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06.30 North Carolina Capital Management Trust Combo PRO-10 | Government Portfolio

<p style="font: bold 20pt Arial, Helvetica, sans-serif;">Fund Summary</p><p style="font: bold 12pt Arial, Helvetica, sans-serif;">Fund:<br/>Government Portfolio</p>

<font style="font: bold 16pt Arial, Helvetica, sans-serif;">Investment Objective</font>

The fund seeks to obtain as high a level of current income as is consistent with the preservation of capital and liquidity and to maintain a constant net asset value of $1.00 per share.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Fee Table</b></font>

The following table describes the fees and expenses that may be incurred when you buy and hold shares of the fund.

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Shareholder fees</p>

Shareholder Fees {- Government Portfolio}	06.30 North Carolina Capital Management Trust Combo PRO-10 Government Portfolio USD ($)
(fees paid directly from your investment)	none

<p style="font: bold 11pt Arial, sans-serif; margin-bottom: 0px;">Annual Operating Expenses</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">(expenses that you pay each year as a % of the value of your investment)</p>

Annual Operating Expenses {- Government Portfolio}	06.30 North Carolina Capital Management Trust Combo PRO-10 Government Portfolio Government Portfolio (NCCMT)-Default
Management fee (net rate retained by FMR after payment of 12b-1 fees to the distributor)	0.16%
Distribution and/or Service (12b-1) fees	0.07%
Other expenses	none
Total annual operating expenses	0.23%	[1]

This example helps compare the cost of investing in the fund with the cost of investing in other funds.

Let's say, hypothetically, that the annual return for shares of the fund is 5% and that your shareholder fees and the annual operating expenses for shares of the fund are exactly as described in the fee table. This example illustrates the effect of fees and expenses, but is not meant to suggest actual or expected fees and expenses or returns, all of which may vary. For every $10,000 you invested, here's how much you would pay in total expenses if you sell all of your shares at the end of each time period indicated:

<p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Sell All Shares</p>

Expense Example {- Government Portfolio}	06.30 North Carolina Capital Management Trust Combo PRO-10 Government Portfolio Government Portfolio (NCCMT)-Default USD ($)
1 year	$ 24
3 years	74
5 years	130
10 years	$ 293

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Strategies</b></font>

• Normally investing at least 99.5% of total assets in cash, U.S. Government securities and/or repurchase agreements that are collateralized fully (i.e., collateralized by cash or government securities), as permitted by North Carolina General Statute 159-30, as amended (the Statute) and 20 North Carolina Administrative Code 3.0703, as amended (the Code).

• Investing in U.S. Government securities issued by entities that are chartered or sponsored by Congress but whose securities are neither issued nor guaranteed by the U.S. Treasury.

• Investing in compliance with industry-standard regulatory requirements for money market funds for the quality, maturity, liquidity, and diversification of investments.

In addition, the fund normally invests at least 80% of its assets in U.S. Government securities and repurchase agreements for those securities.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Principal Investment Risks</b></font>

• Interest Rate Changes. Interest rate increases can cause the price of a money market security to decrease.

• Issuer-Specific Changes. A decline in the credit quality of an issuer or a provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease.

You could lose money by investing in the fund. Although the fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Fidelity Investments and its affiliates, the fund’s sponsor, have no legal obligation to provide financial support to the fund, and you should not expect that the sponsor will provide financial support to the fund at any time.

The fund will not impose a fee upon the sale of your shares, nor temporarily suspend your ability to sell shares if the fund's weekly liquid assets fall below 30% of its total assets because of market conditions or other factors.

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Performance</b></font>

The following information is intended to help you understand the risks of investing in the fund. The information illustrates the changes in the performance of the fund's shares from year to year. Past performance is not an indication of future performance.

<p style="font:bold 11pt Arial, sans-serif; margin-bottom: 0px;">Year-by-Year Returns</p><p style="font: bold 9pt Arial, sans-serif; margin-top: 0px">Calendar Years</p>

During the periods shown in the chart:	Returns	Quarter ended
Highest Quarter Return	0.57%	June 30, 2019
Lowest Quarter Return	0.00%	March 31, 2014
Year-to-Date Return	0.37%	June 30, 2020

<font style="font: bold 16pt Arial, Helvetica, sans-serif;"><b>Average Annual Returns</b></font>

For the periods ended December 31, 2019

Average Annual Total Returns{- Government Portfolio}	Past 1 year	Past 5 years	Past 10 years
06.30 North Carolina Capital Management Trust Combo PRO-10 | Government Portfolio | Government Portfolio (NCCMT)-Default | Return Before Taxes	2.08%	0.98%	0.52%

[1] In order to avoid a negative yield, Fidelity Management & Research Company LLC (FMR) may reimburse expenses or waive fees of Government Portfolio and/or the fund’s distributor may waive all or a portion of the 12b-1 fees of the fund. Any such waivers or expense reimbursement would be voluntary and could be discontinued at any time. There is no guarantee that Government Portfolio will be able to avoid a negative yield.