SUPPLEMENT TO THE
NORTH CAROLINA CAPITAL MANAGEMENT TRUST'S AUGUST 19, 1997 PROSPECTUS
The following information replaces similar information found in the
"Charter" section beginning on page P-8.
Robert Duby is manager of The North Carolina Capital Management
Trust: Cash Portfolio, which he has managed since May 1998. He also
manages other Fidelity funds. Mr. Duby joined Fidelity as a portfolio
manager in 1982.
The following information replaces the similar information found in
the section entitled "How to Buy Shares" beginning on page P-16.
CASH PORTFOLIO
<TABLE>
<CAPTION>
<S> <C> <C>
Wire
(wire_graphic) (small solid bullet) Not available. (small solid bullet) You may obtain wire instructions by calling
Sterling toll-free at 1-800-222-3232 or
locally at 1-704-372-8798.
(small solid bullet) Federal funds, Automated Clearing House
System (ACH) payments, and certain state
transfer payments will be accepted by wire.
(small solid bullet) For federal funds wires, call Sterling before
12:00 noon Eastern time on the day you send
your wire. If Sterling is not advised of your
order before 12:00 noon Eastern time on the
day you send your federal funds wire, or if
federal funds are not received the same day
your order is placed, your order may be
canceled, and you could be held liable for
resulting fees and losses.
(small solid bullet) For ACH payments, call Sterling before 4:00
p.m. Eastern time on the business day before
the ACH payment is to be deducted from your
bank account.
</TABLE>
TERM PORTFOLIO
<TABLE>
<CAPTION>
<S> <C> <C>
Wire
(wire_graphic) (small solid bullet) Not available. (small solid bullet) You may obtain wire instructions by calling
Sterling toll-free at 1-800-222-3232 or
locally at 1-704-372-8798.
(small solid bullet) Federal funds and ACH payments will be
accepted by wire.
(small solid bullet) For federal funds wires, call Sterling before
4:00 p.m. Eastern time on the business day
before you send your wire. If Sterling is not
advised of your order before 4:00 p.m.
Eastern time on the business day before you
send your federal funds wire, or if federal
funds are not received the next business day,
your order may be canceled, and you could
be held liable for resulting fees and losses.
(small solid bullet) For ACH payments, call Sterling before 4:00
p.m. Eastern time on the business day before
the ACH payment is to be deducted from your
bank account.
</TABLE>
The following information replaces the similar information found in
the section entitled "How to Sell Shares" beginning on page P-19.
TO SELL SHARES BY WIRE you will need to sign up for this service in
advance.
SELLING SHARES BY WIRE. If you elected to do so on your account
application or your wire authorization form, you may instruct that
redemption proceeds in any amount be wired directly to your existing
account in any North Carolina bank as designated on your account
application or your wire authorization form. You should determine that
such designated institutions satisfy any legal requirements under
North Carolina law prior to completing your account application or
your wire authorization form. You may change the designated bank
account, or add additional accounts without limitation, by sending a
letter of instruction to Sterling at the address shown above prior to
requesting a redemption.
There is no fee imposed by the funds for wiring of redemption
proceeds.
Redemption proceeds will be wired to the bank account of record. For
details on how to redeem by wire, refer to the chart on page P-20.
<TABLE>
<CAPTION>
<S> <C> <C>
Wire (wire_graphic) All accounts (small solid bullet) You must sign up for the wire feature before
using it. To verify that it is in place, call
Sterling toll-free at 1-800-222-3232 or
locally at 1-704-372-8798.
(small solid bullet) For federal funds wires, your redemption request
must be received by Sterling before 12:00 noon
Eastern time for Cash Portfolio for money to be
wired on the same business day, or before 4:00
p.m. Eastern time for Cash Portfolio or Term
Portfolio for money to be wired on the next
business day.
(small solid bullet) For ACH payments, your redemption request
must be received by Sterling before 4:00 p.m.
Eastern time for payment to be received by your
bank on the next business day.
</TABLE>
The following information replaces the similar information found in
the section entitled "Transaction Details" beginning on page P-22.
WHEN YOU PLACE AN ORDER TO BUY SHARES, your shares will be purchased
at the next NAV calculated after your order is received and accepted.
Note the following:
(small solid bullet) All of your purchases must be made in U.S.
dollars and checks must be drawn on U.S. banks.
(small solid bullet) The funds do not accept cash.
(small solid bullet) Cash Portfolio reserves the right to limit the
number of checks processed at one time.
(small solid bullet) If your check does not clear, your purchase will
be canceled and you could be liable for any losses or fees Cash
Portfolio or the transfer agent has incurred.
(small solid bullet) For Cash Portfolio, shares purchased in
connection with a non-ACH order that is received and accepted before
12:00 noon Eastern time will earn the dividend declared for that day;
shares purchased in connection with a non-ACH order that is received
and accepted between 12:00 noon and 4:00 p.m. Eastern time will begin
to earn dividends the following business day.
(small solid bullet) For Cash Portfolio, shares purchased in
connection with an ACH order that is received and accepted before 4:00
p.m. Eastern time will begin to earn dividends the following business
day.
(small solid bullet) For Term Portfolio, shares purchased in
connection with an order that is received and accepted before 4:00
p.m. Eastern time will begin to earn dividends the following business
day.
WHEN YOU PLACE AN ORDER TO SELL SHARES, your shares will be sold at
the next NAV calculated after your order is received and accepted.
Note the following:
(small solid bullet) Normally, redemption proceeds will be mailed to
you on the next business day, but if making immediate payment could
adversely affect a fund, it may take up to seven days to pay you.
(small solid bullet) For Cash Portfolio, shares redeemed in connection
with a non-ACH order that is received and accepted before 12:00 noon
Eastern time will not earn that day's dividend; shares redeemed in
connection with a non-ACH order that is received and accepted between
12:00 noon and 4:00 p.m. Eastern time will earn that day's dividend.
(small solid bullet) For Cash Portfolio, shares redeemed in connection
with an ACH order that is received and accepted before 4:00 p.m.
Eastern time will earn that day's dividend.
(small solid bullet) For Term Portfolio, shares redeemed in connection
with an order that is received and accepted before 4:00 p.m. Eastern
time will earn that day's dividend.
(small solid bullet) For Term Portfolio, shares redeemed on a Friday
or prior to a holiday will continue to earn dividends until the next
business day.
(small solid bullet) A fund may withhold redemption proceeds until it
is reasonably assured that investments credited to your account have
been received and collected.
(small solid bullet) If you sell shares of Cash Portfolio by writing a
check and the amount of the check is greater than the value of your
account, your check will be returned to you and you may be subject to
additional charges.
