SECURITIES AND EXCHANGE COMMISSION

                             Washington, D.C. 20549


                                    FORM 10-K

[X]      Annual  report  pursuant  to  Section  13 or  15(d)  of the Securities
         Exchange   Act  of  1934 from May 1, 2000 (Commencement of Operations)
         to December 31, 2000.

[ ]     Transition report pursuant to Section 13 or 15(d) of the
        Securities Exchange Act of 1934 for the transition period from   to


                      Commission File Number 333-15685-02

                PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
             (Exact name of registrant as specified in its charter)

         Delaware                                          06-1204982
(State or other jurisdiction of                           I.R.S. Employer
incorporation or organization)                            Identification No.)

1285 Avenue of the Americas
New York, New York                                           10019
(Address of Principal Executive Offices)                   (Zip Code)

       Registrant's telephone number, including area code : (212) 713-2000

            Home Equity Asset Backed Certificates, Series 2000-HE-1
            (Title of each class of securities covered by this Form)

Securities registered pursuant to Section 12(b) of the Act:  None
Securities registered pursuant to Section 12(g) of the Act:  None

Indicate by check mark whether the registrant (1) has filed all reports required
to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during
the  preceding 12 months (or for such  shorter  period that the  registrant  was
required  to file  such  reports),  and  (2) has  been  subject  to such  filing
requirements for the past 90 days. Yes [X] No [ ]

Indicate by check mark if disclosure of delinquent  filers  pursuant to Item 405
of Regulation  S-K is not contained  herein,  and will not be contained,  to the
best of registrant's  knowledge,  in definitive proxy or information  statements
incorporated by reference in Part III of this Form 10-K or any amendment to this
Form 10-K. [X]

Documents incorporated by reference:  None



<PAGE>

PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Home Equity Asset Backed Certificates, Series 2000-HE-1
-----------------------------------------------------------------------

PART I

Item 1.  Business

         Omitted.

Item 2.  Properties

         Omitted.

Item 3.  Legal Proceedings

The  Registrant is not aware of any material legal  proceeding  with respect to,
the Company, the Master Servicer or the Trustee, as related to the Trust.

Item 4.  Submission of Matters to a Vote of Security Holders

No  matter  was  submitted  to a vote  or  consent  of  Holders  of the  Offered
Certificates during the fiscal year covered by this report.


PART II

Item 5.  Market for Registrant's Common Equity and Related Stockholder Matters

The Trust does not issue stock. There is currently no established secondary
market for the Certificates.


Item 6.  Selected Financial Data

         Omitted.

Item 7.  Management's Discussion and Analysis of Financial condition and
         Results of Operations

         Omitted.

Item 8.  Financial Statements and Supplementary Data

         Omitted.

Item 9.  Changes in and Disagreements with Accountants on Accounting and
         Financial Disclosure

There was no change of  accountants  or  disagreement  with  accountants  on any
matter of accounting principles or practices or financial disclosure.

                                      -2-

<PAGE>

PART III

Item 10. Directors and Executive Officers of the Registrant

         Omitted.

Item 11. Executive Compensation

         Omitted.

Item 12. Security Ownership of Certain Beneficial Owners and Management

         Omitted.


Item 13. Certain Relationships and Related Transactions

No reportable transactions have occurred.


PART IV

Item 14. Exhibits, Financial Statement Schedules and Reports on Form 8-K

(a) The following documents are filed as part of this report:

    (1) Financial Statements:
         Omitted.

    (2)  Financial Statement Schedules:
         Omitted.

    (3)  Exhibits:

   Annual  Servicer  Statement of  Compliance,  filed as Exhibit 99.1 hereto.
   Annual Statement of  Independent  Accountants  Report for the Servicer,
           filed as Exhibit 99.2 hereto.

(b)   Reports on Form 8-K: The  following  Current  Reports on Form 8-K were
      filed by the Registrant for the last quarter of 2000.

     Current  Reports   on Form 8-K,   dated   October 25,  2000,  November 27,
     2000,  and  December  26,  2000,  were filed for the  purpose of filing the
     Monthly  Statement  sent to the  Holders of the  Offered  Certificates  for
     payments made on the same dates.  The items reported in such Current Report
     were Item 5 (Other Events).


(c)   Exhibits to this report are listed in Item (14)(a)(3) above.

                                      -3-
<PAGE>


SIGNATURE


Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended December 31, 2000


PAINEWEBBER MORTGAGE ACCEPTANCE CORPORATION IV
Home Equity Asset Backed Certificates, Series 2000-HE-1
-----------------------------------------------------------------------

SIGNATURE

Pursuant to the  requirements of Section 13 or 15(d) of the Securities  Exchange
Act of 1934,  the  registrant  has duly  caused  this report to be signed on its
behalf by the undersigned thereunto duly authorized.

 I, Diane E. Wallace, certify that:

 1.   I have reviewed this annual report on Form 10-K, and all reports on Form
      8-K containing distribution or servicing reports filed in respect of
      periods included in the year covered by this annual report, of Asset
      Backed Funding Corporation.

 2.   Based on my knowledge, the information in these reports, taken as a whole,
      does not contain any untrue statement of a material fact or omit to state
      a material fact necessary to make the statements made, in light of the
      circumstances under which such statements were made, not misleading as of
      the last day of the period covered by this annual report;

 3.   Based on my knowledge, the servicing information required to be provided
      to the trustee by the servicer under the pooling and servicing agreement
      is included in these reports.



                                     JPMorgan Chase Bank
                                     fka The Chase Manhattan Bank
                                     not in its individual capacity but solely
                                     as Trustee under the Agreement
                                     referred to herein




Date:  November 12, 2002         By:   /s/  Diane E. Wallace
                                      ---------------------------------------
                                      Diane E. Wallace
                                      Assistant Vice President


                                      -4-
<PAGE>


SUPPLEMENTAL  INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO SECTION
15(D) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED SECURITIES PURSUANT TO
SECTION 12 OF THE ACT.

The  registrant  has not sent an annual report or proxy material to its security
holders.  The registrant  will not be sending an annual report or proxy material
to its security holders subsequent to the filing of this form.

                                      -5-



                                 EXHIBIT INDEX

Exhibit     Description

 99.1       Servicer's Annual Statement of Compliance
 99.2       Servicer's Annual Independent Accountant's Report



                                      -6-



EXHIBIT 99.1 - Servicer's Annual Statement of Compliance


                                      -7-




LITTON LOAN SERVICING, LP
a subsidiary of Enhance Financial Services Group Inc

5373 West Alabama, Suite 600                 Telephone 713.960.9676
Houston, Texas  77056                         Fax 713.966.8856




March 30, 2001

Karen Schluter
The Chase Manhattan Bank
450 West 33rd Street, 14th floor
New York, New York  10001

Subject: Home Equity Asset Backed Certificates, Series 2000-HE-1


To Whom it May Concern:

     The undersigned  officer of Litton Loan Servicing LP (successor in interest
to  Litton  Loan  Servicing,  Inc.)  certifies  that a review  of the  servicing
activity for the year ended  December 31, 2000 has been completed and that there
were no defaults or  exceptions  to the  requirements  of the subject  agreement
between the  above-listed  parties.  Litton Loan  Servicing LP hereby  certifies
that:

1. All ad valorem taxes have been paid when due and without  penalty to the
   Trust.

2. All assessments and ground rents of whatsoever kind or nature have been
paid so as to prevent their taking  priority to the purchase  money lien or lien
to which the trust is entitled.

3. All  casuality  insurance has been paid without lapse in coverage and in
an amount sufficient to prevent the application of a co-insurance clause.

4. In compliance  with terms of the agreement,  flood insurance as required
by the National Flood Insurance Act of 1994, P.L. 103-325 $511, if any, has been
maintained without lapse.

5. Errors and  Omissions  Insurance is in forced in amounts  sufficient  to
meet the requirements of Federal  National  Mortgage  Association,  Federal Home
Loan Mortgage Corporation and the terms of the subject agreement.

6. Litton Loan Servicing LP has timely filed the required IRS informational
returns including the forms 1098,  1099(A),  and those required by code sections
6050(h)(j)(p) for the year ended December 31, 2000.

7. Litton Loan  Servicing LP has not committed any act or omitted to act in
any manner  that  would  cause the trust to lose the REMIC tax  treatment  or be
taxed on prohibited transaction.

8. All other items and requirements of the Servicing  Agreement between the
above parties have been complied with except as noted on the  attachment to this
letter if any.

Sincerely,

Litton Loan Servicing LP

/s/ Janice McClure
-----------------------------

Janice McClure
Senior Vice President

                                      -7-

<page>

LITTON LOAN SERVICING, LP
a subsidiary of Enhance Financial Services Group Inc.

5373 West Alabama, Suite 600                 Telephone 713.960.9676
Houston, Texas  77056                         Fax 713.966.8856





                            Litton Loan Servicing LP
              Compliance Certification Year ended December 31, 2000
            Home Equity Asset Backed Certificates, Series 2000-HE-1

     The undersigned  Officer of Litton Loan Servicing LP certifies that for the
year ended  December  31,  2000,  Litton has  complied  with Section 3.27 of the
Pooling and Servicing  Agreement by and between Paine Webber Mortgage Acceptance
Corporation  IV, as  Depositor,  BNC Mortgage  Inc., as  Originator,  NC Capital
Corporation, as Originator, The Chase Manhattan Bank, as Trustee and Litton Loan
Servicing  LP, as  Servicer,  dated May 1, 2000,  as they relate to the Internal
Revenue  Service  Information  reporting   requirements  including  those  under
Sections 6050J.

Litton Loan Servicing LP

By:  /s/ Janice McClure                Dated:   May 8, 2001
     ------------------------
      Janice McClure
     Senior Vice President



State of Texas

County of Harris

     On  May  8,  2001,  before  me a Notary  Public  in and for said  state,
personally appeared Janice McClure of Litton Loan Servicing LP, personally known
to me  to be  the  person  whose  name  is  subscribed  to  the  instrument  and
acknowledged  to me that he executed that same in his authorized  capacity,  and
that by his  signature  on the  instrument,  the entity upon behalf of which the
person acted, executed the instrument.

WITNESS my hand and official seal.

/s/ Laurie Struecker
-----------------------------
Laurie Struecker
Notary Public State of Texas
My Commission Expires 02-04-2002


<page>

LITTON LOAN SERVICING, LP
a subsidiary of Enhance Financial Services Group Inc.

5373 West Alabama, Suite 600                 Telephone 713.960.9676
Houston, Texas  77056                         Fax 713.966.8856

January 12, 2001

     As of December  31,  2000,  Litton Loan  Servicing  LP has  complied in all
material respects with the minimum servicing standards set forth in the Mortgage
Bankers Association of America's Uniform Single Attestation Program for Mortgage
Bankers. As of and for this same period,  Litton Loan Servicing LP had in effect
a fidelity bond in the amount of $10,000,000 and an errors and omissions  policy
in the amount of $10,000,000.


/s/ Larry B. Litton Sr
------------------------
Larry B. Litton Sr
President & CEO



/s/ Janice McClure
--------------------------
 Janice McClure
Senior Vice President

<page>



EXHIBIT 99.2 - Servicer's Annual Independent Accountant's Report


                                      -8-






Deloitte & Touche LLP
Suite 2300
333 Clay Street
Houston, Texas  77002

INDEPENDENT AUDITORS' REPORT

To the Partners of
        Litton Loan Servicing LP:

     We have examined  management's  assertion  about Litton Loan Servicing LP's
(the "Company")  compliance with the minimum servicing  standards  identified in
the Mortgage Bankers Association of America's Uniform Single Attestation Program
for Mortgage Bankers as of and for the year ended December 31, 2000, included in
the  accompanying  management  assertion.  Management  is  responsible  for  the
Company's compliance with those minimum servicing standards.  Our responsibility
is  to  express  an  opinion  on  management's  assertion  about  thp  Company's
compliance based on our examination.

     Our examination  was made in accordance  with standards  established by the
American  Institute of Certified Public Accountants and,  accordingly,  included
examining, on a test basis, evidence about the Company's compliance with minimum
servicing  standards  and  performing  such other  procedures  as we  considered
necessary  in the  circumstances.  We believe  that our  examination  provides a
reasonable  basis for our  opinion.  Our  examination  does not  provide a legal
determination of the Company's compliance with the minimum standards.

     In our opinion,  management's  assertion that the Company complied with the
aforementioned minimum servicing standards as of and for the year ended December
31, 2000 is fairly stated, in all material respects.



/s/ Deloitte & Touch LLP
---------------------------
January 12, 2001