497 1 main.htm

Supplement to
The North Carolina
Capital Management Trust's
August 20, 2001 Prospectus

The following information replaces the similar information found in a footnote to the bar chart for Term Portfolio in the "Performance" section on page P-4.

The year-to-date return as of June 30, 2001 for Term Portfolio was 3.17%.

The following information replaces the similar information found in the "Financial Highlights" section found on page P-20.

Term Portfolio

Years ended June 30,

2001

2000

1999

1998

1997

Selected Per-Share Data

Net asset value, beginning of period

$ 9.280

$ 9.350

$ 9.510

$ 9.650

$ 9.820

Income from Investment Operations

Net investment income B

.532

.525

.615

.660

.729

Net realized and unrealized gain (loss)

.097

(.069)

(.157)

(.134)

(.170)

Total from investment operations

.629

.456

.458

.526

.559

Less Distributions

From net investment income

(.559)

(.526)

(.618)

(.666)

(.729)

Net asset value, end of period

$ 9.350

$ 9.280

$ 9.350

$ 9.510

$ 9.650

Total Return A

6.98%

5.01%

4.94%

5.63%

5.89%

Ratios and Supplemental Data

Net assets, end of period (in millions)

$ 74

$ 81

$ 93

$ 76

$ 69

Ratio of expenses to average net assets

.28%

.35%

.35%

.36%

.37%

Ratio of expenses to average net assets after all expense reductions

.28%

.35%

.35%

.35% C

.37%

Ratio of net investment income to average net assets

5.72%

5.64%

6.51%

6.93%

7.48%

Portfolio turnover rate

0%

150%

256%

433%

232%

A Total returns would have been lower had certain expenses not been reduced during the periods shown.

B Net investment income (loss) per share has been calculated based on average shares outstanding during the period.

C FMR or the fund has entered into varying arrangements with third parties who either paid or reduced a portion of the fund's expenses.

NC-01-03 September 5, 2001
1.710543.107

SUPPLEMENT TO THE

NORTH CAROLINA CAPITAL MANAGEMENT TRUST'S

August 20, 2001

STATEMENT OF ADDITIONAL INFORMATION

The following information replaces the similar information for Term Portfolio found in the "Performance" section on page S-13.

Average Annual Returns

Cumulative Returns

Thirty-Day
Yield

One
Year

Five
Years

Ten
Years

One
Year

Five
Years

Ten
Years

Term Portfolio

3.32%

6.98%

5.69%

5.26%

6.98%

31.86%

66.96%

The following information replaces the similar information found in the "Performance" section on page S-14.

During the 10-year period ended June 30, 2001, a hypothetical $10,000 investment in Term Portfolio would have grown to $16,696.

TERM PORTFOLIO

INDEXES

Fiscal Year
Ended

Value of
Initial
$10,000
Investment

Value of
Reinvested
Dividend
Distributions

Value of
Reinvested
Capital Gain
Distributions

Total
Value

S&P 500

DJIA

Cost of
Living

2001

$ 9,521

$ 7,154

$ 21

$ 16,696

$ 40,819

$ 44,996

$ 13,088

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NCB-01-03 September 5, 2001
1.736037.107