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 [Fee Required]
For the period ended December 31, 1996 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 10K. [ 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: $48,368,318.56 at January 31, 1997.

                      DOCUMENTS INCORPORATED BY REFERENCE
                                 (See Page 1)
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                                  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 31, 1997                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 31, 1997
         Mark J. Hawley, Director and
           President    

    /s/  Richard M. DeMartini                               March 31, 1997
         Richard M. DeMartini, Director
           and Chairman of the Board


    /s/  Lawrence Volpe                                     March 31, 1997
         Lawrence Volpe, Director        
           

    /s/  Laurence E. Mollner                                March 31, 1997
         Laurence E. Mollner, Director   
           

    /s/  Joseph G. Siniscalchi                              March 31, 1997
         Joseph G. Siniscalchi, Director 

     
    /s/  Edward C. Oelsner III                              March 31, 1997
         Edward C. Oelsner III, Director 


    /s/  Robert E. Murray                                   March 31, 1997
         Robert E. Murray, Director


    /s/  Patti L. Behnke                                    March 31, 1997
         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, 1996 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.
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