  We present spectroscopic and photometric observations of the cataclysmic
variable CW 1045+525. Both the optical spectrum and the photometric lightcurve
show a strong contribution of a K5V - M0V secondary. We derive an orbital
period P_orb = 0.271278(1) d by measuring the radial velocities of the
absorption lines of the secondary. The period and spectral type of the
secondary suggest a distance of 350 - 700 pc. There is evidence for additional
sources of line- and continuum emission, but no direct evidence of an accretion
disc. We discuss several scenarios for the nature of CW 1045+525 on the basis
of our results, finding a dwarf nova classification the most probable, although
not completely satisfying, explanation for the observed characteristics.
