>

Current Period Class A Insufficient Funds:                                  0.00
Principal Balance of Contaminated Properties                                0.00
Periodic Advance                                                            0.00
<PAGE>

<TABLE>
<CAPTION>
                Original$      Original%        Current$       Current%     Current Class%       Prepayment%
                ---------      ---------        --------       --------     --------------       -----------
<S>         <C>               <C>           <C>             <C>             <C>                <C>
Class A     1,026,174,618.00  99.99999026%  981,167,603.92  100.00000000%     96.130262%           0.000000%
Class 1A      227,968,618.00  22.21538048%  217,924,669.41   22.21074856%     77.789251%       2,010.194141%
Class 2A       37,968,618.00   3.70001495%   37,968,618.00    3.86973824%     18.341010%         473.959972%
Class X-2      37,968,618.00   3.70001495%   37,968,618.00    3.86973824%      0.000000%           0.000000%
Class B-1      22,063,618.00   2.15008396%   22,063,618.00    2.24871041%      1.621028%          41.889858%
Class B-2      13,853,618.00   1.35002527%   13,853,618.00    1.41195224%      0.836758%          21.623120%
Class B-3       8,209,618.00   0.80002146%    8,209,618.00    0.83671923%      0.575233%          14.864908%
Class B-4       5,644,618.00   0.55006403%    5,644,618.00    0.57529600%      0.261423%           6.755579%
Class B-5       4,105,618.00   0.40008957%    4,105,618.00    0.41844207%      0.156854%           4.053347%
Class B-6               0.00   0.00000000%            0.00    0.00000000%      0.418442%          10.813188%
</TABLE>

Please refer to the prospectus supplement for a full description of loss
exposure
<PAGE>
                           DELINQUENCY STATUS BY GROUP

                                     POOL 1
<TABLE>
<CAPTION>
          DELINQUENT                            BANKRUPTCY                         FORECLOSURE
------------------------------        ------------------------------     --------------------------------
           No. of    Principal                  No. of     Principal                 No. of     Principal
            Loans     Balance                    Loans      Balance                   Loans      Balance
            -----     -------                    -----      -------                   -----      -------
<S>        <C>       <C>              <C>       <C>        <C>           <C>         <C>        <C>
0-29 Days     0        0.00           0-29 Days     0         0.00       0-29 Days       0         0.00
30 Days       0        0.00           30 Days       0         0.00       30 Days         0         0.00
60 Days       0        0.00           60 Days       0         0.00       60 Days         0         0.00
90 Days       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
</TABLE>

<TABLE>
<CAPTION>
            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  0.000000%    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
</TABLE>

<TABLE>
<CAPTION>
                No. of      Principal                 No. of     Principal
                 Loans       Balance                  Loans       Balance
                 -----       -------                  -----       -------
<S>            <C>          <C>         <C>          <C>         <C>
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>
                                     POOL 2

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

<TABLE>
<CAPTION>
              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    0.000000%     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
</TABLE>

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

<PAGE>

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

Weighted Average Gross Coupon                                     3.180334%
Weighted Average Net Coupon                                       2.802513%
Weighted Average Pass-Through Rate                                2.792513%
Weighted Average Maturity (Stepdown Calculation)                       322

Beginning Scheduled Collateral Loan Count                            2,801
Number of Loans Paid in Full                                            40
Ending Scheduled Collateral Loan Count                               2,761

Beginning Scheduled Collateral Balance                      998,401,055.74
Ending Scheduled Collateral Balance                         981,167,603.92
Ending Actual Collateral Balance at 30-June-2003            981,164,071.23

Monthly P&I Constant                                          2,646,040.52
Special Servicing Fee                                                 0.00
Prepayment Penalties                                                  0.00
Realization Loss Amount                                               0.00
Cumulative Realized Loss                                              0.00

Class A Optimal Amount                                       19,468,468.74

Ending Scheduled Balance for Premium Loans                  981,167,603.92

Scheduled Principal                                                   0.00
Unscheduled Principal                                        17,233,451.82
</TABLE>

MISCELLANEOUS REPORTING

Cap Agreement Deposit - 1 month Libor Loan     0
Cap Agreement Deposit - 6 month Libor Loan     0
<PAGE>
<TABLE>
<CAPTION>
        GROUP                                  1                            2                         TOTAL

                                                                         6 Month
Collateral Description                       Mixed ARM                  LIBOR ARM                   Mixed ARM
<S>                                        <C>                       <C>                       <C>
Weighted Average Coupon Rate                     3.175689                  3.199826                  3.180334
Weighted Average Net Rate                        2.797196                  2.824826                  2.802513
Pass-Through Rate                                2.787196                  2.814826                  2.792513
Weighted Average Maturity                             320                       328                       322
Record Date                                    06/30/2003                06/30/2003                06/30/2003
Principal and Interest Constant              2,133,750.84                512,289.68              2,646,040.52
Beginning Loan Count                                2,234                       567                     2,801
Loans Paid in Full                                     29                        11                        40
Ending Loan Count                                   2,205                       556                     2,761
Beginning Scheduled Balance                806,281,963.62            192,119,092.12            998,401,055.74
Ending Scheduled Balance                   793,911,710.51            187,255,893.41            981,167,603.92
Scheduled Principal                                  0.00                      0.00                      0.00
Unscheduled Principal                       12,370,253.11              4,863,198.71             17,233,451.82
Scheduled Interest                           2,133,750.84                512,289.68              2,646,040.52
Servicing Fee                                  254,309.96                 60,037.21                314,347.17
Master Servicing Fee                             6,719.02                  1,600.99                  8,320.01
Trustee Fee                                          0.00                      0.00                      0.00
FRY Amount                                           0.00                      0.00                      0.00
Special Hazard Fee                                   0.00                      0.00                      0.00
Other Fee                                            0.00                      0.00                      0.00
Pool Insurance Fee                                   0.00                      0.00                      0.00
Spread 1                                             0.00                      0.00                      0.00
Spread 2                                             0.00                      0.00                      0.00
Spread 3                                             0.00                      0.00                      0.00
Net Interest                                 1,872,721.86                450,651.48              2,323,373.34
Realized Loss Amount                                 0.00                      0.00                      0.00
Cumulative Realized Loss                             0.00                      0.00                      0.00
Percentage of Cumulative Losses                      0.00                      0.00                      0.00
Prepayment Penalties                                 0.00                      0.00                      0.00
Special Servicing Fee                                0.00                      0.00                      0.00
</TABLE>
<PAGE>
                             MISCELLANEOUS REPORTING

<TABLE>
<S>                                       <C>
Group Pool 1

One Month Libor Loan Balance              183,160,920.08
Six Month Libor Loan Balance              610,750,790.43
Senior Percent                                100.000000%
Senior Prepayment Percent                     100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepayment Percent                  0.000000%

Group Pool 2

Six Month Libor Loan Balance              187,255,893.41
Senior Percent                                100.000000%
Senior Prepayment Percent                     100.000000%
Subordinate Percent                             0.000000%
Subordinate Prepayment Percent                  0.000000%
</TABLE><PAGE>

                                  EXHIBIT 10.1

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

                                SMT SERIES 2003-2
                           RECORD DATE: JUNE 30, 2003
                        DISTRIBUTION DATE: JULY 21, 2003

                     CERTIFICATEHOLDER DISTRIBUTION SUMMARY

<TABLE>
<CAPTION>
                     Certificate    Certificate    Beginning
                       Class       Pass-Through   Certificate        Interest        Principal
Class     CUSIP     Description       Rate          Balance        Distribution    Distribution
-----   --------    -----------    ------------   -----------      ------------    -------------
<S>     <C>         <C>            <C>           <C>               <C>             <C>
 A-1    81743PAP1       SEN         1.43375%     494,602,857.18      590,947.37     4,275,358.55
 A-2    81743PAQ9       SEN         1.63313%     298,351,038.37      406,038.36     5,268,516.94
 M-1    81743PAR7       SUB         1.75375%      11,480,000.00       16,777.54             0.00
 M-2    81743PAS5       SUB         2.53375%       4,920,000.00       10,388.37             0.00
  X     SMT03002X        IO         0.00000%               0.00      731,272.62             0.00
  R     SMT03002R       SUB         0.00000%               0.00            0.00             0.00
                                    -------      --------------    ------------     ------------
Totals                                           809,353,895.55    1,755,424.26     9,543,875.49
                                    -------      --------------    ------------     ------------
</TABLE>

<TABLE>
<CAPTION>
                             Ending
          Current          Certificate        Total           Cumulative
Class   Realized Loss        Balance        Distribution      Realized Loss
-----   -------------        -------        ------------      -------------
<S>     <C>              <C>                <C>               <C>
 A-1        0.00         490,327,498.63      4,866,305.92           0.00
 A-2        0.00         293,082,521.43      5,674,555.30           0.00
 M-1        0.00          11,480,000.00         16,777.54           0.00
 M-2        0.00           4,920,000.00         10,388.37           0.00
  X         0.00                   0.00        731,272.62           0.00
  R         0.00                   0.00              0.00           0.00
            ----         --------------     -------------           ----
Totals      0.00         799,810,020.06     11,299,299.75           0.00
            ----         --------------     -------------           ----
</TABLE>

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

                        PRINCIPAL DISTRIBUTION STATEMENT
<TABLE>
<CAPTION>
                                Beginning         Scheduled       Unscheduled                                 Total
           Original Face       Certificate        Principal        Principal                   Realized      Principal
Class          Amount            Balance         Distribution     Distribution     Accretion    Loss (1)     Reduction
-----      ------------        -----------       ------------     ------------     ---------    --------    ------------
<S>        <C>                 <C>               <C>              <C>              <C>         <C>          <C>
 A-1        500,000,000.00     494,602,857.18        0.00         4,275,358.55        0.00         0.00     4,275,358.55
 A-2        303,600,000.00     298,351,038.37        0.00         5,268,516.94        0.00         0.00     5,268,516.94
 M-1         11,480,000.00      11,480,000.00        0.00                 0.00        0.00         0.00             0.00
 M-2          4,920,000.00       4,920,000.00        0.00                 0.00        0.00         0.00             0.00
  X                   0.00               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             0.00
            --------------     --------------        ----         ------------        ----         ----     ------------
Totals      820,000,000.00     809,353,895.55        0.00         9,543,875.49        0.00         0.00     9,543,875.49
            --------------     --------------        ----         ------------        ----         ----     ------------
</TABLE>

<TABLE>
<CAPTION>
            Ending                Ending
          Certificate           Certificate      Total Principal
Class       Balance              Percentage       Distribution
-----    --------------         -----------      ---------------
<S>      <C>                    <C>              <C>
 A-1     490,327,498.63          0.98065500       4,275,358.55
 A-2     293,082,521.43          0.96535745       5,268,516.94
 M-1      11,480,000.00          1.00000000               0.00
 M-2       4,920,000.00          1.00000000               0.00
  X                0.00          0.00000000               0.00
  R                0.00          0.00000000               0.00
         --------------          ----------       ------------
Totals   799,810,020.06          0.97537807       9,543,875.49
         --------------          ----------       ------------
</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                                       Total
             Original Face       Certificate    Principal       Principal                      Realized        Principal
Class          Amount             Balance      Distribution    Distribution     Accretion       Loss(3)        Reduction
-----        -------------       -----------   ------------    ------------     ---------       -------        ---------
<S>         <C>                <C>             <C>             <C>             <C>            <C>             <C>
  A-1       500,000,000.00      989.20571436    0.00000000       8.55071710    0.00000000     0.00000000       8.55071710
  A-2       303,600,000.00      982.71093007    0.00000000      17.35348136    0.00000000     0.00000000      17.35348136
  M-1        11,480,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
  M-2         4,920,000.00     1000.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
   X                  0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
   R                  0.00        0.00000000    0.00000000       0.00000000    0.00000000     0.00000000       0.00000000
</TABLE>

<TABLE>
<CAPTION>
            Ending              Ending
          Certificate         Certificate       Total Principal
Class      Balance            Percentage         Distribution
-----   -------------         -----------       ---------------
<S>     <S>                   <C>               <C>
A-1      980.65499726          0.98065500         8.55071710
A-2      965.35744872          0.96535745        17.35348137
M-1     1000.00000000          1.00000000         0.00000000
M-2     1000.00000000          1.00000000         0.00000000
  X        0.00000000          0.00000000         0.00000000
  R        0.00000000          0.00000000         0.00000000
</TABLE>

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

                         INTEREST DISTRIBUTION STATEMENT

<TABLE>
<CAPTION>
                                                    Beginning                    Payment of
                                    Current        Certificate/     Current       Unpaid        Current      Non-Supported
           Original Face          Certificate        Notional       Accrued       Interest      Interest      Interest
Class          Amount                Rate            Balance        Interest      Shortfall     Shortfall      Shortfall
-----      ----------------       -----------     -------------    -----------    ---------     ---------    -------------
<S>        <C>                    <C>             <C>              <C>             <C>           <C>         <C>
 A-1         500,000,000.00         1.43375%      494,602,857.18     590,947.37      0.00           0.00           0.00
 A-2         303,600,000.00         1.63313%      298,351,038.37     406,038.36      0.00           0.00           0.00
 M-1          11,480,000.00         1.75375%       11,480,000.00      16,777.54      0.00           0.00           0.00
 M-2           4,920,000.00         2.53375%        4,920,000.00      10,388.38      0.00           0.00           0.00
  X                    0.00         0.00000%      809,353,895.55           0.00      0.00           0.00           0.00
  R                    0.00         0.00000%                0.00           0.00      0.00           0.00           0.00
             --------------         --------      --------------   ------------      ----           ----           ----
  Totals     820,000,000.00                                        1,024,151.65      0.00           0.00           0.00
             --------------         --------      --------------   ------------      ----           ----           ----
</TABLE>

<TABLE>
<CAPTION>
                                       Remaining      Ending
                                        Unpaid      Certificate/
         Realized    Total Interest    Interest      Notational
Class     Loss(4)    Distribution      Shortfall      Balance
-----    -------     ------------      ---------   --------------
<S>      <C>        <C>                <C>         <C>
 A-1       0.00       590,947.37          0.00     490,327,498.63
 A-2       0.00       406,038.36          0.00     293,082,521.43
 M-1       0.00        16,777.54          0.00      11,480,000.00
 M-2       0.00        10,388.37          0.00       4,920,000.00
  X        0.00       731,272.62          0.00     799,810,020.06
  R        0.00             0.00          0.00               0.00
           ----     ------------          ----     --------------
Totals     0.00     1,755,424.26          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      Non-Supported
           Original Face     Certificate      Certificate/      Current Accrued     Interest       Interest        Interest
Class(5)       Amount           Rate        Notional Balance        Interest        Shortfall      Shortfall       Shortfall
--------   ------------      -----------    ----------------    ---------------     ----------     ---------     -------------
<S>        <C>               <C>            <C>                 <C>                  <C>           <C>           <C>
   A-1      500,000,000.00    1.43375%         989.20571436        1.18189474       0.00000000     0.00000000      0.00000000
   A-2      303,600,000.00    1.63313%         982.71093007        1.33741225       0.00000000     0.00000000      0.00000000
   M-1       11,480,000.00    1.75375%        1000.00000000        1.46145819       0.00000000     0.00000000      0.00000000
   M-2        4,920,000.00    2.53375%        1000.00000000        2.11145935       0.00000000     0.00000000      0.00000000
    X                 0.00    0.00000%         987.01694579        0.00000000       0.00000000     0.00000000      0.00000000
    R                 0.00    0.00000%           0.00000000        0.00000000       0.00000000     0.00000000      0.00000000
            --------------    -------         -------------        ----------       ----------     ----------      ----------
</TABLE>

<TABLE>
<CAPTION>
                                              Remaining
                                               Unpaid
             Realized       Total Interest     Interest     Ending Certificate/
Class (5)     Loss(6)        Distribution     Shortfall     Notational Balance
---------    --------       --------------    ---------     ------------------
<S>         <C>             <C>              <C>            <C>
   A-1      0.00000000       1.18189474      0.00000000         980.65499726
   A-2      0.00000000       1.33741225      0.00000000         965.35744872
   M-1      0.00000000       1.46145819      0.00000000        1000.00000000
   M-2      0.00000000       2.11145732      0.00000000        1000.00000000
    X       0.00000000       0.89179588      0.00000000         975.37807324
    R       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                   11,542,727.67
         Liquidations, Insurance Proceeds, Reserve Funds              12.99
         Proceeds from Repurchased Loans                               0.00
         Other Amounts (Servicer Advances)                        25,344.94
         Realized Losses                                               0.00
         Prepayment Penalties                                          0.00
                                                              -------------
Total Deposits                                                11,568,085.60

Withdrawals
         Reimbursement for Servicer Advances                       9,173.64
         Payment of Service Fee                                  259,612.21
         Payment of Interest and Principal                    11,299,299.75
                                                              -------------
Total Withdrawals (Pool Distribution Amount)                  11,568,085.60
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                                        254,879.77
    Master Servicing Fee                                         4,732.44
    Supported Prepayment/Curtailment Interest Shortfall              0.00
                                                               ----------
    Net Servicing Fee                                          259,612.21
                                                               ==========
</TABLE>

<PAGE>

<TABLE>
<CAPTION>
                      Beginning          Current          Current       Ending
Account Type           Balance         Withdrawals       Deposits       Balance
<S>                   <C>                 <C>              <C>         <C>
Reserve Fund          10,000.00           12.99            12.99       10,000.00
</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            32        9,705,003.47     30 Days         0            0.00       30 Days          0             0.00
60 Days            1           484,000.00     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
                 ---        -------------                    ---           ----                       ---            ----
                  33        10,189,003.47                     0            0.00                        0             0.00

                No. of        Principal                      No. of     Principal                    No. of         Principal
                 Loans         Balance                       Loans       Balance                     Loans           Balance
0-29 Days      0.000000%      0.000000%       0-29 Days     0.000000%   0.000000%     0-29 Days    0.000000%        0.000000%
30 Days        1.455207%      1.210311%       30 Days       0.000000%   0.000000%     30 Days      0.000000%        0.000000%
60 Days        0.045475%      0.060360%       60 Days       0.000000%   0.000000%     60 Days      0.000000%        0.000000%
90 Days        0.000000%      0.000000%       90 Days       0.000000%   0.000000%     90 Days      0.000000%        0.000000%
120 Days       0.000000%      0.000000%       120 Days      0.000000%   0.000000%     120 Days     0.000000%        0.000000%
150 Days       0.000000%      0.000000%       150 Days      0.000000%   0.000000%     150 Days     0.000000%        0.000000%
180+ Days      0.000000%      0.000000%       180+ Days     0.000000%   0.000000%     180+ Days    0.000000%        0.000000%
               --------       --------                      --------    --------                   --------         --------
               1.500682%      1.270671%                     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         32       9,705,003.47
60 Days          0           0.00    60 Days         1          484,000.00
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                    33      10,189,003.47
</TABLE>

<TABLE>
<CAPTION>
                 No. of    Principal                  No. of     Principal
                 Loans      Balance                   Loans       Balance
<S>            <C>         <C>         <C>         <C>           <C>
 0-29 Days     0.000000%   0.000000%   0-29 Days   0.000000%     0.000000%
 30 Days       0.000000%   0.000000%   30 Days     1.455207%     1.210311%
 60 Days       0.000000%   0.000000%   60 Days     0.045475%     0.060360%
 90 Days       0.000000%   0.000000%   90 Days     0.000000%     0.000000%
 120 Days      0.000000%   0.000000%   120 Days    0.000000%     0.000000%
 150 Days      0.000000%   0.000000%   150 Days    0.000000%     0.000000%
 180+ Days     0.000000%   0.000000%   180+ Days   0.000000%     0.000000%
               --------    --------                --------      --------
               0.000000%   0.000000%               1.500682%     1.270671%

</TABLE>

<TABLE>
<S>                                                         <C>          <C>                                             <C>
Current Period Class A Insufficient Funds:                  0.00         Principal Balance of Contaminated Properties    0.00

                Periodic Advance                       25,344.94
</TABLE>
<PAGE>

                           DELINQUENCY STATUS BY GROUP

                                     GROUP 1

<TABLE>
<CAPTION>
               DELINQUENT                                BANKRUPTCY                             FORECLOSURE
--------------------------------------------------------------------------------------------------------------------------
                 No. of     Principal                    No. of       Principal                No. of         Principal
                  Loans      Balance                      Loans        Balance                  Loans          Balance
<S>             <C>        <C>              <C>            <C>          <C>       <C>          <C>            <C>
0-29 Days           0             0.00      0-29 Days       0             0.00    0-29 Days       0             0.00
30 Days            20      5,927,322.53     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
                  ---     ------------                     ---            ----                   ---            ----
                   20     5,927,322.53                      0             0.00                    0             0.00

                 No. of      Principal                   No. of       Principal                  No. of      Principal
                  Loans       Balance                     Loans        Balance                   Loans        Balance
0-29 Days       0.000000%    0.000000%      0-29 Days   0.000000%     0.000000%   0-29 Days    0.000000%     0.000000%
30 Days         1.506024%    1.181708%      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%
                --------     --------                   --------      --------                 --------      --------
                1.506024%    1.181708%                  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         20        5,927,322.53
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                        20        5,927,322.53

               No. of     Principal                     No. of       Principal
               Loans       Balance                      Loans         Balance
0-29 Days    0.000000%    0.000000%     0-29 Days     0.000000%      0.000000%
30 Days      0.000000%    0.000000%     30 Days       1.506024%      1.181708%
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%                   1.506024%      1.181708%
</TABLE>

                                    GROUP 2

<TABLE>
<CAPTION>

              DELINQUENT                                 BANKRUPTCY                             FORECLOSURE
----------------------------------------------------------------------------------------------------------------------------
                No. of      Principal                     No. of      Principal                    No. of          Principal
                Loans        Balance                       Loans        Balance                     Loans           Balance
<S>             <C>       <C>               <C>           <C>         <C>            <C>             <C>            <C>
0-29 Days         0               0.00       0-29 Days       0            0.00       0-29 Days        0                0.00
30 Days           12      3,777,680.94      30 Days          0            0.00       30 Days          0                0.00
60 Days           1         484,000.00       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
                  --      ------------                      ---           ----                       ---               ----
                  13      4,261,680.94                       0            0.00                        0                0.00

                No. of      Principal                     No. of      Principal                     No. of       Principal
                Loans        Balance                      Loans        Balance                      Loans         Balance
0-29 Days     0.000000%     0.000000%       0-29 Days   0.000000%     0.000000%     0-29 Days     0.000000%      0.000000%
30 Days       1.377727%     1.258091%       30 Days     0.000000%     0.000000%     30 Days       0.000000%      0.000000%
60 Days       0.114811%     0.161188%       60 Days     0.000000%     0.000000%     60 Days       0.000000%      0.000000%
90 Days       0.000000%     0.000000%       90 Days     0.000000%     0.000000%     90 Days       0.000000%      0.000000%
120 Days      0.000000%     0.000000%       120 Days    0.000000%     0.000000%     120 Days      0.000000%      0.000000%
150 Days      0.000000%     0.000000%       150 Days    0.000000%     0.000000%     150 Days      0.000000%      0.000000%
180+ Days     0.000000%     0.000000%       180+ Days   0.000000%     0.000000%     180+ Days     0.000000%      0.000000%
              --------      --------                    --------      --------                    --------       --------
              1.492537%     1.419279%                   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        3,777,680.94
  60 Days        0             0.00         60 Days         1           484,000.00
  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                         13        4,261,680.94

               No. of      Principal                      No. of       Principal
               Loans        Balance                        Loans        Balance
0-29 Days    0.000000%      0.000000%       0-29 Days   0.000000%        0.000000%
30 Days      0.000000%      0.000000%       30 Days     1.377727%        1.258091%
60 Days      0.000000%      0.000000%       60 Days     0.114811%        0.161188%
90 Days      0.000000%      0.000000%       90 Days     0.000000%        0.000000%
120 Days     0.000000%      0.000000%       120 Days    0.000000%        0.000000%
150 Days     0.000000%      0.000000%       150 Days    0.000000%        0.000000%
180+ Days    0.000000%      0.000000%       180+ Days   0.000000%        0.000000%
             --------       --------                    --------         --------
             0.000000%      0.000000%                   1.492537%        1.419279%

</TABLE>

<PAGE>
                              COLLATERAL STATEMENT

<TABLE>
<CAPTION>
Collateral Description                                             Mixed Arm
----------------------                                          --------------
<S>                                                             <C>
Weighted Average Gross Coupon                                        3.178193%
Weighted Average Net Coupon                                          2.801185%
Weighted Average Pass-Through Rate                                   2.794185%
Weighted Average Maturity (Stepdown Calculation)                           330
Beginning Scheduled Collateral Loan Count                                2,219
Number of Loans Paid in Full                                                20
Ending Scheduled Collateral Loan Count                                   2,199
Beginning Scheduled Collateral Balance                          811,270,274.17
Ending Scheduled Collateral Balance                             801,860,020.06
Ending Actual Collateral Balance at 30-June-2003                801,860,234.28
Monthly P&I Constant                                              2,148,644.83
Special Servicing Fee                                                     0.00
Prepayment Penalties                                                      0.00
Realized Loss Amount                                                      0.00
Cumulative Realized Loss                                                  0.00
Ending Scheduled Balance for Premium Loans                      801,860,020.06
Scheduled Principal                                                       0.00
Unscheduled Principal                                             9,410,254.11
Required Overcollateralized Amount                                        0.00
Overcollateralized Increase Amount                                  133,621.38
Overcollateralized Reduction Amount                                       0.00
Specified O/C Amount                                              2,050,000.00
Overcollateralized Amount                                         2,050,000.00
Overcollateralized Deficiency Amount                                133,621.38
Base Overcollateralization Amount                                         0.00
Extra Principal Distribution Amount                                 133,621.38
Excess Cash Amount                                                        0.00
</TABLE>

<PAGE>

MISCELLANEOUS REPORTING

<TABLE>
<S>                                                             <C>
M-1 Target Amount                                               788,228,399.72
M-2 Target Amount                                               797,850,719.96
Senior Target Amount                                            765,776,319.16

Group 1 - One-Month LIBOR Loans                                 143,830,487.39
Group 1 - Six-Month LIBOR Loans                                 357,759,144.64
Group 2 - Six Month LIBOR Loans                                 300,270,388.03

Applied Loss Amountn                                                         0
</TABLE>

<TABLE>
<CAPTION>
                 GROUP                             1                   2                  TOTAL

Collateral Description                          Mixed ARM         6 Month ARM           Mixed ARM
<S>                                        <C>               <C>                   <C>
Weighted Average Coupon Rate                     3.158121          3.211431              3.178193
Weighted Average Net Rate                        2.781333          2.834057              2.801185
Pass-Through Rate                                2.774333          2.827057              2.794185
Weighted Average Maturity                             324               337                   330
Record Date                                    06/30/2003        06/30/2003            06/30/2003
Principal and Interest Constant              1,331,161.43        817,483.40          2,148,644.83
Beginning Loan Count                                1,338               881                 2,219
Loans Paid in Full                                     10                10                    20
Ending Loan Count                                   1,328               871                 2,199
Beginning Scheduled Balance                505,805,132.37    305,465,141.80        811,270,274.17
Ending Scheduled Balance                   501,589,632.03    300,270,388.03        801,860,020.06
Scheduled Principal                                  0.00              0.00                  0.00
Unscheduled Principal                        4,215,500.34      5,194,753.77          9,410,254.11
Scheduled Interest                           1,331,161.43        817,483.40          2,148,644.83
Servicing Fee                                  158,817.65         96,062.12            254,879.77
Master Servicing Fee                             2,950.56          1,781.88              4,732.44
Trustee Fee                                          0.00               0.00                 0.00
FRY Amount                                           0.00               0.00                 0.00
Special Hazard Fee                                   0.00               0.00                 0.00
Other Fee                                            0.00               0.00                 0.00
Pool Insurance Fee                                   0.00               0.00                 0.00
Spread 1                                             0.00               0.00                 0.00
Spread 2                                             0.00               0.00                 0.00
Spread 3                                             0.00               0.00                 0.00
Net Interest                                 1,169,393.22         719,639.40         1,889,032.62
Realized Loss Amount                                 0.00               0.00                 0.00
Cumulative Realized Loss                             0.00               0.00                 0.00
Percentage of Cumulative Losses                      0.00               0.00                 0.00
Prepayment Penalties                                 0.00               0.00                 0.00
Special Servicing Fee                                0.00               0.00                 0.00
</TABLE>

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00055-of-00352.parquet"}]]