DWFCM INTERNATIONAL ACCESS FUND LP
424B3, 2000-11-27
REAL ESTATE INVESTMENT TRUSTS
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Demeter Management Corporation
Two World Trade Center
62nd Floor
New York, NY 10048
Telephone (212) 392-8899

DWFCM International Access Fund L.P.
Monthly Report
September 2000

Dear Limited Partner:

This report summarizes the performance and trading activity for the DWFCM
International Access Fund L.P. during September.  The Net Asset Value per
Unit as of September 30, 2000 was $1,374.27, down 1.33% for the month.

Please be advised that within the next few weeks DWFCM International Access
Fund L.P. will be renamed Charter DWFCM L.P. and made part of the Morgan
Stanley Dean Witter Charter Series.

As a result of the Fund becoming part of the Charter Series, Charter DWFCM
L.P. will now be open to new investment on a continuous basis beginning
November 1, 2000.  Investors may exchange Units of one Charter Series Fund
for Units of one or more other Charter Series Funds as of a month end,
without incurring any redemption fees or other charges.  In connection with
becoming part of the Charter Series, changes are being made to the Funds
Limited Partnership Agreement in order to conform to the other Charter
Series Limited Partnership Agreements.  The following changes are also
being made to the Funds fee and interest payment structure.

      The Brokerage commissions will now be charged at a monthly flat rate
     fee equal to 7% of net assets on an annualized basis.
    The management fee will be reduced from a 3% to a 2% annual rate.
    The Fund will receive interest on 100% of its net assets, up from 80%.
    The incentive fee has been changed from 15% to 20% of Fund trading
profits.

As a consequence of these changes, the Fund's net recurring costs, based on
its average volume of trading and on current interest rates, will be
reduced by approximately 1.25%, to a break-even point of 3.45% from 4.71%.
We believe that the reduction of net recurring costs and the simultaneous
increase in incentive fee better align the Funds fee structure toward the
objective of future profitability.  The specifics of these and other
charges will be set forth in the Fund's new Prospectus dated October 11,
2000, which will be mailed to you under separate cover.

In order for the Net Asset Value of Charter DWFCM's Units to be more in
line with the Net Asset Values of the other Charter Series Funds, which
were initially issued at $10 per Unit, the Fund's Units will be split 100
to 1.  This will not result in any change in aggregate Net Asset Value of
the Units held by a Limited Partner.  For example, if a Limited Partner
held five Units of the Fund at the Net Asset Value per Unit of $1,350.00,
these five Units will be converted to 500 Units with a Net Asset Value per
Unit of $13.50.

The General Partner believes that the foregoing changes will be beneficial
to the Limited Partners.  Nonetheless, in view of these changes, Limited
Partners are reminded that subject to certain restrictions, they have the
right to redeem their Units on a monthly basis, and they may vote to take
certain actions with respect to the Fund's operations.  The rights are more
fully set forth in Section 15 of the Fund's Limited Partnership Agreement
on pages A-21-23 of the new prospectus.

Should you have any questions concerning this report, please feel free to
contact Demeter Management Corporation at Two World Trade Center, 62nd
Floor, New York, NY 10048, or your Morgan Stanley Dean Witter Financial
Advisor.



<PAGE>


I hereby affirm that to the best of my knowledge and belief, the
information contained in this report is accurate and complete.  Past
performance is not a guarantee of future results.
Sincerely,













Robert E. Murray
Chairman
Demeter Management Corporation
General Partner

<PAGE>
<TABLE>


DWFCM INTERNATIONAL ACCESS FUND L.P.

Historical Fund Performance

Presented below is the percentage change in Net Asset Value per
Unit from the start of each calendar year the Fund has traded.
Also provided is the inception-to-date return and the annualized
return since inception for the Fund.  PAST PERFORMANCE IS NOT
NECESSARILY INDICATIVE OF FUTURE RESULTS.

<CAPTION>
  Year                      Return
<S>                      <C>

  1994 (10 months)                           -7.3%
  1995 21.9%
1996   4.0%
1997 26.2%
1998   5.1%
1999  -9.2%
  2000 (9 months)                                   -2.8%

Inception-to-Date Return:                           37.4%
Annualized Return:                    5.0%
</TABLE>
<PAGE>
<TABLE>
DWFCM International Access Fund L.P.
Statements of Operations
For the Month Ended September 30, 2000
(Unaudited)
<CAPTION>

                                        Percent of
                                        August 31, 2000
                                 Amount Net Asset Value
                                     $        %
REVENUES
<S>                                     <C>       <C>
Trading profit (loss):
  Realized                     (2,795,716)     (8.88)
  Net change in unrealized      2,505,790              7.96

  Total Trading Results          (289,926)            (0.92)
Interest Income (DWR)             124,160              0.39
  Total Revenues                 (165,766)            (0.53)
EXPENSES
Brokerage commissions (DWR)       162,000              0.51
Management fees (DWFCM)            77,827              0.25
Transaction fees and costs          7,601              0.02
Administrative expenses             6,000              0.02

  Total Expenses                  253,428              0.80

NET LOSS                         (419,194)            (1.33)
Statements of Changes in Net Asset Value
For the Month Ended September 30, 2000
(Unaudited)
                                                      Percent of
                                                     August 31, 2000
                       Amount         Per Unit     Net Asset Value
                         $               $                %
<S>                                              <C>             <C>
<C>
Net Asset Value,
August 31, 2000
(22,595.790 Units)     31,472,005       1,392.83        100.00

Net Loss                 (419,194)        (18.56)        (1.33)
Redemptions
(274.944 Units)          (377,847)      1,374.27         (1.20)

Net Asset Value,
September 30, 2000
(22,320.846 Units)     30,674,964       1,374.27         97.47

The accompanying notes are an integral part of these financial statements.
</TABLE>




<PAGE>

DWFCM International Access Fund L.P.
Monthly Report of the Trading Manager
September 2000

The Fund decreased in value during September as losses recorded in global
interest rate, stock index and energy futures offset profits recorded in
the currency markets.  In global interest rate futures, losses were
recorded from short Japanese bond futures positions as prices surged and
long-term interest rates dropped during mid-month as investors sought
refuge from recent drops in U.S. and Japanese stock prices.  Additional
losses were recorded from long Australian bond futures positions as prices
declined mirroring the recent drops in U.S. Treasuries.  In stock index
futures trading, losses were recorded from long S&P 500 Index futures as
prices in this market were hampered by jitters in the technology industry
as well as from an overall concern regarding the oil markets.  In the
energy markets, losses were recorded from previously established long Brent
crude oil futures positions as prices dropped after President Clinton
ordered the release of 30 million barrels of oil in the U.S.'s emergency
Strategic Petroleum Reserve over a period of a month in order to stabilize
prices and to ease shortages as the U.S. winter approaches.

Trading gains experienced in the currency markets offset a portion of these
losses.  The most significant of these gains were recorded from short
positions in the euro relative to the British pound as prices in this
market were pushed to a six-week low on a combination of U.S. technical
selling and a lack of European support.  Additional currency gains were
recorded from short positions in the Australian dollar, Japanese yen, South
African rand and Swedish krona as the value of these currencies continued
to push lower relative to the U.S. dollar.  In metals, smaller gains were
recorded from long copper future positions when prices reach a key price
level early in the month.

We appreciate your continued investment in DWFCM International Access Fund.

Dean Witter Futures & Currency Management, Inc.



































<PAGE>


DWFCM International Access Fund L.P.
Notes to Financial Statements
(Unaudited)

1.  Summary of Significant Accounting Policies

Organization - DWFCM International Access Fund L.P. (the "Partnership"), is
a limited partnership organized to engage primarily in the speculative
trading of futures and forward contracts, physical commodities and other
commodity interests, including foreign currencies, financial instruments,
metals, energy and agricultural products (collectively, "futures
interests").  The general partner for the Partnership is Demeter Management
Corporation ("Demeter").  The non-clearing commodity broker is Dean Witter
Reynolds Inc. ("DWR"). Morgan Stanley & Co., Inc. ("MS & Co.") and Morgan
Stanley & Co. International Limited ("MSIL") provide clearing and execution
services.  The trading manager is Dean Witter Futures & Currency Management
Inc. ("DWFCM").  Demeter, DWR, DWFCM, MS & Co. and MSIL are wholly-owned
subsidiaries of Morgan Stanley Dean Witter & Co.

Demeter is required to maintain a 1% minimum interest in the equity of the
Partnership and income (losses) are shared by Demeter and the Limited
Partners based upon their proportional ownership interests.

Use of Estimates - The financial statements are prepared in accordance with
generally accepted accounting principles, which require management to make
estimates and assumptions that affect the reported amounts in the financial
statements and related disclosures.  Management believes that the estimates
utilized in the preparation of the financial statements are prudent and
reasonable.  Actual results could differ from those estimates.

Revenue Recognition - Futures interests are open commitments until
settlement date.  They are valued at market on a daily basis and the
resulting net change in unrealized gains and losses is reflected in the
change in unrealized profit (loss) on open contracts from one period to the
next in the statements of operations.  Monthly, DWR pays the Partnership
interest income based upon 80% of the average daily Net Assets for the
month at a rate equal to the average yield on 13-week U.S. Treasury bills.
For purposes of such interest payments Net Assets do not include monies due
the Partnership on futures interest, but not actually received.

Net Income (Loss) per Unit - Net income (loss) per unit of Limited
Partnership interest ("Unit(s)") is computed using the weighted average
number of Units outstanding during the period.

Brokerage Commissions and Related Transaction Fees and Costs - The
Partnership accrues brokerage commissions on a half-turn basis at 80% of
DWR's published non-member rates.  Transaction fees and costs are accrued
on a half-turn basis.  Brokerage commissions and transaction fees
chargeable to the Partnership are capped at 13/20 of 1% per month (a
maximum 7.8% annual rate) of the Partnership's adjusted month-end Net
Assets.

Operating Expenses - The Partnership bears all operating expenses related
to its trading activities, to a maximum 1/4 of 1% annually of the
Partnership's average month-end Net Assets.  These include filing fees,
legal, auditing, accounting, mailing, printing and other incidental
expenses as permitted by the Limited Partnership Agreement.  In addition,
the Partnership incurs a monthly management fee and may incur an incentive
fee.  Demeter bears all other operating expenses.

Redemptions - Limited partners may redeem some or all of their Units at
100% of the Net Asset Value per Unit on the last day of any month, upon
five business days advance notice by redemption form to Demeter.

Distributions - Distributions, other than redemptions of Units, are made on
a pro-rata basis at the sole discretion of Demeter.  No distributions have
been made to date.

Income Taxes - No provision for income taxes has been made in the
accompanying financial statements, as partners are individually responsible
for reporting income or loss based upon their respective share of each
Partnership's revenues and expenses for income tax purposes.




<PAGE>


DWFCM International Access Fund L.P.
Notes to Financial Statements
(Concluded)



Dissolution of the Partnership - The Partnership will terminate on December
31, 2025 or at an earlier date if certain conditions set forth in the
Limited Partnership Agreement occur.

2.  Related Party Transactions

The Partnership pays brokerage commissions to DWR as described in Note 1.
The Partnership's cash is on deposit with DWR, MS & Co., and MSIL in
futures interests trading accounts to meet margin requirements as needed.
DWR pays interest on these funds as described in Note 1.

Demeter, on behalf of all the Partnership and itself, entered into a
management agreement with DWFCM to make all trading decisions for the
Partnership.

Compensation to DWFCM by the Partnership consists of a management fee and
an incentive fee as follows:

Management Fee - The Partnership pays a monthly management fee equal to 1/4
of 1% (a 3% annual rate) of the Partnership's adjusted Net Assets, as
defined in the management agreement, as of the last day of each month.

Incentive Fee - The Partnership will pay a quarterly incentive fee equal to
15% of the trading profits earned by the Partnership as of the end of each
calendar quarter.  Trading profits represent the amount by which profits
from futures and forward trading exceed losses after brokerage commissions,
management fees, transaction fees and costs and administrative expenses
have been deducted.  Such incentive fee is accrued in each month in which
trading profits occur.  In those months in which trading profits are
negative, previous accruals, if any, during the incentive period will be
reduced.  In those instances in which a Limited Partner redeems an
investment, the incentive fee (if earned through a redemption date) is to
be paid to DWFCM on those redemptions in the month of such redemptions.



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