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 September 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 Corp.
Two World Trade Center, New York, NY 62 Fl. 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
September 30, 1997
<CAPTION>
PART I. FINANCIAL INFORMATION
<S> <C>
Item 1. Financial Statements
Statements of Financial Condition September 30, 1997
(Unaudited) and December 31, 1996.....................2
Statements of Operations for the Quarters Ended
September 30, 1997 and 1996 (Unaudited)...............3
Statements of Operations for the Nine Months Ended
September 30, 1997 and 1996 (Unaudited)...............4
Statements of Changes in Partners' Capital for the
Nine Months ended September 30, 1997 and 1996
(Unaudited)...........................................5
Statements of Cash Flows for the Nine Months Ended
September 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..13-19
Part II. OTHER INFORMATION
Item 1. Legal Proceedings..............................20-21
Item 5. Other Information.................................21
Item 6. Exhibits and Reports on Form 8-K..................22
</TABLE>
<PAGE>
<TABLE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF FINANCIAL CONDITION
<CAPTION>
September 30, December 31,
1997 1996
$ $
(Unaudited)
ASSETS
<S> <C> <C>
Equity in Commodity futures trading accounts:
Cash 44,523,123 44,917,336
Net unrealized gain on open contracts 2,670,838 622,794
Total Trading Equity 47,193,961 45,540,130
Interest receivable (DWR) 150,432 152,193
Due from DWR - 38,526
Total Assets 47,344,393 45,730,849
LIABILITIES AND PARTNERS' CAPITAL
Liabilities
Incentive fees payable (DWFCM) 571,475 -
Redemptions payable 295,853 649,420
Accrued administrative expenses 123,659 100,120
Accrued management fees (DWFCM) 117,845 113,798
Accrued brokerage commissions (DWR) 77,108 59,631
Accrued transaction fees and costs 5,653 13,426
Total Liabilities 1,191,593 936,395
Partners' Capital
Limited Partners (32,426.389 and
37,433.592 Units, respectively) 45,163,345 43,960,184
General Partner (710.409 Units) 989,455 834,270
Total Partners' Capital 46,152,800 44,794,454
Total Liabilities and Partners' Capital 47,344,393 45,730,849
NET ASSET VALUE PER UNIT 1,392.80 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 September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit:
Realized 4,758,197 895,168
Net change in unrealized 3,254,964 3,478,803
Total Trading Results 8,013,161 4,373,971
Interest Income (DWR) 473,538 439,739
Total Revenues 8,486,699 4,813,710
EXPENSES
Brokerage commissions (DWR) 694,148 921,587
Incentive fee (DWFCM) 571,474 -
Management fee (DWFCM) 351,443 330,151
Transaction fees and costs 44,535 49,475
Administrative expenses 24,000 23,000
Total Expenses 1,685,600 1,324,213
NET INCOME 6,801,099 3,489,497
NET INCOME ALLOCATION
Limited Partners 6,660,992 3,429,362
General Partner 140,107 60,135
NET INCOME PER UNIT
Limited Partners 197.22 84.65
General Partner 197.22 84.65
<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 Nine Months Ended September 30,
1997 1996
$ $
REVENUES
<S> <C> <C>
Trading profit (loss):
Realized 8,445,844 (1,329,537)
Net change in unrealized 2,048,044 2,143,804
Total Trading Results 10,493,888 814,267
Interest Income (DWR) 1,397,914 1,399,869
Total Revenues 11,891,802 2,214,136
EXPENSES
Brokerage commissions (DWR) 2,342,222 2,868,035
Management fees (DWFCM) 1,044,154 1,043,178
Incentive fee (DWFCM) 571,475 -
Transaction fees and costs 141,028 185,400
Administrative expenses 72,000 66,000
Total Expenses 4,170,879 4,162,613
NET INCOME (LOSS) 7,720,923 (1,948,477)
NET INCOME (LOSS) ALLOCATION
Limited Partners 7,565,738 (1,923,654)
General Partner 155,185 (24,823)
NET INCOME (LOSS) PER UNIT
Limited Partners 218.45 (34.94)
General Partner 218.45 (34.94)
<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 Nine Months Ended September 30, 1997 and 1996
(Unaudited)
<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 - (1,923,654) (24,823) (1,948,477)
Redemptions (7,637.982) (8,071,332) - (8,071,332)
Partners' Capital
September 30, 1996 39,855.981 $42,847,519 $777,591 $43,625,110
Partners' Capital
December 31, 1996 38,144.001 $43,960,184 $834,270 $44,794,454
Net Income - 7,565,738 155,185 7,720,923
Redemptions (5,007.203) (6,362,577) - (6,362,577)
Partners' Capital
September 30, 1997 33,136.798 $45,163,345 $989,455 $46,152,800
<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 Nine Months Ended September 30,
1997 1996
$ $
CASH FLOWS FROM OPERATING ACTIVITIES
<S> <C> <C>
Net income (loss) 7,720,923 (1,948,477)
Noncash item included in net income (loss):
Net change in unrealized (2,048,044) (2,143,804)
Decrease in operating assets:
Interest receivable (DWR) 1,761 54,252
Due from DWR 38,526 83,701
Increase (decrease) in operating liabilities:
Incentive fees payable (DWFCM) 571,475 -
Accrued administrative expenses 23,539 (36,518)
Accrued mangement fees (DWFCM) 4,047 (25,637)
Accrued brokerage commissions (DWR) 17,477 (62,145)
Accrued transaction fees and costs (7,773) (14,233)
Net cash provided by (used for) operating activities 6,321,931 (4,092,861)
CASH FLOWS FROM FINANCING ACTIVITIES
Decrease in redemptions payable (353,567) (293,122)
Redemptions of units (6,362,577) <8,071,332)
Net cash used for financing activities (6,716,144) (8,364,454)
Net decrease in cash (394,213) (12,457,315)
Balance at beginning of period 44,917,336 53,843,646
Balance at end of period 44,523,123 41,386,331
<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 for most of the Partnership's transactions 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").
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
Partnership's foreign currency trades. However, during a
transition period of about four months, DWR will continue to
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
perform certain services relating to the Partnership's futures
trading including clearance. After such transaction period, DWR
will continue to serve as a non-clearing commodity broker for the
Partnership with Carr providing all clearing services for
Partnership transactions.
2. Related Party Transactions
The Partnership's cash is on deposit with DWR and Carr 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. 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 September 30, 1997 and
December 31, 1996 open contracts were:
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
Contract or Notional Amount
September 30, 1997 December 31, 1996
$ $
Exchange-Traded Contracts
Financial Futures:
Commitments to Purchase 501,000 -
Commodity Futures:
Commitments to Purchase 25,593,000 4,997,000
Commitments to Sell - 6,129,000
Foreign Futures:
Commitments to Purchase 58,007,000 52,700,000
Commitments to Sell 17,234,000 64,893,000
Off-Exchange-Traded
Forward Currency Contracts
Commitments to Purchase 109,700,000 181,503,000
Commitments to Sell 108,933,000 205,068,000
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 on open contracts are reported as a
component of "Equity in Commodity futures trading accounts" on
the Statements of Financial Condition and totaled $2,670,838 and
$622,794 at September 30, 1997 and December 31, 1996,
respectively. Of the $2,670,838 net unrealized gain on open
contracts at September 30, 1997, $1,374,037 related to exchange-
traded futures contracts and $1,296,801 related to off-exchange-
traded forward currency contracts. Of the $622,794 net
unrealized
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
September 30, 1997 and December 31, 1996 mature through March
1998 and June 1997, respectively. Off-exchange-traded forward
currency contracts held at September 30, 1997 and December 31,
1996 mature through December 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, 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 either DWR or Carr
acts as the futures commission merchant or the 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
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONTINUED)
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
$45,878,626 and $45,799,330 at September 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 respect to those off-exchange-
traded forward currency contracts, the Partnership is at risk to
the ability of Carr, the sole counterparty on all such contracts,
to perform. Carr's parent, Credit Agricole Indosuez, has
guaranteed Carr's obligations to the Partnership.
For the nine months ended September 30, 1997 and the year ended
December 31, 1996, the average fair value of financial
instruments held for trading purposes was as follows:
September 30, 1997
Assets Liabilities
$ $
Exchange-Traded Contracts:
Financial Futures 22,056,000 32,595,000
Commodity Futures 4,148,000 9,107,000
Foreign Futures 74,907,000 49,618,000
Off-Exchange-Traded Forward
Currency Contracts 147,148,000 183,703,000
<PAGE>
DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS (CONCLUDED)
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
<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 Carr, and are used by the
Partnership as margin to engage in futures interest trading. DWR
and Carr hold 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 and Carr 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 Nine Months Ended September 30, 1997
For the quarter ended September 30, 1997, the partnership's total
trading revenues including interest income were $8,486,699.
During the third quarter, the Partnership posted a gain in Net
Asset
<PAGE>
Value per Unit. The most significant gains were recorded in
financial futures due primarily to an upward trend in global
interest rate futures prices during July and September. Smaller
profits were recorded in global stock index futures from short
Nikkei Index futures and long Financial Times Index positions
during the quarter. In the currency markets, gains were recorded
during July from short German mark positions as the value of the
U.S. dollar increased versus the German mark. During August, the
value of the German mark increased versus the U.S. dollar,
resulting in losses for the Partnership. This upward price move
resulted in new long German mark positions, which profited during
September. Additional currency gains were recorded from
transactions involving the Malaysian ringgit, Australian dollar
and Swedish krona. In metals, gains were recorded from long zinc
futures during July and long silver futures positions during
September. Gains were also recorded from short copper futures
positions during August and September. Trading losses in
aluminum futures during August offset a portion of these gains.
In the energy markets, gains recorded from long natural gas
positions as prices increased during August and September offset
losses from trading heating oil futures during September. In soft
commodities, losses were recorded from long cocoa futures
positions as prices moved lower during July. Total expenses for
the quarter were $1,685,600, resulting in net income of
$6,801,099. The value of an individual Unit in the Partnership
increased from $1,195.58 at June 30, 1997 to $1,392.80 at
September 30, 1997.
<PAGE>
For the nine months ended September 30, 1997, the Partnership's
total trading revenues including interest income were
$11,891,802. During the first three-quarters of year, the
Partnership posted a gain 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
relative to most major currencies during the period January
through April. Additional currency gains were recorded during
the third quarter from transactions involving the German mark,
Malaysian ringgit, Australian dollar and Swedish krona. A
portion of these gains was offset by losses from transactions
involving the British pound and Canadian dollar during February,
March and May. In financial futures, trading gains were recorded
from short Nikkei and long Financial Times Index positions during
the third quarter. In global interest rate futures, trading
gains recorded from an upward price trend in global interest rate
futures during July and September more than offset the losses
experienced as a result of short-term price volatility during the
first four months of the year. In metals, gains experienced
from long zinc futures positions in July and long silver futures
positions in September more than offset losses recorded as base
metals futures prices traded in a narrow range during the second
quarter. A portion of the Partnership's overall gains for the
first nine months of the year was offset by losses from trading
energy futures as oil and gas prices moved without consistent
direction for a majority of the year. One exception in the
energy complex was natural gas futures prices, which increased
during the third
<PAGE>
quarter thus resulting in gains from long positions. In soft
commodities, losses recorded from trading cocoa futures during
the third quarter offset profits recorded during the first half
of the year from long coffee futures positions. Total expenses
for the period were $4,170,879, resulting in net income of
$7,720,923. The value of an individual Unit in the Partnership
increased from $1,174.35 at December 31, 1996 to $1,392.80 at
September 30, 1997.
For the Quarter and Nine Months Ended September 30, 1996
For the quarter ended September 30, 1996, the Partnership's total
trading revenues including interest income were $4,813,710.
During the third quarter, the Partnership posted an increase in
Net Asset Value per Unit. The most significant trading gains
were recorded in the financial futures markets from long
Australian, European and Japanese bond futures positions as
global interest rate futures prices moved steadily higher between
July and September. Additional gains were recorded in the energy
markets from long positions in crude, heating and gas oil futures
as prices in these markets trended higher throughout the quarter.
Gains were also recorded in metals as a downward move in aluminum
futures prices during September resulted in gains from previously
established short positions. A portion of the overall gains for
the quarter was offset by losses experienced primarily in the
currency markets. The majority of the losses recorded in the
currency markets during August resulted from short Australian
dollar positions as its value reversed higher relative to the
U.S.
<PAGE>
dollar and other world currencies, and from short Japanese yen
positions as the value of the Japanese yen increased sharply
during July. Smaller losses were recorded as a result of trend-
less price movement in cocoa and coffee futures throughout most
of the quarter. Total expenses for the quarter were $1,324,213,
resulting in net income of $3,489,497. The value of an
individual Unit in the Partnership increased from $1,009.92 at
June 30, 1996 to $1,094.57 at September 30, 1996.
For the nine months ended September 30, 1996, the Partnership's
total trading revenues including interest income were $2,214,136.
During the first nine months, the Partnership posted a decrease
in Net Asset Value per Unit. Trading gains during the first nine
months were offset by brokerage commissions resulting in net
trading losses. The most significant losses were recorded in
currency markets during February as a result of a sharp and
sudden reversal in the previous downward move in the value of the
Japanese yen and most European currencies. Additional currency
losses were recorded from transactions involving the Canadian
dollar throughout the first nine months of the year. Gains
experienced from transactions involving the Australian dollar
during the first half of the year more than offset losses
experienced during the third quarter. Trading gains experienced
from transactions involving the German mark relative to the U.S.
dollar and other world currencies during April and July also
helped to mitigate currency losses. In financial futures
trading, losses were recorded as a result of short-term volatile
movement
<PAGE>
in non-U.S. stock index futures prices during the first nine
months of the year. In interest rate futures, gains experienced
during the third quarter from long European and Australian bond
futures positions more than offset losses recorded during the
first half of the year in U.S. and Japanese interest rate futures
trading. Smaller losses were recorded from trendless movement in
coffee and cocoa futures prices throughout the year. A portion
of the overall losses during the first nine months of the year
were offset by gains from short aluminum futures positions as
prices declined sharply during September. These gains, coupled
with smaller profits from trading gold futures, more than offset
losses experienced in silver and base metals during the first
half of the year. Gains experienced during the third quarter in
the energy markets from a strong upward trend in oil prices more
than offset losses experienced from trading unleaded gas futures
earlier in the year. Total expenses for the period were
$4,162,613, resulting in a net loss of $1,948,477. The value of
an individual Unit in the Partnership decreased from $1,129.51 at
December 31, 1995 to $1,094.57 at September 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)
November 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.
- 23-
<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> 9-MOS
<FISCAL-YEAR-END> SEP-30-1997
<PERIOD-END> SEP-30-1997
<CASH> 44,523,123
<SECURITIES> 0
<RECEIVABLES> 150,432<F1>
<ALLOWANCES> 0
<INVENTORY> 0
<CURRENT-ASSETS> 0
<PP&E> 0
<DEPRECIATION> 0
<TOTAL-ASSETS> 47,344,393<F2>
<CURRENT-LIABILITIES> 0
<BONDS> 0
0
0
<COMMON> 0
<OTHER-SE> 0
<TOTAL-LIABILITY-AND-EQUITY> 47,344,393<F3>
<SALES> 0
<TOTAL-REVENUES> 11,891,802<F4>
<CGS> 0
<TOTAL-COSTS> 0
<OTHER-EXPENSES> 4,170,879
<LOSS-PROVISION> 0
<INTEREST-EXPENSE> 0
<INCOME-PRETAX> 7,720,923
<INCOME-TAX> 0
<INCOME-CONTINUING> 7,720,923
<DISCONTINUED> 0
<EXTRAORDINARY> 0
<CHANGES> 0
<NET-INCOME> 7,720,923
<EPS-PRIMARY> 0
<EPS-DILUTED> 0
<FN>
<F1>Receivables include interest receivable of $150,432 and due from DWR
of $0.
<F2>In addition to cash and receivables, total assets include net unrealized
gain on open contracts of $2,670,838.
<F3>Liabilities include redemptions payable of $295,853, accrued brokerage
commissions of $77,108, accrued management fees of $117,845, accrued
administrative expenses payable of $123,659, accrued transaction fees
and costs of $5,653 and incentive fees payable of $571,475.
<F4>Total revenues include realized trading revenue of $8,445,844, net
change in unrealized of $2,048,044 and interest income of $1,397,914.
</FN>
</TABLE>
