N-Q 1 main.htm

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811- 3455

North Carolina Capital Management Trust
 (Exact name of registrant as specified in charter)

82 Devonshire St., Boston, Massachusetts 02109
 (Address of principal executive offices) (Zip code)

Eric D. Roiter, Secretary

82 Devonshire St.

Boston, Massachusetts 02109
(Name and address of agent for service)

Registrant's telephone number, including area code: 617-563-7000

Date of fiscal year end:

June 30

Date of reporting period:

September 30, 2004

Item 1. Schedule of Investments

Quarterly Holdings Report

for

The North Carolina Capital
Management Trust:
Cash Portfolio

September 30, 2004

1.807740.100

NCC-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

Commercial Paper (a) - 90.6%

Due Date

Annualized Yield at Time of Purchase

Principal Amount

Value

Alliance & Leicester PLC

1/26/05

1.87%

$ 50,000,000

$ 49,698,563

Bank of America Corp.

11/10/04

1.79

75,000,000

74,850,833

3/16/05

2.06

100,000,000

99,059,333

Bank of Ireland

3/8/05

2.03

50,000,000

49,560,014

Bear Stearns Companies, Inc.

10/1/04

1.90

183,000,000

183,000,000

Beta Finance, Inc.

10/26/04

1.61 (b)

5,000,000

4,994,444

10/27/04

1.62 (b)

60,000,000

59,930,233

CBA Finance, Inc.

10/1/04

1.88

183,000,000

183,000,000

Citibank Credit Card Master Trust I (Dakota Certificate Program)

10/14/04

1.80

15,000,000

14,990,250

10/27/04

1.63

50,000,000

49,941,500

10/27/04

1.80

20,000,000

19,974,000

11/10/04

1.76

100,000,000

99,805,000

Citicorp

11/29/04

1.75

25,000,000

24,928,708

Clipper Receivables LLC

11/1/04

1.79

95,000,000

94,853,568

Delaware Funding Corp.

10/22/04

1.78

180,000,000

179,813,100

Deutsche Bank Financial LLC

10/15/04

1.71 (c)

200,000,000

200,000,000

Dorada Finance, Inc.

11/5/04

1.66 (b)

42,500,000

42,431,823

3/14/05

2.03 (b)

50,000,000

49,542,167

Dresdner U.S. Finance, Inc.

10/4/04

1.42

25,000,000

24,997,063

1/24/05

1.98

5,000,000

4,968,575

Edison Asset Securitization LLC

2/1/05

1.89

50,000,000

49,680,542

Emerald (MBNA Credit Card Master Note Trust)

10/19/04

1.60

10,000,000

9,992,050

11/17/04

1.81

125,000,000

124,706,250

12/15/04

1.90

20,000,000

19,921,250

Fairway Finance Corp.

10/28/04

1.31

20,542,000

20,521,972

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount

Value

Fortis Funding LLC

10/6/04

1.25%

$ 35,000,000

$ 34,993,972

General Electric Capital Corp.

10/21/04

1.77 (c)

25,000,000

25,000,000

11/8/04

1.19

40,000,000

39,950,178

1/11/05

1.82

50,000,000

49,745,000

1/13/05

1.82

25,000,000

24,870,000

2/9/05

1.89

35,000,000

34,761,835

General Electric Capital Services, Inc.

10/5/04

1.51

100,000,000

99,983,333

2/10/05

1.87

25,000,000

24,830,417

Goldman Sachs Group, Inc.

2/22/05

1.94

50,000,000

49,616,000

Grampian Funding Ltd.

10/4/04

1.51

100,000,000

99,987,500

11/3/04

1.48

25,000,000

24,966,313

11/10/04

1.48

10,000,000

9,983,667

2/18/05

1.93

20,000,000

19,851,444

3/22/05

2.07

25,000,000

24,755,139

Greenwich Capital Holdings, Inc.

10/11/04

1.66 (c)

50,000,000

50,000,000

10/25/04

1.80 (c)

50,000,000

50,000,000

Hatteras Funding Corp.

10/7/04

1.54

60,000,000

59,984,700

Household Finance Corp.

11/5/04

1.79

175,000,000

174,695,451

K2 (USA) LLC

2/28/05

1.94

25,000,000

24,800,000

Kitty Hawk Funding Corp.

2/15/05

1.89

5,000,000

4,964,418

Market Street Funding Corp.

10/19/04

1.79

92,637,000

92,554,090

Morgan Stanley

10/1/04

1.86 (c)

65,000,000

65,000,000

Morgan Stanley Dean Witter Australia Finance Ltd.

10/25/04

1.80

30,000,000

29,964,000

Motown Notes Program

10/5/04

1.54

10,000,000

9,998,300

11/8/04

1.68

24,400,000

24,356,988

Newcastle (Discover Card Master Trust)

10/6/04

1.53

15,000,000

14,996,833

Commercial Paper - continued

Due Date

Annualized Yield at Time of Purchase

Principal Amount

Value

Newcastle (Discover Card Master Trust) - continued

11/3/04

1.80%

$ 61,000,000

$ 60,899,350

Newport Funding Corp.

10/19/04

1.78

35,000,000

34,968,850

Paradigm Funding LLC

10/7/04

1.66 (c)

10,000,000

9,999,478

2/28/05

1.93

25,000,000

24,801,042

Park Granada LLC

10/13/04

1.78

45,000,000

44,973,300

10/13/04

1.80

10,000,000

9,994,000

10/15/04

1.80

10,000,000

9,993,000

11/10/04

1.68

50,000,000

49,907,222

Santander Finance, Inc.

11/4/04

1.61

50,000,000

49,924,444

Sheffield Receivables Corp.

10/25/04

1.79 (c)

15,000,000

14,999,504

UBS Finance, Inc.

10/1/04

1.88

176,624,000

176,624,000

TOTAL COMMERCIAL PAPER

3,386,855,006

Federal Agencies - 7.7%

Fannie Mae - 7.7%

Agency Coupons - 4.5%

10/7/04

1.58 (c)

25,000,000

24,978,146

10/21/04

1.51 (c)

100,000,000

99,930,974

12/6/04

1.68 (c)

15,000,000

14,990,475

12/9/04

1.74 (c)

29,000,000

28,979,036

168,878,631

Discount Notes - 3.2%

12/10/04

1.22

50,000,000

49,882,847

12/10/04

1.35

50,000,000

49,870,694

2/4/05

1.32

18,000,000

17,918,100

117,671,641

TOTAL FEDERAL AGENCIES

286,550,272

Repurchase Agreements - 1.7%

Maturity Amount

Value

In a joint trading account (Collateralized by U.S. Treasury Obligations dated 9/30/04 due 10/1/04 At 1.77%)

$ 63,836,138

$ 63,833,000

TOTAL INVESTMENT PORTFOLIO - 100.0%

3,737,238,278

NET OTHER ASSETS - 0.0%

(1,370,958)

NET ASSETS - 100%

$ 3,735,867,320

Total Cost for Federal Income Tax Purposes $ 3,737,238,278

Legend

(a) Cash Portfolio only purchases commercial paper with the highest possible ratings from at least one nationally recognized rating service. A substantial portion of Cash Portfolio's investments are in commercial paper of banks, finance companies and companies in the securities industry.

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may be resold in transactions exempt from registration, normally to qualified institutional buyers. At the period end, the value of these securities amounted to $156,898,667 or 4.2% of net assets.

(c) The coupon rate shown on floating or adjustable rate securities represents the rate at period end. The due dates on these types of securities reflect the next interest rate reset date or, when applicable, the final maturity date.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

The North Carolina Capital
Management Trust:
Term Portfolio

September 30, 2004

1.807741.100

NCT-QTLY-1104

Investments September 30, 2004 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 99.6%

Principal Amount

Value

U.S. Government Agency Obligations - 99.6%

Fannie Mae 0% 7/22/05

$ 7,850,000

$ 7,708,959

Federal Home Loan Bank:

1.625% 6/15/05

16,000,000

15,931,952

2.125% 11/15/05

10,000,000

9,966,850

2.5% 2/24/06

5,000,000

4,994,500

2.5% 4/11/06

8,000,000

7,984,000

Freddie Mac 3.875% 2/15/05

9,320,000

9,387,710

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $56,063,725)

55,973,971

Cash Equivalents - 0.1%

Maturity Amount

Investments in repurchase agreements (Collateralized by U.S. Treasury Obligations, in a joint trading account at 1.77%, dated 9/30/04 due 10/1/04)
(Cost $35,000)

$ 35,002

35,000

TOTAL INVESTMENT PORTFOLIO - 99.7%

(Cost $56,098,725)

56,008,971

NET OTHER ASSETS - 0.3%

158,538

NET ASSETS - 100%

$ 56,167,509

Income Tax Information

At September 30, 2004, the aggregate cost of investment securities for income tax purposes was $56,084,540. Net unrealized depreciation aggregated $75,569, of which $47,323 related to appreciated investment securities and $122,892 related to depreciated investment securities.

Quarterly Report

The fund's schedule of investments as of the date on the cover of this report has not been audited. This report is provided for the general information of the fund's shareholders. For more information regarding the fund and its holdings, please see the fund's most recent prospectus and annual report.

Third party trademarks and service marks are the property of their respective owners. All other trademarks and service marks are the property of FMR Corp. or an affiliate.

Quarterly Report

Item 2. Controls and Procedures

(a)(i) The President and the Treasurer and Chief Financial Officer have concluded that the North Carolina Capital Management Trust's (the "Trust") disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act) provide reasonable assurances that material information relating to the Trust is made known to them by the appropriate persons, based on their evaluation of these controls and procedures as of a date within 90 days of the filing date of this report.

(a)(ii) There was no change in the Trust's internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act) that occurred during the Trust's last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Trust's internal control over financial reporting.

Item 3. Exhibits

Certification pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)) is filed and attached hereto as Exhibit 99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

North Carolina Capital Management Trust

By:

/s/Boyce I. Greer

Boyce I. Greer

President

Date:

November 22, 2004

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

By:

/s/Boyce I. Greer

Boyce I. Greer

President

Date:

November 22, 2004

By:

/s/John Hebble

John Hebble

Treasurer and Chief Financial Officer

Date:

November 22, 2004