UNITED STATES
                       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 for the fiscal year ended December 31, 1998

[  ]     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  333-15685-01

                    PAINEWEBBER MORTGGE ACCEPTANCE CORP. IV
             (Exact name of registrant as specified in its charter)


       Delaware                                           06-1204982
 (State or other jurisdiction of               (IRS Employer Identification No.)
     incorporation)


1285 Avenue of the Americas
New York, NY                                             10019
(Address of principal executive offices)                (Zip Code)

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


                   PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
                   PaineWebber Mortgage Acceptance Corp. IV
                Mortgage Pass-Through Certificates Series 1998-1
            (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 CORP. IV
PaineWebber Mortgage Acceptance Corp. IV
Mortgage Pass-Through Certificates Series 1998-1

-----------------------------------------------------------------------


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.



<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 1998.

     Current  Reports on Form 8-K dated  October  26,  1998,  were filed for the
     purpose of filing  the  Monthly  Statement  sent to the  Holders of the
     Offered Certificates  for  payments  made on October  26,  1998,
     November  25, 1998 and December 28, 1998.  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.


<PAGE>

Annual report  pursuant to Section 13 or 15(d) of the  Securities  Exchange
Act of 1934 for the fiscal year ended December 31, 1998.

PAINEWEBBER MORTGAGE ACCEPTANCE CORP. IV
Painewebber Mortgage Acceptance Corp. IV
Mortgage Pass-Through Certificates Series 1998-1
-----------------------------------------------------------------------

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
      PaineWebber Mortgage Acceptance Corp. IV.

 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 18, 2002            By:   /s/  Diane E. Wallace
                                        --------------------------------------
                                        Diane E. Wallace
                                        Assistant Vice President


<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.





                                 EXHIBIT INDEX

Exhibit     Description

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


<page>

EXHIBIT 99.1 - Servicer's Annual Statement of Compliance


Provident Funding
Provident Funding Loan Servicing Division
1622 Corporate Circle
Petaluma, CA  94954
P.O. Box 6012
Petaluma, CA  94955
Phone: 800-696-8199
Fax:   707-782-1976



Annual Statement as to Compliance for PainWebber Acceptance Corporation IV,
depositor (Mortgage Pass-Through Certificates, Series 1998-1) Provident Funding
Associates, L.P., Originator and Servicer: The Chase Manhattan Bank, Trustee

Officer's Certificate Relating to Servicing

     We,  Gary  Kennedy,  Vice  President,  and  Cindy  Garcia,  Assistant  Vice
President,  do hereby  certify  that we are  authorized  officers  of  Provident
Funding Group, Inc., the general partner of Provident Funding  Associates,  L.P.
("Servicer"),  that (i) we have reviewed the activities for the Servicer  during
the preceding  calendar year and the performance of the Servicer under the above
captioned  Agreement which review was made under our supervision and (ii) to the
best of our knowledge,  and based on such reivew, the Servicer has fulfilled all
its obligations under the Agreement throughout such year.


     Capitalized  terms used herein and not otherwise  defined herein shall have
the  respective  meanings  ascribed to such terms in the Mortgage  Loan Purchase
Agreement.

Provident Funding Associates, L.P.
By:  Provident Funding Group, Inc., its General Partner


By:     /s/ Gary Kennedy
        ----------------------
        Gary Kennedy, Vice President

By:     /s/ Cindy Garcia
        ----------------------
        Cindy Garcia, Assistant Vice President





<page>


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



PricewaterhouseCoopers LLP
333 Market Street
San Francisco, CA  94105-2119
Telephone  (415) 498-5000
Facsimile  (415) 498-7100

Report of Independent Accountants

To the Partners of
Provident Funding Associates, L.P.:

     In our  opinion,  the  accompanying  consolidated  balance  sheets  and the
related statements of operations, changes in partners' capital and of cash flows
present fairly, in all material  respects,  the financial  position of Provident
Funding Associates,  L.P., a California Limited Partnership(PFA) at December 31,
1998 and 1997,  and the results of its operations and its cash flows for each of
the two  years in the  period  ended  December  31,  1998,  in  conformity  with
generally accepted  accounting  prinicples.  These financial  statements are the
responsibility of PFA's management;  our responsibility is to express an opinion
on these financial  statements  based on our audits.  We conducted our audits of
these statements in accordance with generally  accepted auditing standards which
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial statement presentation. We believe that our audits provide a resonable
basis for our opinion.



/s/  PricewaterhouseCoopers LLP
--------------------------------
PricewaterhouseCoopers LLP


March 22, 1999