UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-PX

ANNUAL REPORT OF PROXY VOTING RECORD OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number:		811-21882
Exact name of registrant as specified in charter:		Oppenheimer Rochester North Carolina Municipal Fund
Address of principal executive offices:		6803 South Tucson Way
		Centennial, CO 80112-3924
Name and address of agent for service:		Arthur S. Gabinet, Executive Vice President & General Counsel
		OppenheimerFunds, Inc.
		Two World Financial Center
		225 Liberty Street
		New York, NY 10281-1008
Registrant’s telephone number, including area code:		303-768-3200
Date of fiscal year end:		3/31
Date of reporting period:		07/01/2011-06/30/2012
Item 1.	Proxy Voting Record

 ******************************* FORM N-Px REPORT *******************************

ICA File Number: 811-21882
Reporting Period: 07/01/2011 - 06/30/2012
Oppenheimer Rochester North Carolina Municipal Fund









============= Oppenheimer Rochester North Carolina Municipal Fund ==============

There is no proxy voting activity for the fund, as the fund did not hold any
votable positions during the reporting period.
========== END NPX REPORT

SIGNATURES

Pursuant to the requirements of 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.

Registrant:	Oppenheimer Rochester North Carolina Municipal Fund
By:
	William F. Glavin, Jr.*
	William F. Glavin, Jr., President and Principal Executive Officer

Date: August 28, 2012

*By:	/s/ Randy Legg
	Randy Legg, Attorney in Fact