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:

March 31, 2008

Item 1. Schedule of Investments

Quarterly Holdings Report

for

The North Carolina Capital
Management Trust:
Cash Portfolio

March 31, 2008

1.814653.103

NCC-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

Commercial Paper (d) - 95.4%

Due Date

Yield (a)

Principal Amount

Value

Australia & New Zealand Banking Group Ltd.

5/15/08

3.05%

$ 125,000,000

$ 124,537,083

Bank of Ireland

6/13/08

2.82

50,000,000

49,716,111

Bank of Scotland PLC

4/2/08 to 6/18/08

2.56 to 4.62

327,200,000

326,548,728

Barclays U.S. Funding Corp.

4/11/08 to 7/18/08

3.00 to 5.19

285,000,000

283,274,583

BNP Paribas Finance, Inc.

4/1/08 to 10/2/08

2.65 to 3.04

308,721,000

307,208,964

Canadian Imperial Holdings, Inc.

6/20/08 to 6/26/08

2.72 to 2.90

225,000,000

223,584,000

CBA Finance, Inc.

4/7/08 to 6/12/08

2.72 to 4.55

298,235,000

297,373,658

Citigroup Funding, Inc.

4/24/08 to 6/9/08

3.18 to 4.46

115,000,000

114,492,108

Dakota Notes (Citibank Credit Card Issuance Trust)

4/1/08 to 5/9/08

3.25 to 4.04

97,000,000

96,767,615

Danske Corp.

4/9/08 to 5/1/08

3.05 to 3.34 (c)

216,000,000

216,000,000

5/15/08

3.15 (b)(c)

100,000,000

100,000,000

DnB NOR Bank ASA

4/10/08 to 6/16/08

2.75 to 4.85 (c)

239,014,000

238,630,623

Edison Asset Securitization LLC

5/13/08

3.00

100,000,000

99,652,333

Emerald Notes (BA Credit Card Trust)

4/7/08 to 6/12/08

3.12 to 4.59

104,250,000

104,046,418

Falcon Asset Securitization Corp.

4/24/08

3.53

2,000,000

1,995,528

General Electric Capital Corp.

8/22/08

4.54

25,000,000

24,564,049

Govco, Inc.

4/22/08 to 6/13/08

2.51 to 3.48

291,000,000

289,866,540

Greenwich Capital Holdings, Inc.

4/21/08

3.25

33,850,000

33,789,446

Intesa Funding LLC

4/14/08 to 8/5/08

2.78 to 4.25

329,000,000

327,580,837

JPMorgan Chase & Co.

8/4/08

2.92

100,000,000

99,001,736

Due Date

Yield (a)

Principal Amount

Value

Kitty Hawk Funding Corp.

4/4/08 to 5/23/08

2.58 to 3.21%

$ 350,668,000

$ 349,506,197

Lloyds TSB Bank PLC

4/1/08 to 6/3/08

2.60 to 2.75

237,139,000

236,989,716

Mont Blanc Capital Corp.

4/23/08

3.38

4,000,000

3,991,811

Natexis Banques Populaires US Finance Co. LLC

4/1/08 to 6/20/08

2.60 to 3.07

383,865,000

382,593,780

Nationwide Building Society

4/10/08 to 5/19/08

2.95 to 4.09

100,000,000

99,766,559

Norddeutsche Landesbank Girozentrale

4/15/08

4.00

3,000,000

2,995,380

Nordea North America, Inc.

4/9/08

2.80

5,126,000

5,122,810

Palisades Notes (Citibank Omni Master Trust)

5/15/08 to 5/19/08

3.12 to 3.22

85,000,000

84,660,936

Rabobank USA Financial Corp.

6/25/08

2.58

200,000,000

198,788,750

Royal Bank of Scotland PLC

7/17/08

3.72

84,750,000

83,830,580

SANPAOLO IMI U.S. Financial Co.

5/2/08

4.81

50,000,000

49,798,069

Santander Finance, Inc.

5/20/08 to 9/24/08

2.49 to 4.92

228,900,000

227,010,179

Sheffield Receivables Corp.

4/2/08 to 5/8/08

2.61 to 3.31

352,500,000

351,948,634

Skandinaviska Enskilda Banken AB

4/10/08 to 4/25/08

3.22 to 4.74

171,950,000

171,632,093

Societe Generale North America, Inc.

4/7/08 to 7/2/08

3.32 to 4.92

320,000,000

319,219,828

Svenska Handelsbanken, Inc.

5/12/08 to 6/16/08

2.60 to 3.02

159,200,000

158,535,266

Thames Asset Global Securities No. 1, Inc.

4/3/08 to 6/25/08

2.66 to 4.66

347,913,000

347,422,784

Toronto Dominion Holdings (USA)

9/29/08 to 10/1/08

2.63 to 2.65

175,000,000

172,694,062

Toyota Motor Credit Corp.

6/9/08 to 7/29/08

4.51 to 4.67

100,000,000

98,839,083

Commercial Paper (d) - continued

Due Date

Yield (a)

Principal Amount

Value

UBS Finance, Inc.

4/24/08 to 5/5/08

4.50 to 4.75%

$ 100,000,000

$ 99,642,583

UniCredito Italiano Bank (Ireland) PLC

6/17/08 to 6/19/08

2.85

179,400,000

178,307,023

Variable Funding Capital Co. LLC

4/7/08 to 5/9/08

2.61 to 3.18

60,000,000

59,907,446

Westpac Banking Corp.

4/2/08 to 5/7/08

3.20 to 4.69 (c)

300,000,000

299,962,500

TOTAL COMMERCIAL PAPER

7,341,796,429

Federal Agencies - 4.6%

Federal Home Loan Bank - 2.0%

4/21/08

2.47 (c)

150,000,000

149,936,152

Freddie Mac - 2.6%

4/18/08 to 4/21/08

2.54 to 2.75 (c)

200,000,000

199,985,315

TOTAL FEDERAL AGENCIES

349,921,467

TOTAL INVESTMENT PORTFOLIO - 100.0%
(Cost $7,691,717,896)

7,691,717,896

NET OTHER ASSETS - 0.0%

927,119

NET ASSETS - 100%

$ 7,692,645,015

Legend

(a) Yield represents either the annualized yield at the date of purchase, or the stated coupon rate, or, for floating rate securities, the rate at period end.

(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 end of the period, the value of these securities amounted to $100,000,000 or 1.3% of net assets.

(c) Coupon rates for floating and adjustable rate securities reflect the rates in effect at period end. Due dates for these security types are the next interest rate reset date or, when applicable, the final maturity date.

(d) 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.

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $7,691,717,896.

Quarterly Report

Investment Valuation

As permitted by compliance with certain conditions under Rule 2a-7 of the 1940 Act, securities are valued at amortized cost, which approximates value. Security transactions are accounted for as of trade date.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

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 LLC or an affiliate.

Quarterly Report

Quarterly Holdings Report

for

The North Carolina Capital
Management Trust:
Term Portfolio

March 31, 2008

1.814654.103

NCT-QTLY-0508

Investments March 31, 2008 (Unaudited)

Showing Percentage of Net Assets

U.S. Government and Government Agency Obligations - 99.3%

Principal Amount

Value

U.S. Government Agency Obligations - 96.5%

Fannie Mae:

0% 11/28/08

$ 4,833,000

$ 4,768,615

3.375% 12/15/08

11,525,000

11,622,686

Federal Home Loan Bank 2.63% 2/27/09

26,500,000

26,582,229

Freddie Mac 0% 2/2/09

24,122,000

23,722,926

TOTAL U.S. GOVERNMENT AGENCY OBLIGATIONS

66,696,456

U.S. Treasury Obligations - 2.8%

U.S. Treasury Bills, yield at date of purchase 1.73% 9/4/08

2,000,000

1,987,346

TOTAL U.S. GOVERNMENT AND GOVERNMENT AGENCY OBLIGATIONS

(Cost $68,343,370)

68,683,802

Cash Equivalents - 0.5%

Maturity Amount

Investments in repurchase agreements in a joint trading account at 1.7%, dated 3/31/08 due 4/1/08 (Collateralized by U.S. Government Obligations) #
(Cost $337,000)

$ 337,016

337,000

TOTAL INVESTMENT PORTFOLIO - 99.8%

(Cost $68,680,370)

69,020,802

NET OTHER ASSETS - 0.2%

107,162

NET ASSETS - 100%

$ 69,127,964

Legend

# Additional Information on each counterparty to the repurchase agreement is as follows:

Repurchase Agreement / Counterparty

Value

$337,000 due 4/01/08 at 1.70%

BNP Paribas Securities Corp.

$ 337,000

Income Tax Information

At March 31, 2008, the aggregate cost of investment securities for income tax purposes was $68,655,010. Net unrealized appreciation aggregated $365,792, all of which was related to appreciated investment securities.

Investment Valuation

Investments are valued as of the close of business of the New York Stock Exchange, normally 4:00 p.m. Eastern time. Security transactions are accounted for as of trade date. Wherever possible, the fund uses independent pricing services approved by the Board of Trustees to value its investments. Debt securities, including restricted securities, for which quotes are readily available, are valued by independent pricing services or by dealers who make markets in such securities. Pricing services consider yield or price of bonds of comparable quality, coupon, maturity and type as well as dealer supplied prices. When current market prices or quotations are not readily available or do not accurately reflect fair value, valuations may be determined in accordance with procedures adopted by the Board of Trustees. The frequency of when fair value pricing is used is unpredictable. The value of securities used for NAV calculation under fair value pricing may differ from published prices for the same securities. Short-term securities with remaining maturities of sixty days or less for which quotations are not readily available are valued at amortized cost, which approximates value.

For additional information on the fund's policy regarding valuation of investments and other significant accounting policies, please refer to the fund's most recent semiannual or annual shareholder report.

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 LLC 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:

May 30, 2008

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:

May 30, 2008

By:

/s/Kenneth Robins

Kenneth Robins

Treasurer and Chief Financial Officer

Date:

May 30, 2008