SUPPLEMENT TO THE
NORTH CAROLINA CAPITAL MANAGEMENT TRUST'S AUGUST 18, 1998 PROSPECTUS
The following information replaces similar information found under
the heading "FMR and Its Affiliates" in the "Charter" section on page
P-8.
Robert Duby is manager of The North Carolina Capital Management
Trust: Cash Portfolio and Term Portfolio, which he has managed since
May 1998 and December 1998, respectively. He also manages other
Fidelity funds. Mr. Duby joined Fidelity as a portfolio manager in
1982.
The following information replaces similar information found in the
"Investment Principles and Risks" section beginning on page P-9.
CASH PORTFOLIO invests only in those instruments that are authorized
for investment by units of local government as specified in North
Carolina General Statute 159-30 (the Statute), as amended from time to
time, and in 20 North Carolina Administrative Code 3.0703 (the Code).
Cash Portfolio invests only in high-quality U.S. dollar-denominated
money market instruments that are rated in the highest rating category
by a nationally recognized rating service, U.S. Government securities
and repurchase agreements. Cash Portfolio generally intends to
maintain a dollar-weighted average maturity of 60 days or less.
