UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
[X] Quarterly report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the Period ended June 30, 1997 or
[ ] Transition report pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
For the transition period from to
Commission File No. 33-71654
DWFCM INTERNATIONAL ACCESS FUND L.P.
(Exact name of registrant as specified in its charter)
Delaware 13-3700691
(State or other jurisdiction of (I.R.S. Employer
Incorporation or organization) Identification
No.)
c/o Demeter Management Corporation
Two World Trade Center, 62 Fl., New York, NY 10048
(Address of principal executive offices) (Zip Code)
Registrant's telephone number, including area code (212) 392-5454
(Former name, former address, and former fiscal year, if changed
since last report)
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
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
INDEX TO QUARTERLY REPORT ON FORM 10-Q
June 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition
June 30, 1997 (Unaudited) and December 31, 1996 .....2
Statements of Operations for the Quarters Ended
June 30, 1997 and 1996 (Unaudited)...................3
Statements of Operations for the Six Months Ended
June 30, 1997 and 1996 (Unaudited)...................4
Statements of Changes in Partners' Capital
for the Six Months Ended June 30, 1997 and
1996 (Unaudited).....................................5
Statements of Cash Flows for the Six Months Ended
June 30, 1997 and 1996 (Unaudited)...................6
Notes to Financial Statements (Unaudited).........7-12
Item 2. Management's Discussion and Analysis of
Financial Condition and Results of Operations.13-18
Part II. OTHER INFORMATION
Item 1. Legal Proceedings.............................19-20
Item 5. Other Information................................20
Item 6. Exhibits and Reports on Form 8-K.................21
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
June 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 42,632,404 44,917,336
Net unrealized gain (loss) on open contracts (584,126) 6
22,794
Total Trading Equity 42,048,278 45,540,130
Interest receivable (DWR) 136,647 152,193
Due from DWR 56,818 38,526
Total Assets 42,241,743 45,730,849
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Redemptions payable 479,842 649,420
Accrued brokerage commissions (DWR)131,000 59,631
Accrued management fee (DWFCM) 104,865 113,798
Accrued administrative expenses 99,659 100,120
Accrued transaction fees and costs 8,249 13,426
Total Liabilities 823,615 936,395
Partners' Capital
Limited Partners (33,932.407 and
37,433.592 Units, respectively) 40,568,780 43,960,184
General Partner (710.409 Units) 849,348 834,270
Total Partners' Capital 41,418,128 44,794,454
Total Liabilities and Partners' Capital42,241,743 45,730,849
NET ASSET VALUE PER UNIT 1,195.58 1,174.35
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Quarters Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized (2,085,252) 2,071,257
Net change in unrealized 390,108 (2,337,499)
Total Trading Results (1,695,144) (266,242)
Interest Income (DWR) 448,080 462,149
Total Revenues (1,247,064) 195,907
EXPENSES
Brokerage commissions (DWR) 776,064 821,199
Management fee (DWFCM) 320,038 337,944
Transaction fees and costs 56,037 62,597
Administrative expenses 24,000 21,000
Total Expenses 1,176,139 1,242,740
NET LOSS (2,423,203) (1,046,833)
NET LOSS ALLOCATION
Limited Partners (2,377,044)
(1,028,585)
General Partner
(46,159) (18,248)
NET LOSS PER UNIT
Limited Partners
(64.97) (25.69)
General Partner
(64.97) (25.69)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 3,687,648 (2,224,706)
Net change in unrealized (1,206,920) (1,334,999)
Total Trading Results 2,480,728 (3,559,705)
Interest Income (DWR) 924,376 960,131
Total Revenues 3,405,104 (2,599,574)
EXPENSES
Brokerage commissions (DWR) 1,648,074 1,946,447
Management fee (DWFCM) 692,711 713,028
Transaction fees and costs 96,495 135,925
Administrative expenses 48,000 43,000
Total Expenses 2,485,280 2,838,400
NET INCOME (LOSS) 919,824 (5,437,974)
NET INCOME (LOSS) ALLOCATION
Limited Partners 904,746
(5,353,016)
General Partner 15,078 (84,958)
NET INCOME (LOSS) PER UNIT
Limited Partners
21.23 (119.59)
General Partner
21.23 (119.59)
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF CHANGES IN PARTNERS' CAPITAL
For the Six Months Ended June 30, 1997 and 1996
<CAPTION>
Units of
Partnership Limited General
Interest Partners Partner Total
<S> <C> <C>
<C> <C>
Partners' Capital,
December 31, 1995 47,493.963 $52,842,505 $802,414
$53,644,919
Net Loss - (5,353,016) (84,958)
(5,437,974)
Redemptions (5,789.832) (6,089,134) -
(6,089,134)
Partners' Capital,
June 30, 1996 41,704.131 $41,400,355 $717,456
$42,117,811
Partners' Capital,
December 31, 1996 38,144.001 $43,960,184 $834,270
$44,794,454
Net Income - 904,746 15,078
919,824
Redemptions (3,501.185) (4,296,150) -
(4,296,150)
Partners' Capital,
June 30, 1997 34,642.816 $40,568,780 $849,348
$41,418,128
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF CASH FLOWS
(Unaudited)
<CAPTION>
For the Six Months Ended June 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 919,824
(5,437,974)
Noncash item included in net income (loss):
Net change in unrealized 1,206,920 1
,334,999
(Increase) decrease in operating assets:
Interest receivable (DWR) 15,546 48,186
Due from DWR (18,292) 165,458
Increase (decrease) in operating liabilities:
Accrued brokerage commissions (DWR) 71,369 (94,819)
Accrued management fee (DWFCM) (8,933) (29,479)
Accrued administrative expenses (461)
(59,518)
Accrued transaction fees and costs (5,177)
99
Net cash provided by (used for) operating activities2,180,796
(4,073,048)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (169,578)
(400,513)
Redemptions of units (4,296,150)
(6,089,134)
Net cash used for financing activities (4,465,728) (
6,489,647)
Net decrease in cash (2,284,932) (
10,562,695)
Balance at beginning of period 44,917,336
53,843,646
Balance at end of period 42,632,404 4
3,280,951
<FN>
The accompanying footnotes are an integral part
of these financial statements.
</TABLE>
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS
(UNAUDITED)
The financial statements include, in the opinion of management,
all adjustments necessary for a fair presentation of the results
of operations and financial condition. The financial statements
and condensed notes herein should be read in conjunction with the
Partnership's December 31, 1996 Annual Report on Form 10-K.
1. Organization
DWFCM International Access Fund L.P. (the "Partnership") is a
limited partnership organized to engage in speculative trading of
futures contracts and forward contracts, and options on futures
contracts and physical commodities, and other commodity interests
(collectively, "futures interests"). The general partner for the
Partnership is Demeter Management Corporation ("Demeter"). The
commodity broker is Dean Witter Reynolds Inc. ("DWR"). The
trading manager is Dean Witter Futures & Currency Management,
Inc. ("DWFCM"). Demeter, DWFCM and DWR are wholly owned
subsidiaries of Morgan Stanley, Dean Witter, Discover & Co.
("MSDWD").
2. Related Party Transactions
The Partnership's cash is on deposit with DWR in commodity
trading accounts to meet margin requirements as needed. DWR pays
interest on these funds based on current 13-week U.S. Treasury
Bill rates. Brokerage expenses incurred by the Partnership are
paid to DWR.
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Management and incentive fees incurred by the Partnership are
paid to DWFCM.
3. Financial Instruments
The Partnership trades futures and forward contracts in interest
rates, stock indices, commodities, currencies, petroleum and
precious metals. Futures and forwards represent contracts for
delayed delivery of an instrument at a specified date and price.
Risk arises from changes in the value of these contracts and the
potential inability of counterparties to perform under the terms
of the contracts. There are numerous factors which may
significantly influence the market value of these contracts,
including interest rate volatility. At June 30, 1997 and
December 31, 1996 open contracts were:
Contract or Notional Amount
June 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 113,009,000 -
Commodity Futures:
Commitments to Purchase - 4,997,000
Commitments to Sell 22,263,000 6,129,000
Foreign Futures:
Commitments to Purchase 125,729,000 52,700,000
Commitments to Sell 95,068,000 64,893,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 180,973,000 181,503,000
Commitments to Sell 204,550,000 205,068,000
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
A portion of the amounts indicated as off-balance-sheet risk in
forward currency contracts is due to offsetting forward
commitments to purchase and to sell the same currency on the same
date in the future. These commitments are economically
offsetting, but are not offset in the forward market until the
settlement date.
The net unrealized gains (losses) on open contracts are reported
as a component of "Equity in Commodity futures trading accounts"
on the Statements of Financial Condition and totaled $(584,126)
and $622,794 at June 30, 1997 and December 31, 1996,
respectively. Of the $(584,126) net unrealized loss on open
contracts at June 30, 1997, $91,157 related to exchange-traded
futures contracts and $(675,283) related to off-exchange-traded
forward currency contracts. Of the $622,794 net unrealized gain
on open contracts at December 31, 1996, $881,994 related to
exchange-traded futures contracts and $(259,200) related to off-
exchange-traded forward currency contracts.
Exchange-traded futures contracts held by the Partnership at June
30, 1997 and December 31, 1996 mature through December 1997 and
June 1997, respectively. Off-exchange-traded forward currency
contracts held at June 30, 1997 and December 31, 1996 mature
through August 1997 and February 1997, respectively. The contract
amounts in the above table represent the Partnership's extent of
involvement in the particular class of financial instrument, but
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
not the credit risk associated with counterparty nonperformance.
The credit risk associated with these instruments is limited to
the amounts reflected in the Partnership's Statements of
Financial Condition.
The Partnership also has credit risk because DWR acts as the
futures commission merchant or the sole counterparty, with
respect to most of the Partnership's assets. Exchange-traded
futures contracts are marked to market on a daily basis, with
variations in value settled on a daily basis. DWR, as the
futures commission merchant for all of the Partnership's exchange-
traded futures contracts, is required pursuant to regulations of
the Commodity Futures Trading Commission ("CFTC") to segregate
from its own assets and for the sole benefit of its commodity
customers all funds held by DWR with respect to exchange-traded
futures contracts including an amount equal to the net unrealized
gain on all open futures contracts, which funds totaled
$42,723,561 and $45,799,330 at June 30, 1997 and December 31,
1996, respectively. With respect to the Partnership's off-
exchange-traded forward currency contracts, there are no daily
settlements of variations in value nor is there any requirement
that an amount equal to the net unrealized gain on open forward
contracts be segregated. With
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
respect to those off-exchange-traded forward currency contracts,
the Partnership is at risk to the ability of DWR, the sole
counterparty on all such contracts, to perform.
For the six months ended June 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
June 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 17,575,000 46,564,000
Commodity Futures 1,796,000 9,906,000
Foreign Futures 83,616,000 58,668,000
Off-Exchange-Traded Forward
Currency Contracts 157,742,000 186,835,000
December 31, 1996
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 32,533,000 14,853,000
Commodity Futures 7,299,000 5,251,000
Foreign Futures 116,399,000 43,410,000
Off-Exchange-Traded Forward
Currency Contracts 261,668,000 261,020,000
4. Subsequent Event
On July 31, 1997, DWR closed the sale of its institutional
futures business and foreign currency trading operations to Carr
Futures
Inc. ("Carr"), a subsidiary of Credit Agricole Indosuez.
Following the sale, Carr became the counterparty on the
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
Partnership's foreign currency trades. However, during a
transition period of about three months, DWR will continue to
perform certain services relating to the Partnership's futures
trading including clearance. After such transition period, DWR
will continue to serve as a futures broker for the Partnership
with Carr providing execution and clearing services for the
Partnership's account.
<PAGE>
Item 2. MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND RESULTS OF OPERATIONS
Liquidity - The Partnership's assets are on deposit in futures
interest trading accounts with DWR, and are used by the
Partnership as margin to engage in futures interest trading. DWR
holds such assets in either designated depositories or in
securities approved by the CFTC for investment of customer funds.
The Partnership's assets held by DWR may be used as margin solely
for the Partnership's trading. Since the Partnership's sole
purpose is to trade in futures interests, it is expected that the
Partnership will continue to own such liquid assets for margin
purposes.
The Partnership's investment in futures interests may, from time
to time, be illiquid. Most United States futures exchanges limit
fluctuations in certain futures interest prices during a single
day by regulations referred to as "daily price fluctuations
limits" or "daily limits". Pursuant to such regulations, during
a single trading day no trades may be executed at prices beyond
the daily limit. If the price of a particular futures interest
has increased or decreased by an amount equal to the "daily
limit", positions in such futures interest can neither be taken
nor liquidated unless traders are willing to effect trades at or
within the limit. Futures interest prices have occasionally
moved the daily limit for several consecutive days with little or
no trading. Such market conditions could prevent the Partnership
from promptly liquidating its futures interests and result in
<PAGE>
restrictions on redemptions. However, since the commencement of
trading by the Partnership, there has never been a time when
illiquidity has affected a material portion of the Partnership's
assets.
There is no limitation on daily price moves in trading forward
contracts on foreign currencies. The markets for some world
currencies have low trading volume and are illiquid, which may
prevent the Partnership from trading in potentially profitable
markets or prevent the Partnership from promptly liquidating
unfavorable positions in such markets and subjecting it to
substantial losses. Either of these market conditions could
result in restrictions on redemptions.
Capital Resources. The Partnership does not have, nor does it
expect to have, any capital assets. Redemptions and sales of
additional Units of Limited Partnership in the future will affect
the amount of funds available for investments in futures
interests in subsequent periods. As redemptions are at the
discretion of Limited Partners, it is not possible to estimate
the amount and therefore the impact of future redemptions.
Results of Operations
For the Quarter and Six Months Ended June 30, 1997
For the quarter ended June 30, 1997, the partnership's total
trading losses net of interest income were $1,247,064. During
the second quarter, the Partnership posted a decrease in Net
Asset
<PAGE>
Value per Unit. Losses were recorded in the financial futures
markets during April from short positions in U.S. interest rate
futures as prices moved higher late in the month. This upward
price move resulted in the Partnership establishing new long
positions, which recorded additional losses in May as prices
finished the month lower. Smaller losses were recorded as a
result of similar choppy price movement in European interest rate
futures during April and May. A portion of these losses was
offset in June from long global interest rate and stock index
futures positions as prices in these markets moved higher.
Trading losses were also recorded in the energy markets as oil
and gas prices moved in a choppy pattern throughout a majority of
the quarter. Additional trading losses were recorded in the
metals markets as most base metals futures prices, particularly
aluminum, copper and nickel futures, moved in a narrow range. A
portion of these losses was offset by gains recorded from long
zinc future positions during June. A portion of the
Partnership's overall losses was offset by gains recorded in the
currency markets from transactions involving the Japanese yen
during April and June. Additional gains were recorded from
transactions involving the Australian dollar, British pound and
German mark during these same months. Smaller gains from long
coffee futures position, as coffee prices trended higher during
April and May, also helped to mitigate overall losses for the
quarter. Total expenses for the quarter were $1,176,139,
resulting in a net loss of $2,423,203. The value of an
individual Unit in the Partnership decreased from $1,260.55 at
March 31, 1997 to $1,195.58 at June 30, 1997.
<PAGE>
For the six months ended June 30, 1997, the Partnership's total
trading revenues including interest income were $3,405,104.
During the first six months, the Partnership posted an increase
in Net Asset Value per Unit. The most significant trading gains
were recorded in the currency markets as a result of a
strengthening in the value of the U.S. dollar during the period
January through April. Smaller currency gains were recorded
during January and February from short positions in the Spanish
peseta, Swedish krona and Danish krone. A portion of these gains
was offset by losses from transactions involving the British
pound and Canadian dollar during February, March and May. Gains
were also recorded in soft commodities from long coffee futures
positions as coffee prices trended steadily higher during January
and February and again during April and May. A majority of the
Partnership's overall gains for the first half of the year were
offset by losses in global interest rate futures as prices in
these markets moved in a short-term volatile range during the
period January to April. Losses were also recorded from trading
energy futures during the second quarter as oil and gas prices
moved without consistent direction. Smaller losses were recorded
in metals as base metals futures prices traded in a narrow range
during the second quarter. One exception was zinc futures prices,
which increased during the first half of the year, thus resulting
in gains from long positions. Total expenses for the period were
$2,485,280, resulting in net income of $919,824. The value of an
individual Unit in the Partnership increased from $1,174.35 at
December 31, 1996 to $1,195.58 at June 30, 1997.
<PAGE>
For the Quarter and Six Months Ended June 30, 1996
For the quarter ended June 30, 1996, the Partnership's total
trading revenues including interest income were $195,907. During
the second quarter, the Partnership posted a decrease in Net
Asset Value per Unit. Trading gains during the quarter were
offset by brokerage commissions resulting in net trading losses.
The most significant trading losses were recorded in the
financial futures markets as trendless price movement was
experienced throughout the quarter in non-U.S. interest rate
futures, particularly in Australian, Japanese and European
interest rate futures. Trading gains recorded during April and
May from short U.S. interest rate futures positions, as prices in
these markets moved lower, offset a portion of the losses.
Additional losses for the partnership were recorded in global
stock index futures as prices moved without consistent direction
throughout the quarter. In soft commodities, losses were
experienced from short-term volatile movement in coffee futures
prices during April and June, as well as from losses in cocoa
futures during June. In currency trading, gains were recorded
during April from short German mark and Swiss franc positions as
the value of the German mark and Swiss franc moved lower relative
to the U.S. dollar and other world currencies. Additional gains
were recorded in metals from short copper, aluminum, gold and
silver futures positions as prices moved lower during June.
Smaller gains were recorded in the energy markets as gains in
natural gas futures more than offset losses in other gas and oil
products. Total expenses for the quarter were $1,242,740,
resulting in a net loss of $1,046,833.
<PAGE>
The value of an individual Unit in the Partnership decreased from
$1,035.61 at March 31, 1996 to $1,009.92 at June 30, 1996.
For the six months ended June 30, 1996, the Partnership's total
trading losses net of interest income were $2,599,574. During
the first half of the year, the Partnership posted a decrease in
Net Asset Value per Unit primarily as a result of a sudden and
sharp trend reversal during February in the previous downward
move in the value of the Japanese yen and most major European
currencies, which had resulted in gains during January. Trading
gains recorded during March from transactions involving the
Australian dollar and Japanese yen offset a portion of the
overall losses experienced in the currency markets during
February. Additionally, trendless price movement in global
interest rate futures trading during the second quarter, resulted
in losses for the Partnership. In energy trading, gains in
natural gas futures during June, as well as in crude oil futures
during March, offset a portion of overall losses for the first
half of the year. Trading gains in metals during June more than
offset losses experienced in base metals during the first quarter
of the year. Short-term volatile price movement in soft
commodities from trading coffee and cocoa futures resulted in
losses for the Partnership during a majority of the first half of
the year. Total expenses for the period were $2,838,400,
resulting in a net loss of $5,437,974. The value of an
individual Unit in the Partnership decreased from $1,129.51 at
December 31, 1995 to $1,009.92 at June 30, 1996.
<PAGE>
PART II. OTHER INFORMATION
Item 1. LEGAL PROCEEDINGS
On September 6, 10, and 20, 1996, and on March 13, 1997, similar
purported class actions were filed in the Superior Court of the
State of California, County of Los Angeles, on behalf of all
purchasers of interests in limited partnership commodity pools
sold by DWR. Named defendants include DWR, Demeter, DWFCM, MSDWD
(all such parties referred to hereafter as the "Dean Witter
Parties"), certain limited partnership commodity pools of which
Demeter is the general partner, and certain trading advisors to
those pools. On June 16, 1997, the plaintiffs in the above
actions filed a consolidated amended complaint. Similar
purported class actions were also filed on September 18 and 20,
1996 in the Supreme Court of the State of New York, New York
County, and on November 14, 1996 in the Superior Court of the
State of Delaware, New Castle County, against the Dean Witter
Parties and certain trading advisors on behalf of all purchasers
of interests in various limited partnership commodity pools sold
by DWR. Generally, these complaints allege, among other things,
that the defendants committed fraud, deceit, misrepresentation,
breach of fiduciary duty, fraudulent and unfair business
practices, unjust enrichment, and conversion in connection with
the sale and operation of the various limited partnership
commodity pools. The complaints seek unspecified amounts of
compensatory and punitive damages and other relief. It is
possible that additional similar actions may be filed and that,
in the course of these actions, other parties could be added as
defendants. The Dean Witter
<PAGE>
Parties believe that they have strong defenses to, and they will
vigorously contest, the actions. Although the ultimate outcome
of legal proceedings cannot be predicted with certainty, it is
the opinion of management of the Dean Witter Parties that the
resolution of the actions will not have a material adverse effect
on the financial condition or the results of operations of any of
the Dean Witter Parties.
Item 5. OTHER INFORMATION
On July 21, 1997, MSDWD, the sole shareholder of Demeter,
appointed a new Board of Directors consisting of Richard M.
DeMartini, Mark J. Hawley, Lawrence Volpe, Joseph G. Siniscalchi,
Edward C. Oelsner III, and Robert E. Murray.
<PAGE>
Item 6. Exhibits and Reports on Form 8-K
(A) Exhibits - None.
(B) Reports on Form 8-K. - None.
<PAGE>
SIGNATURE
Pursuant to the requirements 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.
DWFCM International Access Fund
L.P. (Registrant)
By: Demeter Management Corporation
(General Partner)
August 7, 1997 By: /s/ Patti L. Behnke
Patti L. Behnke
Chief Financial Officer
The General Partner which signed the above is the only party
authorized to act for the Registrant. The Registrant has no
principal executive officer, principal financial officer,
controller, or principal accounting officer and has no Board of
Directors.
<TABLE> <S> <C>
<ARTICLE> 5
<LEGEND>
The schedule contains summary financial information extracted from
DWFCM International Access Fund L.P.and is qualified in its entirety by
reference to such financial instruments.
</LEGEND>
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> JUN-30-1997
<PERIOD-END> JUN-30-1997
<CASH> 42,632,404
<SECURITIES> 0
<RECEIVABLES> 193,465<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 42,241,743<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 42,241,743<F3>
<SALES> 0
<TOTAL-REVENUES> 3,405,104<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 2,485,280
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 919,824
<INCOME-TAX> 0
<INCOME-CONTINUING> 919,824
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 919,824
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $136,647 and due from
DWR of $56,818.
<F2>In addition to cash and receivables, total assets include net unrealized
(loss) on open contracts of $584,126.
<F3>Liabilities include redemptions payable of $479,842, accrued brokerage
commissions of $131,000, accrued management fees of $104,865, accrued
administrative expenses payable of $99,659 and accrued transaction fees
and costs of $8,249.
<F4>Total revenues include realized trading revenue of $3,687,648, net
change in unrealized of $(1,206,920) and interest income of $924,376.
</FN>
</TABLE>
