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 [No Fee Required]
For the period ended December 31, 1997 or

[  ]   Transition report pursuant to Section 13 or 15 (d) of  the
Securities Exchange Act of 1934 [No Fee Required]
For          the          transition         period          from
________________to___________________
Commission File Number 33-71654

              DWFCM INTERNATIONAL ACCESS FUND L.P.

(Exact name of registrant as specified in its Limited Partnership
                           Agreement)

          DELAWARE                                     13-3700691
(State          or         other         jurisdiction          of
(I.R.S. Employer
             incorporation            of            organization)
Identification No.)

c/o Demeter Management Corporation
Two   World   Trade   Center,  New  York,  N.Y.   -   62nd   Flr.
10048           (Address   of   principal   executive    offices)
(Zip Code)
Registrant's    telephone    number,    including    area    code
(212) 392-5454

Securities registered pursuant to Section 12(b) of the Act:

                                                   Name  of  each
exchange
Title                 of                each                class
on which registered
          None                                         None

Securities registered pursuant to Section 12(g) of the Act:

             Units of Limited Partnership Interest

                        (Title of Class)


                        (Title of Class)

      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 (section 229.405  of  this
chapter)  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 of this Form 10-K.[X ]

State  the  aggregate  market  value  of  the  Units  of  Limited
Partnership  Interest held by non-affiliates of  the  registrant.
The  aggregate market value shall be computed by reference to the
price  at  which units were sold, or the average  bid  and  asked
prices of such units, as of a specified date within 60 days prior
to the date of filing: $46,176,004.51 at January 31, 1998.

              DOCUMENTS INCORPORATED BY REFERENCE
                          (See Page 1)

<PAGE>
<TABLE>
            DWFCM INTERNATIONAL ACCESS FUND L.P.
            INDEX TO ANNUAL REPORT ON FORM 10-K
                     DECEMBER 31, 1997
<CAPTION>
Page No.
<S>                                                       <C>
DOCUMENTS INCORPORATED BY REFERENCE. . . . . . . . . . . . . . .  .  .
1

Part I .

  Item 1. Business. . . . . . . . . . . . . . . . . . . . . . .  2-4

  Item 2. Properties. . . . . . . . . . . . . . . . . . . . . .    5

  Item 3. Legal Proceedings. . . . . . . . . . . . . . . . . . . 5-6

  Item 4. Submission of Matters to a Vote of Security Holders . .  6

Part II.

  Item 5. Market for the Registrant's Partnership Units and
          Related Security Holder Matters . . . . . . . . . . . .  7

  Item 6. Selected Financial Data . . . . . . . . . . . . . . . .  8

  Item 7. Management's Discussion and Analysis of Financial
          Condition and Results of Operations. . . . . . . . .  9-16

  Item 8. Financial Statements and Supplementary Data. . . . . .  16

  Item 9. Changes in and Disagreements with Accountants on
          Accounting and Financial Disclosure. . . . . . . . . .  16

Part III.

  Item10. Directors, Executive Officers, Promoters and
          Control Persons of the Registrant . . . . . . . .    17-21

  Item11. Executive Compensation . . . . . . . . . . . . . . . 21-22

  Item12. Security Ownership of Certain Beneficial Owners
          and Management . . . . . . . . . . . . . . . . . . . .  22

  Item13. Certain Relationships and Related Transactions . . . .  22
Part IV.

  Item14. Exhibits, Financial Statement Schedules, and
          Reports on Form 8-K . . . . . . . . . . . . . . . . . . 23
</TABLE>
<PAGE>
<TABLE>
            DOCUMENTS INCORPORATED BY REFERENCE


Portions  of the following documents are incorporated by reference  as
follows:

<CAPTION>

          Documents Incorporated                          Part of Form
10-K
<S>                                                 <C>
     Partnership's Registration Statement
     On Form S-1, File No. 33-71654.                I and IV

     December 31, 1997 Annual Report for
     the DWFCM International Access Fund L.P.            II and IV
















</TABLE>














<PAGE>

                           PART I

Item 1.  BUSINESS

        (a)   General   Development   of   Business.   DWFCM

International  Access  Fund L.P. (the  "Partnership")  is  a

Delaware  limited  partnership  formed  to  engage  in   the

speculative  trading  of futures and forward  contracts  and

options  on  futures contracts and on physical  commodities,

and other commodity interests, including foreign currencies,

financial  instruments,  precious  and  industrial   metals,

energy products and agriculturals.

    Units of limited partnership interest in the Partnership

were registered pursuant to a Registration Statement on Form

S-1  (File No. 33-71654) which became effective on  February

3,  1994.  The offering of units was underwritten on a "best

efforts"  basis by Dean Witter Reynolds Inc.  ("DWR").   The

Partnership's   general   partner  is   Demeter   Management

Corporation  ("Demeter"). DWR and Demeter  are  wholly-owned

subsidiaries of Morgan Stanley, Dean Witter, Discover &  Co.

("MSDWD").  Through July 31, 1997, the sole commodity broker

for   the  Partnership's  transactions  was  DWR,   also   a

subsidiary of 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  clearing  commodity  broker   for   the

Partnership's  futures and futures options  trades  and  the

counterparty on the Partnership's foreign currency

<PAGE>

trades.  DWR serves as the non-clearing commodity broker for

the  Partnerships with Carr providing all clearing  services

for the Partnerships' transactions.

   The  Partnership commenced operations on March  3,  1994.

The  Partnership's net asset value per unit, as of  December

31,  1997  was $1,482.22, representing an increase of  26.21

percent  from  the net asset value per unit of $1,174.35  at

December 31, 1996.  For a more detailed description  of  the

Partnership's business see subparagraph (c).

     (b) Financial Information about Industry Segments.  The

Partnership's  business  comprises  only  one  segment   for

financial   reporting  purposes,  speculative   trading   of

commodity  futures contracts and other commodity  interests.

The  relevant financial information is presented in Items  6

and 8.

     (c) Narrative Description of Business.  The Partnership

is  in  the  business  of speculative trading  in  commodity

futures  contracts and other commodity interests,   pursuant

to  trading  instructions  provided  by  Dean Witter Futures

&   Currency   Management  Inc.  ("DWFCM"),  a  wholly-owned

subsidiary  of MSDWD and an affiliate of DWR,  and  Demeter.

For  a  detailed description of the different facets of  the

Partnership's   business,  see   those   portions   of   the

Partnership's Prospectus, dated  February 3, 1994, filed  as

part of the Registration Statement on Form S-1 ( File No. 33-



<PAGE>

71654)  (the  "Prospectus") (see "Documents Incorporated  by

Reference" Page 1), set forth below.

  Facets of Business

      1.   Summary                    1.   "Summary  of  the
Prospectus"
                                      (Pages 2-10).

      2.  Commodities  Markets        2.   "The  Commodities
Markets"
                                      (Pages 62-69).

     3.  Partnership's  Trading     3.   "Trading  Policies"
(Page                                   Arrangements     and
58). "The Trading Manager"
       Policies                       (Pages 40-43).


       4.  Management  of  the  Part-   4.    "The  Management  Agree-
nership                                ments" (Pages 60-62).
                                       "The General Partner"
                                      (Pages 35-37) and
                                      "The Commodity Broker"
                                      (Pages 59-60). "The
                                       Limited Partnership
                                              Agreement"        (Pages
71-76).


    5. Taxation of the Partner-  5.  "Material Federal Income Tax
        ship's  Limited  Partners         Considerations"  and  "State
and Local Income Tax Aspects"
                                      (Pages 80-87).

     (d)   Financial Information About Foreign and Domestic Operations
and
         Export Sales.

        The Partnership has not engaged in any operations in

foreign  countries;  however, the Partnership  (through  the

commodity brokers) enters into forward contract transactions

where  foreign banks are the contracting party, and  futures

contracts on foreign exchanges.

<PAGE>
Item 2.  PROPERTIES

      The  executive and administrative offices are  located

within the offices of DWR.  The DWR offices utilized by  the

Partnership  are  located at Two World  Trade  Center,  62nd

Floor, New York, NY 10048.

Item 3.  LEGAL PROCEEDINGS

      On  September 6, 10, and 20, 1996, and  on  March  13,

1977,  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,  alleging,   among   other

things,   that  the  defendants  committed  fraud,   deceit,

negligent  misrepresentation,  various  violations  of   the

California  Corporations  Code,  intentional  and  negligent

breach  of  fiduciary duty, fraudulent and  unfair  business

practices, unjust enrichment, and conversion in the sale and

operation  of  the  various limited  partnerships  commodity

pools.   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



<PAGE>

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.  A

consolidated and amended complaint in the action pending  in

the  Supreme  Court of the State of New York  was  filed  on

August  13,  1997,  alleging that the  defendants  committed

fraud,    breach   of   fiduciary   duty,   and    negligent

misrepresentation in the sale and operation of  the  various

limited partnership commodity pools.  On December 16,  1997,

upon  motion  of the plaintiffs, the action pending  in  the

Superior  Court  of  the State of Delaware  was  voluntarily

dismissed   without   prejudice.    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 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 4.  SUBMISSION OF MATTERS TO A VOTE OF SECURITY HOLDERS

     None.



<PAGE>
                          PART II

Item  5.  MARKET FOR THE REGISTRANT'S PARTNERSHIP UNITS  AND
RELATED
         SECURITY HOLDER MATTERS

      There is no established public trading market for  the

Units  of  Limited Partnership Interest in the  Partnership.

The  number  of holders of Units at December  31,  1997  was

approximately 3,839.  No distributions have been made by the

Partnership  since it commenced trading operations.  Demeter

has  sole discretion to decide what distributions,  if  any,

shall   be  made  to  investors  in  the  Partnership.    No

determination has yet been made as to future distributions.



























<PAGE>

<TABLE>

Item 6.  SELECTED FINANCIAL DATA (in dollars)


<CAPTION>


For the
                                                               Period from
                                                              March 3, 1994
(commencement of
                            For the Years Ended December 31,       operations
to
                                    1997             1996           1995
December 31, 1994

<S>                              <C>                <C>              <C>
<C>
Total Revenues
(including    interest)       16,257,872       6,553,585      22,294,669
(239,216)


Net   Income   (Loss)          10,627,032       1,278,934     13,807,092
(5,561,597)


Net Income (Loss)
Per Unit (Limited
&   General   Partners)           307.87            44.84         202.74
(73.23)


Total   Assets              48,991,106      45,730,849        55,136,973
61,279,429


Total Limited
Partners'  Capital                 46,949,644  43,960,184     52,842,505
59,707,586


Net Asset Value Per
Unit of Limited
Partnership Interest               1,482.22    1,174.35         1,129.51
926.77


</TABLE>


<PAGE>


Item  7.   MANAGEMENT'S DISCUSSION AND ANALYSIS OF FINANCIAL
CONDITION AND          RESULTS OF OPERATIONS

      Liquidity.  The Partnership's assets are on deposit in

separate  commodity interest trading accounts with  DWR  and

Carr, the commodity brokers, and are used by the Partnership

as  margin to engage in commodity futures, forward contracts

and  other  commodity interest trading.  DWR and  Carr  hold

such   assets  in  either  designated  depositories  or   in

securities   approved  by  the  Commodity  Futures   Trading

Commission  ("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 commodity  futures

contracts and other commodity interests, it is expected that

the  Partnership will continue to own such liquid assets for

margin purposes.

      The  Partnership's  investment  in  commodity  futures

contracts,  forward contracts and other commodity  interests

may be illiquid.  If the price for a futures contract for  a

particular commodity has increased or decreased by an amount

equal  to the "daily limit", positions in the commodity  can

neither  be taken nor liquidated unless traders are  willing

to  effect trades at or within the limit.  Commodity futures

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 commodity futures positions.

<PAGE>

      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.

      Market  Risk.  The Partnership trades futures, options

and  forward  contracts  in interest rates,  stock  indices,

commodities   and  currencies.   In  entering   into   these

contracts  there  exists a risk to the  Partnership  (market

risk) that such contracts may be significantly influenced by

market   conditions,  such  as  interest  rate   volatility,

resulting  in  such contracts being less valuable.   If  the

markets  should  move  against all of the  futures  interest

positions held by the Partnership at the same time,  and  if

the  Trading Advisor were unable to offset futures  interest

positions of the Partnership, the Partnership could lose all

of  its assets and the Limited Partners would realize a 100%

loss.   The  Partnership has established  Trading  Policies,

which  include  standards for liquidity and  leverage  which

help  control  market  risk.  Both the Trading  Advisor  and

Demeter  monitor the Partnership's trading activities  on  a

daily  basis to ensure compliance with the Trading Policies.

Demeter may



<PAGE>

(under  terms  of  the  Management Agreement)  override  the

trading  instructions of the Trading Advisor to  the  extent

necessary to comply with the Partnership's Trading Policies.

      Credit  Risk. In addition to market risk, in  entering

into  futures,  options and forward  contracts  there  is  a

credit  risk to the Partnership that the counterparty  on  a

contract  will  not be able to meet its obligations  to  the

Partnership.   The ultimate counterparty of the  Partnership

for  futures contracts traded in the United States and  most

foreign  exchanges on which the Partnership  trades  is  the

clearinghouse associated with such exchange.  In general,  a

clearinghouse  is backed by the membership of  the  exchange

and  will act in the event of non-performance by one of  its

members  or  one of its member's customers,  and,  as  such,

should  significantly reduce this credit risk.  For example,

a  clearinghouse may cover a default by (i) drawing  upon  a

defaulting  member's  mandatory  contributions  and/or  non-

defaulting   members'  contributions  to   a   clearinghouse

guarantee fund, established lines or letters of credit  with

banks, and/or the clearinghouse's surplus capital and  other

available assets of the exchange and clearinghouse, or  (ii)

assessing  its  members.   In cases  where  the  Partnership

trades on a foreign exchange where the clearinghouse is  not

funded or guaranteed by the membership or where the exchange

is  a  "principals'  market" in  which  performance  is  the

responsibility of the exchange member and not the

<PAGE>

exchange or a clearinghouse, or when the Partnership  enters

into  off-exchange contracts with a counterparty,  the  sole

recourse  of the Partnership will be the clearinghouse,  the

exchange  member or the off-exchange contract  counterparty,

as the case may be.

      There  can  be  no  assurance  that  a  clearinghouse,

exchange  or other exchange member will meet its obligations

to  the  Partnership, and the Partnership is not indemnified

against  a default by such parties from Demeter or MSDWD  or

DWR.   Further, the law is unclear as to whether a commodity

broker has any obligation to protect its customers from loss

in the event of an exchange, clearinghouse or other exchange

member   default  on  trades  effected  for   the   broker's

customers;  any such obligation on the part  of  the  broker

appears even less clear where the default occurs in a non-US

jurisdiction.

       Demeter  deals  with  these  credit  risks   of   all

partnership's  for  which it serves as  General  Partner  in

several ways.  First, it monitors each partnership's  credit

exposure to each exchange on a daily basis, calculating  not

only  the  amount  of margin required for it  but  also  the

amount  of  its unrealized gains at each exchange,  if  any.

The  Commodity Brokers inform each partnership, as with  all

their customers, of its net margin requirements for all  its

existing  open positions, but do not break that  net  figure

down, exchange by exchange.  Demeter, however, has installed

a system which permits it to monitor each partnership's

<PAGE>

potential  margin liability, exchange by exchange.   Demeter

is   then  able  to  monitor  the  individual  partnership's

potential net credit exposure to each exchange by adding the

unrealized  trading gains on that exchange, if any,  to  the

partnership's margin liability thereon.

       Second,  as  discussed  earlier,  each  partnership's

trading policies limit the amount of partnership Net  Assets

that can be committed at any given time to futures contracts

and  require,  in  addition,  a certain  minimum  amount  of

diversification in the partnership's trading,  usually  over

several different products.  One of the aims of such trading

policies  has  been  to reduce the credit  exposure  of  any

partnership  to any single exchange and, historically,  such

partnership exposure has typically amounted to only a  small

percentage of its total Net Assets.  On those relatively few

occasions where a partnership's credit exposure has  climbed

above that level, Demeter has dealt with the situations on a

case by case basis, carefully weighing whether the increased

level  of  credit  exposure remained  appropriate.   Demeter

expects  to  continue  to deal with  such  situations  in  a

similar manner in the future.

     Third, Demeter has secured, with respect to Carr acting

as  the clearing broker for the partnerships, a guarantee by

Credit  Agricole Indosuez, Carr's parent, of the payment  of

the  "net  liquidating value" of the transactions  (futures,

options and forward contracts) in each





<PAGE>

partnership's  account.   As of December  31,  1997,  Credit

Agricole Indosuez' total capital was over $3.25 billion  and

it is currently rated AA2 by Moody's.

       With   respect  to  forward  contract  trading,   the

partnerships  trade  with  only those  counterparties  which

Demeter,   together  with  DWR,  have   determined   to   be

creditworthy.  At the date of this filing, the  partnerships

deal  only  with  Carr  as  their  counterparty  on  forward

contracts.  The guarantee by Carr's parent, discussed above,

covers these forward contracts.

      See  "Financial Instruments" under Notes to  Financial

Statements  in  the  Partnership's  1997  Annual  Report  to

Partners, incorporated by reference in this Form 10-K.

      Capital Resources.  The Partnership does not have, nor

does it expect to have, any capital assets.  Redemptions  of

additional  Units  of Limited Partnership  Interest  in  the

future  will  affect  the  amount  of  funds  available  for

investments  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.   As of December 31, 1997,  the

Partnership's total capital was $48,002,629, an increase  of

$3,208,175   from   the  Partnership's  total   capital   of

$44,794,454, at December 31, 1996.  For

<PAGE>

the  year ended December 31, 1997, the Partnership generated

net  income  of $10,672,032 and total redemptions aggregated

$7,418,857.

     For the year ended December 31, 1997, the Partnership's

total  trading  revenues, including  interest  income,  were

$16,257,872.  The Partnership's total expenses for the  year

were  $5,630,840,  resulting in net income  of  $10,627,032.

The value of an individual unit in the Partnership increased

from $1,174.35 at December 31, 1996 to $1,482.22 at December

31, 1997.

      As  of  December  31,  1996, the  Partnership's  total

capital  was $44,794,454, a decrease of $8,850,465 from  the

Partnership's total capital of $53,644,919 at  December  31,

1995.  For the year ended December 31, 1996, the Partnership

generated  net  income of $1,278,934, and total  redemptions

aggregated $10,129,399.

     For the year ended December 31, 1996, the Partnership's

total  trading  revenues  including  interest  income   were

$6,553,585.  The Partnership's total expenses for  the  year

were $5,274,651, resulting in net income of $1,278,934.  The

value  of  an  individual unit in the Partnership  increased

from $1,129.51 at December 31, 1995 to $1,174.35 at December

31, 1996.

      As  of  December  31,  1995, the  Partnership's  total

capital  was $53,644,919, a decrease of $6,721,053 from  the

Partnership's total



<PAGE>

capital  of $60,365,972 at December 31, 1994.  For the  year

ended  December  31,  1995,  the Partnership  generated  net

income  of  $13,807,092  and  total  redemptions  aggregated

$20,528,145.

     For the year ended December 31, 1995, the Partnership's

total  trading  revenues  including  interest  income   were

$22,294,669.  The Partnership's total expenses for the  year

were  $8,487,577,  resulting in net income  of  $13,807,092.

The value of an individual unit in the partnership increased

from  $926.77 at December 31, 1994 to $1,129.51 at  December

31, 1995.

     The Partnership's overall performance record represents

varied  results  of trading in different commodity  markets.

For  a further description of trading results, refer to  the

letter  to  the  Limited Partners in the  accompanying  1997

Annual Report to Partners, incorporated

by reference in this Form 10-K.  The Partnership's gains and

losses  are allocated among its Limited Partners for  income

tax purposes.


Item 8.  FINANCIAL STATEMENTS AND SUPPLEMENTARY DATA

      The  information required by this Item appears in  the

attached  1997 Annual Report to Partners and is incorporated

by reference in this Annual Report on Form 10-K.

Item 9.  CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS ON
          ACCOUNTING AND FINANCIAL DISCLOSURE

     None.


<PAGE>

                            PART III

Item  10.   DIRECTORS,  EXECUTIVE  OFFICERS,  PROMOTERS  AND
CONTROL
          PERSONS OF THE REGISTRANT

General Partner

      Demeter, a Delaware corporation, was formed on  August

18,  1977  to  act  as  a  commodity pool  operator  and  is

registered  with the CFTC as a commodity pool  operator  and

currently  is  a member of the National Futures  Association

("NFA") in such capacity.  Demeter is wholly-owned by  MSDWD

and  is  an  affiliate  of DWR and DWFCM.   MSDWD,  DWR  and

Demeter  may  each  be  deemed to be  "promoters"  and/or  a

"parent"  of  the  Partnership within  the  meaning  of  the

federal securities laws.

      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.

Dean Witter Reynolds Inc.

      DWR is a financial services company which provides  to

its individual, corporate and institutional clients services

as  a broker in securities and commodity interest contracts,

a  dealer in corporate, municipal and government securities,

an  investment  adviser and an agent in  the  sale  of  life

insurance and various other products and services.  DWR is a

member  firm  of the New York Stock Exchange,  the  American

Stock  Exchange,  the  Chicago Board Options  Exchange,  and

other major securities

<PAGE>

exchanges.

     DWR is registered with the CFTC as a futures commission

merchant and is a member of the NFA in such capacity.  As of

December  31, 1997, DWR is servicing its clients  through  a

network   of   approximately   401   branch   offices   with

approximately 10,155 account executives servicing individual

and institutional client accounts.

Directors and Officers of the General Partner

      The  directors and officers of Demeter as of  December

31, 1997 are as follows:

      Richard M. DeMartini, age 45, is the Chairman of the  Board

and a Director of Demeter.  Mr. DeMartini is also Chairman of the

Board and a Director of Dean Witter Futures & Currency Management

Inc.  ("DWFCM").  Mr. DeMartini is president and chief  operating

officer  of  MSDWD's Individual Asset Management Group.   He  was

named to this position in May of 1997 and is responsible for Dean

Witter  InterCapital,  Van  Kampen  American  Capital,  insurance

services,  managed  futures,  unit trust,  investment  consulting

services,  Dean  Witter Realty, and NOVUS Financial  Corporation.

Mr.  DeMartini is a member of the MSDWD management  committee,  a

director of the InterCapital funds, a trustee of the TCW/DW funds

and  a  trustee  of  the Van Kampen American Capital  and  Morgan

Stanley retail funds.  Mr. DeMartini has been with Dean

<PAGE>

Witter  his entire career, joining the firm in 1975 as an account

executive.  He served as a branch manager, regional director  and

national  sales  director, before being appointed  president  and

chief operating officer of the Dean Witter Consumer Markets.   In

1988 he was named president and chief operating officer of Sears'

Consumer Banking Division and in January 1989 he became president

and   chief  operating  officer  of  Dean  Witter  Capital.   Mr.

DeMartini has served as chairman of the board of the Nasdaq Stock

Market,  Inc.  and  vice chairman of the board  of  the  National

Association  of  Securities  Dealers,  Inc.   A  native  of   San

Francisco,  Mr. DeMartini holds a bachelor's degree in  marketing

from San Diego State University.

      Mark  J.  Hawley, age 54, is President and  a  Director  of

Demeter.   Mr. Hawley is also President and a Director of  DWFCM.

Mr.  Hawley joined DWR in February 1989 as Senior Vice  President

and  is  currently the Executive Vice President and  Director  of

DWR's  Managed Futures Department.  From 1978 to 1989, Mr. Hawley

was  a  member  of  the senior management team at  Heinold  Asset

Management,  Inc., a CPO, and was responsible for  a  variety  of

projects in public futures funds.  From 1972 to 1978, Mr.  Hawley

was a Vice President in charge of institutional block trading for

the Mid-West at Kuhn Loeb & Company.

      Lawrence Volpe, age 50, is a Director of Demeter and DWFCM.

Mr. Volpe joined DWR as a Senior Vice President and Controller in

September  1983, and currently holds those positions.  From  July

1979  to  September 1983, he was associated with  E.F.  Hutton  &

Company Inc. and prior to his departure, held

<PAGE>

the  positions of First Vice President and Assistant  Controller.

From 1970 to July 1979, he was associated with Arthur Anderson  &

Co.  and  prior to his departure served as audit manager  in  the

financial services division.

      Joseph  G.  Siniscalchi, age 52, is a Director of  Demeter.

Mr.  Siniscalchi  joined  DWR  in  July  1984  as  a  First  Vice

President, Director of General Accounting and served as a  Senior

Vice  President  and  Controller for  DWR's  Securities  division

through  1997.   He  is currently Executive  Vice  President  and

Director  of the Operations Division of DWR.  From February  1980

to  July 1984, Mr. Siniscalchi was Director of Internal Audit  at

Lehman Brothers Kuhn Loeb, Inc.

      Edward  C. Oelsner, III, age 55, is a Director of  Demeter.

Mr. Oelsner is currently an Executive Vice President and head  of

the  Product Development Group at Dean Witter InterCapital  Inc.,

an  affiliate  of  DWR.  Mr. Oelsner joined  DWR  in  1981  as  a

Managing   Director   in  DWR's  Investment  Banking   Department

specializing   in   coverage   of   regulated   industries   and,

subsequently,  served as head of the DWR Retail  Products  Group.

Prior  to  joining DWR, Mr. Oelsner held positions at  The  First

Boston  Corporation  as a member of the Research  and  Investment

Banking Departments from 1967 to 1981.  Mr. Oelsner received  his

M.B.A. in Finance from the Columbia University Graduate School of

Business   in  1966  and  an  A.B.  in  Politics  from  Princeton

University in 1964.

      Robert  E.  Murray, age 37, is a Director of Demeter.   Mr.

Murray  is  also a Director of DWFCM.  Mr. Murray is currently  a

Senior Vice President of DWR's

<PAGE>

Managed  Futures  Department  and is  the  Senior  Administrative

Officer of DWFCM. Mr. Murray began his career at DWR in 1984  and

is  currently the Director of Product Development for the Managed

Futures  Department.  He is responsible for the  development  and

maintenance of the proprietary Fund Management System utilized by

DWFCM and Demeter in organizing information and producing reports

for monitoring clients' accounts.  Mr. Murray currently serves as

a   Director  of  the  Managed  Funds  Association.   Mr.  Murray

graduated from Geneseo State University in May 1983 with  a  B.A.

degree in Finance.

      Patti  L.  Behnke,  age  37, is Vice  President  and  Chief

Financial  Officer of Demeter.  Ms. Behnke joined  DWR  in  April

1991  as Assistant Vice President of Financial Reporting  and  is

currently  a  First  Vice  President and  Director  of  Financial

Reporting and Managed Futures Accounting in the Individual  Asset

Management  Group.   Prior  to  joining  DWR,  Ms.  Behnke   held

positions of increasing responsibility at L.F. Rothschild  &  Co.

and Carteret Savings Bank.  Ms. Behnke began her career at Arthur

Anderson & Co., where she was employed in the audit division from

1982-1986.   She is a member of the AICPA and the New York  State

Society of Certified Public Accountants.

Item 11.  EXECUTIVE COMPENSATION

       The   Partnership  has  no  directors  and  executive

officers.   As  a limited partnership, the business  of  the

Partnership  is managed by Demeter which is responsible  for

the administration of the business



<PAGE>

affairs of the Partnership but receives no compensation  for

such services.

Item 12.  SECURITY  OWNERSHIP OF CERTAIN  BENEFICIAL  OWNERS
          AND MANAGEMENT

      (a)  Security Ownership of Certain Beneficial Owners -

As  of December 31, 1997, there were no persons known to  be

beneficial  owners of more than 5 percent of  the  Units  of

Limited Partnership Interest in the Partnership.

     (b)  Security Ownership of Management - At December 31,

1997,  Demeter  owned  710.409 Units of General  Partnership

Interest  representing  a  2.19  percent  interest  in   the

Partnership.

     (c)  Changes in Control - None

Item 13.  CERTAIN RELATIONSHIPS AND RELATED TRANSACTIONS

      Refer  to  Note  2  - "Related Party Transactions"  of

"Notes  to  Financial Statements", in the accompanying  1997

Annual Report to Partners, incorporated by reference in this

Form  10-K.   In  its  capacity as the Partnership's  retail

commodity   broker,   DWR   received   commodity   brokerage

commissions  (paid  and  accrued  by  the  Partnership)   of

$2,944,705  for the year ended December 31,  1997.   In  its

capacity   as  the  Partnership's  trading  manager,   DWFCM

received management fees of $1,393,730 and incentive fees of

$1,009,675 for the year ended December 31, 1997.



<PAGE>

                             PART IV

Item  14.  EXHIBITS,  FINANCIAL  STATEMENT  SCHEDULES,   AND

REPORTS ON FORM 8-K

(a)  1. Listing of Financial Statements

      The  following  financial  statements  and  report  of

independent  public  accountants,  all  appearing   in   the

accompanying   1997   Annual   Report   to   Partners,   are

incorporated by reference in this Form 10-K:

      -     Report  of  Deloitte & Touche  LLP,  independent
auditors, for the             years ended December 31, 1997,
1996 and 1995.

          -     Statements  of  Financial  Condition  as  of
          December 31, 1997
               and December 31, 1996.

          -      Statements   of  Operations,   Changes   in
          Partners'  Capital, and Cash Flows for  the  years
          ended December 31, 1997, 1996 and 1995.

          -    Notes to Financial Statements.

      With  exception of the aforementioned information  and

the  information incorporated in Items 7, 8 and 13, the 1997

Annual  Report  to Partners is not deemed to be  filed  with

this report.

     2.  Listing of Financial Statement Schedules

      No  financial statement schedules are required  to  be

filed with this report.

(b)  Reports on Form 8-K

      No  reports  on  Form  8-K  have  been  filed  by  the

Partnership during the last quarter of the period covered by

this report.

(c)  Exhibits

     Refer to Exhibit Index on Page E-1.





<PAGE>
                           SIGNATURES

      Pursuant to the requirement of Sections 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.

                                              DWFCM INTERNATIONAL
                         ACCESS FUND L.P.

(Registrant)

                                                 BY:      Demeter
                         Management Corporation,
                                                          General
                              Partner

March 24, 1998           BY: /s/ Mark J. Hawley
                                 Mark J. Hawley, Director and
                                President

      Pursuant to the requirements of the Securities Exchange Act
of  1934,  this  report has been signed below  by  the  following
persons on behalf of the registrant and in the capacities and  on
the dates indicated.

Demeter Management Corporation.

BY:  /s/  Mark J. Hawley                                March 24,
1998
        Mark J. Hawley, Director and
          President

     /s/  Richard M. DeMartini                          March 24,
1998
        Richard M. DeMartini, Director
          and Chairman of the Board

     /s/  Lawrence Volpe                                March 24,
1998
        Lawrence Volpe, Director


     /s/  Joseph G. Siniscalchi                         March 24,
1998
        Joseph G. Siniscalchi, Director


     /s/  Edward C. Oelsner III                         March 24,
1998
        Edward C. Oelsner III, Director


    /s/  Robert E. Murray                                   March
24, 1998
        Robert E. Murray, Director


     /s/  Patti L. Behnke                               March 24,
1998
        Patti L. Behnke, Chief Financial
          Officer and Principal Accounting
          Officer
<PAGE>
                         EXHIBIT INDEX





      ITEM                                                 METHOD
OF FILING

 -3. Limited Partnership Agreement of
     the Partnership, dated as of
     March 1, 1994.                                   (1)

-10.                                                  Form of the
Management Agreements among
     the Partnership, Demeter Management              (2)
     Corporation and DWFCM (the Trading
     Advisor) dated as of March 1, 1994.

-10. Customer Agreement Between the
     Partnership and Dean Witter
     Reynolds Inc., dated as of                       (3)
     March 1, 1994.

-13. December 31, 1997 Annual Report to Limited Partners.   (4)


(1)
     Incorporated  by reference to Exhibit 3.01 and Exhibit  3.02
     of  the  Partnership's Registration Statement  on  Form  S-1
     (File No. 33-71654).

(2)
     Incorporated   by  reference  to  Exhibit   10.02   of   the
     Partnership's Registration Statement on Form S-1  (File  No.
     33-71654).

(3)
     Incorporated   by  reference  to  Exhibit   10.01   of   the
     Partnership's Registration Statement on Form S-1  (File  No.
     33-71654).

(4)                                                         Filed
     herewith.



<PAGE>


International
Access
Fund


December 31, 1997
Annual Report

                                                        [LOGO] DEAN WITTER



<PAGE>

DEAN WITTER
Two World Trade Center
62nd Floor
New York, NY 10048
Telephone (212) 392-8899

DWFCM INTERNATIONAL ACCESS FUND L.P.
ANNUAL REPORT
1997

Dear Limited Partner:

This marks the fourth annual report for the DWFCM International Access Fund
L.P. (the "Fund"). The Fund began the year at a Net Asset Value per Unit of
$1,174.35 and increased in value by 26.2% to close the year at a Net Asset
Value of $1,482.22. Since its inception in March of 1994, the Fund has
increased by 48.2% (a compound annual return of 10.8%).

Gains were recorded during January as a result of a strengthening in the value
of the U.S. dollar versus most world currencies. Additional gains were recorded
in the metals markets from short gold futures positions as gold prices, which
began to move lower in December 1996, continued to decline. In February, gains
were recorded in currencies as the value of the U.S. dollar continued to
strengthen relative to most global currencies. Gains were also recorded in the
energy markets from short positions as gas and oil prices moved lower. March's
performance resulted in a portion of previous months' profits being given back
as many of the markets that produced gains in January and February experienced
trend reversals and choppy price movement. The most significant losses were
recorded in the currency markets as the value of most European currencies
reversed higher. Additional losses were recorded in the energy and financial
futures markets as prices in these markets moved in a choppy pattern.

Losses were experienced during April as the difficult trading environment that
began in March continued. The most significant losses were recorded in the
financial futures markets as domestic bond prices rallied higher late in the
month after showing signs of trending lower
<PAGE>

previously. Small losses were recorded during May as profits in soft
commodities and financial futures were more than offset by losses in the energy
and currency markets. During June, profits were recorded from long global
interest rate and stock index futures positions as prices in these markets
moved higher. Additional gains were recorded in the currency markets from long
Japanese yen positions as the yen's value increased relative to the U.S.
dollar.

During July, significant profits were recorded from long positions in global
interest rate futures as U.S., Australian, European and Japanese interest rate
futures prices trended higher. Additional gains were recorded from short
European currency positions as the U.S. dollar again strengthened relative to
the German mark. During August, a sharp trend reversal in global interest rate
futures prices resulted in a giveback of a portion of July's profits.
Additional losses were recorded in the currency markets as the value of most
European currencies increased relative to the U.S. dollar after decreasing
previously. A strong upward move in international interest rate futures prices
during September resulted in gains for the Fund's long positions. Additional
gains were recorded from short Nikkei index futures positions as Japanese
equity prices moved lower. In currency trading, gains were recorded from long
German mark positions as their value moved higher versus the U.S. dollar and
from short Malaysian ringgit positions as their value decreased relative to the
U.S. dollar.

A sharp trend reversal in international interest rate futures prices during
October resulted in a give-back of a portion of September's profits. Additional
losses were recorded as a result of short-term volatility in domestic bond and
stock index futures throughout a majority of the month.

During November and December, profits were recorded in the currency markets
from short Japanese yen positions as the value of the yen decreased relative to
the U.S. dollar and other world currencies amid concerns over the stability
<PAGE>

of the Asian economy. Additional profits were recorded from short gold futures
positions as gold prices declined to their lowest level in over twelve years.

1997 was the third consecutive strong year for the Fund as profits were
recorded from sustained price movements in the currency markets during January
and February and then again in November and December from short Japanese yen
positions as the value of the U.S. dollar increased versus the yen. Additional
gains were also recorded from long global interest rate futures positions
during June and July. Looking ahead, we remain confident in DWFCM's time tested
methodology and in its ability to profit over long-term periods.

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 Dean Witter Account Executive.

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,

    /s/ Mark J. Hawley

    Mark J. Hawley
    President
    Demeter Management Corporation
    General Partner
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
INDEPENDENT AUDITORS' REPORT

The Limited Partners and the General Partner:

We have audited the accompanying statements of financial condition of DWFCM
International Access Fund L.P. (the "Partnership") as of December 31, 1997 and
1996 and the related statements of operations, changes in partners' capital,
and cash flows for each of the three years in the period ended December 31,
1997. These financial statements are the responsibility of the Partnership's
management. Our responsibility is to express an opinion on these financial
statements based on our audits.

We conducted our audits in accordance with generally accepted auditing
standards. Those standards 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. An audit
also includes assessing the accounting principles used and significant
estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis
for our opinion.

In our opinion, such financial statements present fairly, in all material
respects, the financial position of DWFCM International Access Fund L.P. as of
December 31, 1997 and 1996 and the results of its operations and its cash flows
for each of the three years in the period ended December 31, 1997 in conformity
with generally accepted accounting principles.

/s/ Deloitte & Touche LLP

February 17, 1998
New York, New York
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF FINANCIAL CONDITION

<TABLE>
<CAPTION>
                                                        DECEMBER 31,
                                                    ---------------------
                                                       1997       1996
                                                    ---------- ----------
                                                        $          $
<S>                                                 <C>        <C>
                                 ASSETS
Equity in Commodity futures trading
 accounts:
 Cash                                               43,146,223 44,917,336
 Net unrealized gain on open contracts               5,689,588    622,794
                                                    ---------- ----------
 Total Trading Equity                               48,835,811 45,540,130
Interest receivable (DWR)                              155,295    152,193
Due from DWR                                               --      38,526
                                                    ---------- ----------
 Total Assets                                       48,991,106 45,730,849
                                                    ========== ==========
                    LIABILITIES AND PARTNERS' CAPITAL
LIABILITIES
 Incentive fee payable (DWFCM)                         437,418        --
 Redemptions payable                                   343,450    649,420
 Accrued management fee (DWFCM)                        122,264    113,798
 Accrued administrative expenses                        85,345    100,120
 Accrued brokerage commissions (DWR)                       --      59,631
 Accrued transaction fees and costs                        --      13,426
                                                    ---------- ----------
 Total Liabilities                                     988,477    936,395
                                                    ---------- ----------
PARTNERS' CAPITAL
 Limited Partners (31,675.130 and 37,433.592 Units,
   respectively)                                    46,949,644 43,960,184
 General Partner (710.409 Units)                     1,052,985    834,270
                                                    ---------- ----------
 Total Partners' Capital                            48,002,629 44,794,454
                                                    ---------- ----------
 Total Liabilities and Partners' Capital            48,991,106 45,730,849
                                                    ========== ==========
NET ASSET VALUE PER UNIT                              1,482.22   1,174.35
                                                    ========== ==========
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF OPERATIONS

<TABLE>
<CAPTION>
                                      FOR THE YEARS
                                          ENDED
                                      DECEMBER 31,
                             --------------------------------
                                1997      1996        1995
                             ---------- ---------  ----------
<S>                          <C>        <C>        <C>
                                 $          $          $
REVENUES
Trading Profit (Loss):
 Realized                     9,351,615 5,018,781  22,979,666
 Net change in unrealized     5,066,794  (307,152) (3,418,005)
                             ---------- ---------  ----------
 Total Trading Results       14,418,409 4,711,629  19,561,661
Interest income (DWR)         1,839,463 1,841,956   2,733,008
                             ---------- ---------  ----------
 Total Revenues              16,257,872 6,553,585  22,294,669
                             ---------- ---------  ----------
EXPENSES
Brokerage commissions (DWR)   2,944,705 3,548,366   4,994,346
Management fees (DWFCM)       1,393,730 1,401,716   1,856,924
Incentive fees (DWFCM)        1,009,675       --    1,170,066
Transaction fees and costs      186,730   232,569     386,241
Administrative expenses          96,000    92,000      80,000
                             ---------- ---------  ----------
 Total Expenses               5,630,840 5,274,651   8,487,577
                             ---------- ---------  ----------
NET INCOME                   10,627,032 1,278,934  13,807,092
                             ========== =========  ==========
NET INCOME ALLOCATION:
Limited Partners             10,408,317 1,247,078  13,663,064
General Partner                 218,715    31,856     144,028
NET INCOME PER UNIT:
Limited Partners                 307.87     44.84      202.74
General Partner                  307.87     44.84      202.74
</TABLE>

STATEMENT OF CHANGES IN PARTNERS' CAPITAL
FOR THE YEARS ENDED DECEMBER 31, 1997, 1996 AND 1995

<TABLE>
<CAPTION>
                              UNITS OF
                             PARTNERSHIP    LIMITED     GENERAL
                              INTEREST     PARTNERS     PARTNER     TOTAL
                             -----------  -----------  --------- -----------
<S>                          <C>          <C>          <C>       <C>
                                               $           $          $
Partners' Capital, December
31, 1994                      65,135.840   59,707,586    658,386  60,365,972
Net Income                           --    13,663,064    144,028  13,807,092
Redemptions                  (17,641.877) (20,528,145)       --  (20,528,145)
                             -----------  -----------  --------- -----------
Partners' Capital,
December 31, 1995             47,493.963   52,842,505    802,414  53,644,919
Net Income                           --     1,247,078     31,856   1,278,934
Redemptions                   (9,349.962) (10,129,399)       --  (10,129,399)
                             -----------  -----------  --------- -----------
Partners' Capital, December
31, 1996                      38,144.001   43,960,184    834,270  44,794,454
Net Income                           --    10,408,317    218,715  10,627,032
Redemptions                   (5,758.462)  (7,418,857)       --   (7,418,857)
                             -----------  -----------  --------- -----------
Partners' Capital,
December 31, 1997             32,385.539   46,949,644  1,052,985  48,002,629
                             ===========  ===========  ========= ===========
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
STATEMENTS OF CASH FLOWS

<TABLE>
<CAPTION>
                                                  FOR THE YEARS
                                                      ENDED
                                                   DECEMBER 31,
                                        ------------------------------------
                                           1997        1996         1995
                                        ----------  -----------  -----------
<S>                                     <C>         <C>          <C>
                                            $            $            $
CASH FLOWS FROM
 OPERATING ACTIVITIES
Net income                              10,627,032    1,278,934   13,807,092
Noncash item included in net income:
 Net change in unrealized               (5,066,794)     307,152    3,418,005
(Increase) decrease in
  operating assets:
 Interest receivable (DWR)                  (3,102)      45,730       38,546
 Due from DWR                               38,526      126,932       12,912
Increase (decrease) in operating
  liabilities:
 Incentive fee payable (DWFCM)             437,418          --           --
 Accrued management fee (DWFCM)              8,466      (22,889)     (15,724)
 Accrued administrative
   expenses                                (14,775)     (47,654)      65,774
 Accrued brokerage commissions (DWR)       (59,631)     (67,218)      75,769
 Accrued transaction fees and costs        (13,426)      (8,684)      18,608
                                        ----------  -----------  -----------
Net cash provided by operating
  activities                             5,953,714    1,612,303   17,420,982
                                        ----------  -----------  -----------
CASH FLOWS FROM FINANCING ACTIVITIES
Increase (decrease) in redemptions
  payable                                 (305,970)    (409,214)     434,170
Redemptions of Units                    (7,418,857) (10,129,399) (20,528,145)
                                        ----------  -----------  -----------
Net cash used for financing activities  (7,724,827) (10,538,613) (20,093,975)
                                        ----------  -----------  -----------
Net decrease in cash                    (1,771,113)  (8,926,310)  (2,672,993)
Balance at beginning of period          44,917,336   53,843,646   56,516,639
                                        ----------  -----------  -----------
Balance at end of period                43,146,223   44,917,336   53,843,646
                                        ==========  ===========  ===========
</TABLE>
   The accompanying notes are an integral part of these financial statements.
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS

1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

ORGANIZATION--DWFCM International Access Fund L.P. (the "Partnership") is a
limited partnership organized to engage in speculative trading of futures
contracts, forward contracts, and options on futures contracts and physical
commodities, and other commodity interests. The general partner for the
Partnership is Demeter Management Corporation ("Demeter"). Demeter is a wholly-
owned subsidiary of Morgan Stanley, Dean Witter, Discover & Co. ("MSDWD").

On May 31, 1997, Morgan Stanley Group Inc. was merged with and into Dean
Witter, Discover & Co. ("DWD"). At the time DWD changed its corporate name to
Morgan Stanley, Dean Witter, Discover & Co.

The Trading Manager is Dean Witter Futures & Currency Management Inc.
("DWFCM").

Through July 31, 1997, the sole commodity broker for the Partnership's
transactions was Dean Witter Reynolds Inc. ("DWR"), also a subsidiary of 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 clearing
commodity broker for the Partnership's futures and futures options trades and
the counterparty on the Partnership's foreign currency trades. DWR will
continue to serve as a non-clearing commodity broker for the Partnership with
Carr providing all clearing services for Partnership transactions.

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

BASIS OF ACCOUNTING--The preparation of financial statements in conformity with
generally accepted accounting principles requires management to make estimates
and assumptions that affect the reported amounts in the financial statements.

REVENUE RECOGNITION--Commodity futures contracts and other commodity interests
are open commitments until settlement date. They are valued at market and the
resulting unrealized gains and losses are reflected in income. 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 issued during such month. For purposes of such interest
<PAGE>

DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

payments, Net Assets do not include monies due the Partnership on forward
contracts and other commodity interests, but not actually received.

NET INCOME (LOSS) PER UNIT--Net income (loss) per Unit is computed using the
weighted average number of units outstanding during the period.

EQUITY IN COMMODITY FUTURES TRADING ACCOUNTS--The Partnership's asset "Equity
in Commodity futures trading accounts" consists of cash on deposit at DWR and
Carr to be used as margin for trading and the net asset or liability related to
unrealized gains or losses on open contracts. The asset or liability related to
the unrealized gains or losses on forward contracts is presented as a net
amount in each period due to master netting agreements.

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. Transactions fees and costs are accrued on a half-turn basis.
Prior to September 1, 1996, brokerage commissions were capped at 3/4 of 1% per
month of the Partnership's adjusted month-end Net Assets as defined in the
Limited Partnership Agreement. Transactions fees and costs were accrued on a
half-turn basis to a maximum of 1/12 of 1% per month of the Partnership's
adjusted month-end Net Assets.

Effective September 1, 1996, brokerage commissions and transaction fees
chargeable to the Partnership have been capped at 13/20 of 1% per month of the
Partnership's month-end Net Assets (as defined in the Limited Partnership
Agreement).

OPERATING EXPENSES--The Partnership bears all operating expenses related to its
trading activities, to a maximum of 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 as of the end of any month, upon five business
days advance notice by redemption form to Demeter.

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


DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

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 the Partnership's revenues
and expenses for income tax purposes.

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

Under its Customer Agreement with DWR, the Partnership pays brokerage
commissions to DWR as described in Note 1. 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 as described in Note 1.

Demeter, on behalf of the Partnership and itself, has 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% of the Partnership's adjusted Net Assets, as defined, 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", as defined, earned by the Partnership as of the end
of each calendar quarter. If the trading advisor has experienced "Trading
Losses" with respect to its allocated Net Assets at the time of any
supplemental closing, the trading advisor must earn back such losses plus a pro
rata amount related to the funds allocated to the trading advisor at such
supplemental closing before the trading advisor is eligible for an incentive
fee. 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 such advisor on those
redemptions in the month of such redemptions.

3. FINANCIAL INSTRUMENTS

The Partnership trades futures and forward contracts in interest rates, stock
indices, commodities,
<PAGE>


DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

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 December 31, 1997 and
1996, open contracts were:

<TABLE>
<CAPTION>
                         CONTRACT OR NOTIONAL AMOUNT
                         ---------------------------
                             1997          1996
                         ------------- -------------
                               $             $
<S>                      <C>           <C>
EXCHANGE-TRADED CONTRACTS
Financial Futures:
 Commitments to Purchase    18,689,000           --
Commodity Futures:
 Commitments to Purchase     1,916,000     4,997,000
 Commitments to Sell        15,338,000     6,129,000
Foreign Futures:
 Commitments to Purchase    53,487,000    52,700,000
 Commitments to Sell        20,289,000    64,893,000
OFF-EXCHANGE-TRADED FORWARD
  CURRENCY CONTRACTS
 Commitments to Purchase   109,180,000   181,503,000
 Commitments to Sell       205,569,000   205,068,000
</TABLE>

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 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 $5,689,588 and $622,794  at December 31, 1997 and 1996,
respectively.

Of the $5,689,588 net unrealized gain on open contracts at December 31, 1997,
$995,339 related to exchange-traded futures contracts and $4,694,249 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 December 31, 1997
and 1996 mature through March 1998 and June 1997, respectively. Off-exchange-
traded forward currency contracts held by the Partnership at December 31, 1997
and 1996 mature through April 1998 and February 1997, respectively.
<PAGE>


DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

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 and Carr,
as the futures commission merchants for the Partnership's exchange-traded
futures contracts, are required pursuant to regulations of the Commodity
Futures Trading Commission to segregate from their own assets, and for the sole
benefit of their commodity customers, all funds held by them with respect to
exchange-traded futures contracts including an amount equal to the net
unrealized gain on all open futures contracts, which funds totaled $44,141,562
and $45,799,330 at December 31, 1997 and 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 of such contracts, to perform. Carr's parent, Credit
Agricole Indosuez, has guaranteed Carr's obligations to the Partnership.

For the years ended December 31, 1997 and 1996, the average fair value of
financial instruments held for trading purposes was as follows:

<TABLE>
<CAPTION>
                                                         1997
                                                -----------------------
                                                  ASSETS    LIABILITIES
                                                ----------- -----------
                                                     $           $
<S>                                             <C>         <C>
EXCHANGE-TRADED CONTRACTS:
 Financial Futures                               18,852,000  25,164,000
 Commodity Futures                                3,726,000   9,818,000
 Foreign Futures                                 65,551,000  41,413,000
OFF-EXCHANGE-TRADED FORWARD CURRENCY CONTRACTS  156,224,000 189,458,000
</TABLE>
<PAGE>


DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONTINUED)

<TABLE>
<CAPTION>
                                                         1996
                                                -----------------------
                                                  ASSETS    LIABILITIES
                                                ----------- -----------
                                                     $           $
<S>                                             <C>         <C>
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
</TABLE>

4. LEGAL MATTERS

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,
alleging, among other things, that the defendants committed fraud, deceit,
negligent misrepresentation, various violations of the California Corporations
Code, intentional and negligent breach of fiduciary duty, fraudulent and unfair
business practices, unjust enrichment, and conversion in the sale and operation
of the various limited partnerships commodity pools. 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. A
consolidated and amended complaint in the action pending in the Supreme Court
of the State of New York was filed on August 13, 1997, alleging that the
defendants committed fraud, breach of fiduciary duty, and negligent
misrepresentation in the sale and operation of the various limited partnership
commodity pools. On December 16, 1997, upon motion of the plaintiffs, the
action pending in the Superior Court of the State of Delaware was voluntarily
dismissed without prejudice. 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 Parties
believe that they have strong defenses to, and they will vigorously contest,
the actions. Although the ultimate
<PAGE>


DWFCM INTERNATIONAL ACCESS FUND L.P.
NOTES TO FINANCIAL STATEMENTS--(CONCLUDED)

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.
<PAGE>




DEAN WITTER REYNOLDS INC.
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