SUPPLEMENT TO THE
NORTH CAROLINA CAPITAL MANAGEMENT TRUST'S
AUGUST 19, 1999
STATEMENT OF ADDITIONAL INFORMATION
THE FOLLOWING INFORMATION SUPPLEMENTS THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE S-18.
JAMES GRUBBS MARTIN (64), TRUSTEE (2000), is Vice President (1993)
of Caro linas Medical Center. Prior to 1993, Dr. Martin served
two terms as Governor of North Carolina (1985) and six terms as U.S.
Congressman for the 9th District. Currently, he is Chairman of the
Global TransPark Foundation, Inc., a trustee of Davidson Colle ge,
and Direc tor of the North Carolina Biotechnology Center. Dr.
Martin also serves as a director on the boards of Duke Energy Co.
(electricity, natural gas, engineering), J.A. Jones (private
construction), Reprogenesis (biotechnology), Family Dollar Stores
(discount retailer, 1996), Palomar Medical Technologies, Inc. (laser
technology, 1996), and Applied Analytical Industries, Inc.
(pharmaceutical product development, 1999).
DWIGHT D. CHURCHILL (46), is VICE PRESIDENT of Cash Portfolio (2000)
and Term Portfolio (2000). He serves as President of Fidelity's
Fixed-Income Division (2000), Vice President of Fidelity's Money
Market Funds (2000), Vice President of Fidelity's Bond Funds, Senior
Vice President of FMR (1997), and Vice President of FIMM (1998). Mr.
Churchill joined Fidelity in 1993 as Vice President and Group Leader
of Taxable Fixed-Income Investments.
ROBERT A. DWIGHT (42), TREASURER (2000), is Treasurer of the Fidelity
funds and is an employee of FMR. Prior to becoming Treasurer of the
Fidelity funds, he served as President of Fidelity Accounting and
Custody Services (FACS). Before joining Fidelity, Mr. Dwight was
Senior Vice President of fund accounting operations for The Boston
Company.
MARIA F. DWYER (41), DEPUTY TREASURER (2000), is Deputy Treasurer of
the Fidelity funds and is a Vice President (1999) and an employee
(1996) of FMR. Prior to joining Fidelity, Ms. Dwyer served as Director
of Compliance for MFS Investment Management.
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE S-18.
HELEN A. POWERS (75), TRUSTEE AND CHAIR OF THE BOARD. Prior to Ms.
Powers' retirement in April , 1990, she served as Secretary of
the North Carolina Department of Revenue (1985-1990). Prior to 1985
she was Senior Vice President of North Carolina National Bank (now
Bank of America). She served as a member of the North Carolina Banking
Commission (1981-1985). In April , 1995, Ms. Powers was
reappointed and continues to serve as a member of the North
Carolina Banking Commission. Ms. Powers is a trustee of Warren Wilson
College (1992) , the Community Foundation of North Carolina
(1997), a Trustee of Memorial Mission Medical Foundation
(1993), a former director of Memorial Mission Medical
Center (1991 -1999 ) where the Women's Health Center has
been designated the Helen Powers Women's Health Center. Ms. Powers
currently serves on a North Carolina Tax Policy Study Commission
(1999).
*FRED L. HENNING, JR. (60), TRUSTEE (2000), is President of Fidelity
Corporate Services (2000). Mr. Henning joined Fidelity in 1977 as
portfolio manager for Fidelity Daily Income Trust Fund. Since then, he
has held a number of positions with FMR and its affiliates and has
served as an officer of investment companies managed or advised by
FMR.
THE FOLLOWING INFORMATION HAS BEEN REMOVED FROM THE "TRUSTEES AND
OFFICERS" SECTION BEGINNING ON PAGE S-18.
*W. OLIN NISBET III (59), TRUSTEE AND VICE PRESIDENT, is
Chairman and Director of Sterling Capital and Chairman and Director of
Sterling. Mr. Nisbet is a rotating director of United Asset Management
Corporation (1988 and 1994) and serves as Governor of the Investment
Counsel Association of America (since 1988), an Advisor of the Kitty
Hawk Capital-Venture Capital partnership (1988), and a Chairman (1997)
and a Trustee of Davidson College (1987).
BERTRAM H. WITHAM (80), TRUSTEE AND CHAIRMAN OF THE BOARD, is Chairman
and Director of Preferred Lodging Systems (property management),
Director and member of the Executive Committee of Bill Glass
Ministries, and Trustee of other funds advised by FMR. Previously, he
served as a consultant (Treasurer until his retirement in 1987) to IBM
Corp.
RICHARD A. SILVER (52), TREASURER (1997), is Treasurer of the Fidelity
funds and is an employee of FMR (1997). Before joining FMR, Mr. Silver
served as Executive Vice President, Fund Accounting & Administration
at First Data Investor Services Group, Inc. (1996-1997). Prior to
1996, Mr. Silver was Senior Vice President and Chief Financial Officer
at The Colonial Group, Inc. Mr. Silver also served as Chairman of the
Accounting/Treasurer's Committee of the Investment Company Institute
(1987-1993).
LEONARD M. RUSH (53), ASSISTANT TREASURER (1994), is an employee of
FMR (1994). Prior to becoming Assistant Treasurer of the Fidelity
funds, Mr. Rush was Chief Compliance Officer of FMR Corp. (1993-1994)
and Chief Financial Officer of Fidelity Brokerage Services, Inc.
(1990-1993).
THE FOLLOWING INFORMATION REPLACES THE SIMILAR INFORMATION FOUND IN
THE "TRUSTEES AND OFFICERS" SECTION BEGINNING ON PAGE S-18.
The following table sets forth information describing the compensation
of each Trustee of each fund for his or her services for the fiscal
year ended June 30, 1999.
<TABLE>
<CAPTION>
<S> <C> <C> <C>
COMPENSATION TABLE
Trustees Aggregate Compensation from Aggregate Compensation from Total Compensation from the
Cash Portfolio* Term Portfolio* Fund Complex**
William L. Byrnes+ $ 0 $ 0 $ 0
John David Foust $ 25,268 $ 732 $ 26,000
W. Olin Nisbet III+,++ $ 0 $ 0 $ 0
Helen A. Powers $ 25,268 $ 732 $ 26,000
Bertram H. Witham+++ $ 25,268 $ 732 $ 50,000
</TABLE>
+ Messrs. Byrnes and Nisbet, who are "interested persons" of Cash
Portfolio and Term Portfolio, do not receive any compensation from
Cash Portfolio or Term Portfolio or other investment companies in the
Fund Complex for their services as Trustees and are compensated by FMR
and Sterling, respectively.
++ Mr. Nisbet served on the Board of Trustees through July 27,
2000.
+++ Mr. Witham served on the Board of Trustees through April 27, 2000.
* Includes compensation paid to the Trustees by each fund. For the
fiscal year ended June 30, 1999, certain of the non-interested
trustees' aggregate compensation from a fund includes accrued deferred
compensation as follows: Helen A. Powers, $26,000; and Bertram H.
Witham, $26,000. The Trustees do not receive any pension or retirement
benefits from the funds as compensation for their services as trustees
of the funds.
** Information is for the calendar year ended December 31, 1998 for
235 funds in the Fund Complex. Prior to his retirement from the Board
of Trustees, Mr. Witham was a Director or Trustee of four investment
companies in the Fund Complex, including Cash Portfolio and Term
Portfolio. Under a retirement program adopted in July 1988 and
modified in November 1995 and November 1996 by the other open-end
investment companies in the Fund Complex (the "other Open-End Funds"),
Mr. Witham may receive payments from the "other Open-End Funds" during
his lifetime based on his basic trustee fees and length of service.
The obligation of the "other Open-End Funds" to make such payments is
neither secured nor funded. Mr. Witham became eligible to participate
in the program at the end of the calendar year in which he reached age
72. During the fiscal year ended June 30, 1999, he received $50,000 in
payments under that retirement program.
EFFECTIVE JUNE 1, 2000, THE FOLLOWING INFORMATION REPLACES THE SIMILAR
INFORMATION FOUND IN THE "MANAGEMENT CONTRACTS" SECTION BEGINNING ON
PAGE S-21.
MANAGEMENT FEES. For the services of FMR under each management
contract, each fund pays FMR a monthly management fee at the annual
rate of 0.275% of the fund's average net assets through $1.0 billion;
0.245% of the fund's average net assets in excess of $1.0 billion
through $2.0 billion; and 0.215% of the fund's average net assets in
excess of $2.0 billion, throughout the month.
EFFECTIVE JUNE 1, 2000, THE FOLLOWING INFORMATION REPLACES THE SIMILAR
INFORMATION FOUND IN THE "MANAGEMENT CONTRACTS" SECTION BEGINNING ON
PAGE S-21.
During the reporting period, FMR voluntarily modified the breakpoints
in the management fee rate schedule on January 1, 1998 to provide for
lower management fee rates as assets under management increase and
voluntarily reduced the management fee rates on June 1, 2000.
EFFECTIVE JUNE 1, 2000, THE FOLLOWING INFORMATION REPLACES THE SIMILAR
INFORMATION FOUND IN THE "DISTRIBUTION SERVICES" SECTION BEGINNING ON
PAGE S-23.
Pursuant to each Plan, FMR pays Sterling, through FDC, a monthly 12b-1
fee at an annual rate according to the following schedule: 0.080% of
average net assets through $1.0 billion; 0.080% of average net assets
in excess of $1.0 billion through $2.0 billion; and 0.070% of average
net assets in excess of $2.0 billion. Average net assets are
determined at the close of business on each day throughout the month.
For the fiscal year ended June 30, 1999, FMR paid Sterling, through
FDC, 12b-1 fees of $4,309,638 on behalf of Cash Portfolio and $129,747
on behalf of Term Portfolio. For the fiscal year ended June 30, 1999,
pursuant to each Plan, FMR paid Sterling, through FDC, a monthly 12b-1
fee at an annual rate according to the following schedule: 0.150% of
average net assets through $1.0 billion; 0.150% of average net assets
in excess of $1.0 billion through $2.0 billion; and 0.140% of average
net assets in excess of $2.0 billion.
