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 811-21882

Oppenheimer Rochester North Carolina Municipal Fund

(Exact name of registrant as specified in charter)

6803 South Tucson Way,

Centennial, Colorado 80112-3924

(Address of principal executive offices) (Zip code)

Arthur S. Gabinet

OppenheimerFunds, Inc.

Two World Financial Center,

New York, New York 10281-1008

(Name and address of agent for service)

Registrant’s telephone number, including area code: (303) 768-3200

Date of fiscal year end: March 31

Date of reporting period: 6/29/2012

Item 1. Schedule of Investments.

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
	Municipal Bonds and Notes—107.2%
	North Carolina—61.1%
$	175,000	Asheville, NC Hsg. Authority (Oak Knoll Apartments)1		5.625	%		09/01/2033	$	177,062
	1,000,000	Buncombe County, NC (Woodfin Downtown Corridor Devel.)		7.250			08/01/2034		949,940
	2,240,000	Charlotte, NC Airport1		5.000			07/01/2021		2,641,341
	500,000	Charlotte, NC Airport1		5.000			07/01/2031		544,005
	2,000,000	Charlotte, NC COP (Governmental Facilities)1		5.250			06/01/2020		2,084,100
	645,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		5.600			07/01/2027		571,515
	2,300,000	Charlotte, NC Douglas International Airport Special Facilities (US Airways)		7.750			02/01/2028		2,303,703
	1,830,000	Charlotte-Mecklenburg, NC Hospital Authority (Carolinas Healthcare System)1		5.125			01/15/2037		1,999,184
	50,000	Charlotte-Mecklenburg, NC Hospital Authority Health Care System (Carolinas Healthcare)1		5.250			01/15/2039		54,695
	250,000	Columbus County, NC IF&PCFA (International Paper Company)1		5.700			05/01/2034		271,508
	60,000	Columbus County, NC IF&PCFA (International Paper Company)1		5.850			12/01/2020		60,185
	100,000	Columbus County, NC IF&PCFA (International Paper Company)1		6.250			11/01/2033		111,555
	2,090,000	Durham, NC Hsg. Authority (Naples Terrace Apartments)		5.700			06/01/2033		2,090,794
	500,000	Fayetteville, NC State University (Student Hsg.)1		5.000			04/01/2037		535,645
	110,000	Halifax County, NC IF&PCFA (Champion International Corp.)1		5.450			11/01/2033		110,304
	90,000	Halifax County, NC IF&PCFA (International Paper Company)1		5.900			09/01/2025		90,584
	15,000	Mint Hill, NC Sanitation District1		5.250			06/01/2020		15,354
	1,000,000	NC Capital Facilities Finance Agency (Brevard College Corp.)1		5.000			10/01/2026		891,760
	500,000	NC Capital Facilities Finance Agency (Davidson College)1		5.000			03/01/2040		569,205
	20,000	NC Capital Facilities Finance Agency (Johnson & Wales University)		5.000			04/01/2019		20,339
	450,000	NC Capital Facilities Finance Agency (Johnson & Wales University)		5.000			04/01/2033		452,570
	1,655,000	NC Capital Facilities Finance Agency (Meredith College)1		6.000			06/01/2031		1,813,781

1                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	1,500,000	NC Capital Facilities Finance Agency (Meredith College)1		6.125	%		06/01/2035	$	1,635,585
	10,000	NC Capital Facilities Finance Agency (North Carolina A&T University Foundation)		5.000			06/01/2027		9,753
	25,000	NC Eastern Municipal Power Agency1		6.500			01/01/2018		31,304
	105,000	NC Eastern Municipal Power Agency No. 1 Catawaba Electric, Series A1		5.250			01/01/2020		107,469
	1,000,000	NC Eastern Municipal Power Agency, Series A1		5.000			01/01/2025		1,167,530
	1,000,000	NC Eastern Municipal Power Agency, Series A1		5.000			01/01/2026		1,154,460
	115,000	NC Eastern Municipal Power Agency, Series C1		5.375			01/01/2016		117,712
	525,000	NC Eastern Municipal Power Agency, Series C1		5.375			01/01/2017		537,217
	1,000,000	NC Eastern Municipal Power Agency, Series D2		5.000			01/01/2025		1,150,040
	1,000,000	NC Eastern Municipal Power Agency, Series D2		5.000			01/01/2026		1,139,820
	60,000	NC Eastern Municipal Power Agency, Series D1		5.125			01/01/2023		61,488
	620,000	NC Educational Facilities Finance Agency (St. Augustine’s College)		5.250			10/01/2018		619,994
	1,730,000	NC Educational Facilities Finance Agency (St. Augustine’s College)		5.250			10/01/2028		1,632,290
	30,000	NC HFA (Home Ownership)1		5.100			07/01/2017		30,077
	40,000	NC HFA (Home Ownership)1		5.150			01/01/2019		40,064
	105,000	NC HFA (Home Ownership)1		5.200			01/01/2020		105,427
	65,000	NC HFA (Home Ownership)1		5.200			07/01/2026		65,072
	100,000	NC HFA (Home Ownership)1		5.250			07/01/2026		100,111
	7,590,000	NC HFA (Home Ownership)1		5.250			01/01/2039		7,847,832
	60,000	NC HFA (Home Ownership)1		5.350			07/01/2033		60,074
	35,000	NC HFA (Home Ownership)1		5.400			07/01/2032		35,035
	75,000	NC Medical Care Commission (AHA1HC/AHA3HC/ AHA4HC/AHACHC/AHEHC/AHA7HC Obligated Group)1		5.500			10/01/2024		79,453
	2,210,000	NC Medical Care Commission (AHACHC)1		5.800			10/01/2034		2,338,136
	135,000	NC Medical Care Commission (Baptist Retirement Homes of North Carolina)		6.400			10/01/2031		136,098
	320,000	NC Medical Care Commission (Baptist Retirement)		6.300			10/01/2021		323,466

2                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	500,000	NC Medical Care Commission (Blue Ridge Healthcare)1		5.000	%		01/01/2036	$	514,010
	5,000	NC Medical Care Commission (Carolina Medicorp)1		5.250			05/01/2026		5,009
	2,075,000	NC Medical Care Commission (Catholic Health East)1		5.250			11/15/2024		2,234,422
	2,180,000	NC Medical Care Commission (Catholic Health East)1		5.250			11/15/2025		2,336,589
	100,000	NC Medical Care Commission (Cumberland County Hospital System)1		5.250			10/01/2023		102,523
	100,000	NC Medical Care Commission (Cumberland County Hospital System)1		5.625			10/01/2033		102,217
	50,000	NC Medical Care Commission (Deerfield Episcopal Retirement Community)1		5.000			11/01/2023		50,872
	1,380,000	NC Medical Care Commission (Deerfield Episcopal Retirement Community)1		6.125			11/01/2038		1,486,232
	8,000,000	NC Medical Care Commission (Duke University Health System)3		5.000			06/01/2042		8,516,640
	105,000	NC Medical Care Commission (Forest at Duke)		5.500			09/01/2018		105,142
	1,520,000	NC Medical Care Commission (Galloway Ridge)		6.000			01/01/2039		1,613,176
	115,000	NC Medical Care Commission (Givens Estates)1		5.000			07/01/2027		119,613
	30,000	NC Medical Care Commission (Glenaire/The Presbyterian Homes Obligated Group)		5.500			10/01/2031		30,371
	345,000	NC Medical Care Commission (Glenaire/The Presbyterian Homes Obligated Group)		5.600			10/01/2036		348,736
	55,000	NC Medical Care Commission (Halifax Regional Medical Center)1		5.000			08/15/2024		53,630
	2,500,000	NC Medical Care Commission (HPRHS/HPRHSvcs Obligated Group)		5.000			10/01/2019		2,512,100
	185,000	NC Medical Care Commission (HPRHS/HPRHSvcs Obligated Group)		5.000			10/01/2029		185,054
	125,000	NC Medical Care Commission (Hugh Chatham Memorial Hospital)		5.000			10/01/2033		121,405
	195,000	NC Medical Care Commission (Maria Parham Medical Center)		5.500			10/01/2018		206,640
	500,000	NC Medical Care Commission (Mission Health System)1		5.000			10/01/2036		529,655
	25,000	NC Medical Care Commission (Novant Health)1		4.700			10/01/2015		25,335

3                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	25,000	NC Medical Care Commission (Novant Health)1		5.125	%		05/01/2016	$	25,080
	20,000	NC Medical Care Commission (Novant Health)1		5.250			05/01/2021		20,048
	135,000	NC Medical Care Commission (Novant Health)1		5.250			05/01/2026		135,232
	20,000	NC Medical Care Commission (Southeastern Regional Medical Center/Health Horizons Obligated Group)1		5.375			06/01/2032		20,194
	25,000	NC Medical Care Commission (Southeastern Regional Medical Center/Health Horizons Obligated Group)1		6.250			06/01/2029		25,044
	250,000	NC Medical Care Commission (Southminster)		6.125			10/01/2018		250,315
	25,000	NC Medical Care Commission (STHS)1		6.250			10/01/2019		25,054
	310,000	NC Medical Care Commission (STHS/STMH/STM/HCC)1		6.375			10/01/2029		311,218
	35,000	NC Medical Care Commission (STTLC)1		5.375			10/01/2014		35,082
	340,000	NC Medical Care Commission (UHSEC/PCMH Obligated Group)1		6.250			12/01/2033		394,730
	150,000	NC Medical Care Commission (United Methodist)		5.500			10/01/2032		151,497
	2,000,000	NC Medical Care Commission (Vidant Health/Pitt County Memorial Hospital Obligated Group)1		5.000			06/01/2036		2,163,260
	250,000	NC Medical Care Commission (Village at Brookwood)		6.375			01/01/2022		250,298
	750,000	NC Medical Care Commission (Wakemed)2		5.000			10/01/2031		814,845
	400,000	NC Medical Care Commission (Wakemed/Wakemed Faculty Practice Plan Obligated Group)1		5.000			10/01/2021		405,452
	50,000	NC Medical Care Commission (Wakemed/Wakemed Faculty Practice Plan Obligated Group)1		5.000			10/01/2027		50,682
	100,000	NC Medical Care Commission (Wayne Memorial Hospital/Wayne Health Corp.)1		5.000			10/01/2021		100,079
	500,000	NC Medical Care Commission Health Care Facilities (Appalachian Regional Healthcare System)1		6.625			07/01/2034		574,565
	250,000	NC Medical Care Commission Health Care Facilities (Cleveland County)1		5.750			01/01/2035		275,875

4                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	2,000,000	NC Medical Care Commission Health Care Facilities (Novant Health)1		5.000	%		11/01/2043	$	2,119,420
	2,000,000	NC Medical Care Commission Health Care Facilities (Novant Health)1		5.250			11/01/2040		2,149,980
	30,000	NC Medical Care Commission Health Care Facilities (STHS/STMH Obligated Group)1		6.500			10/01/2013		30,302
	85,000	NC Medical Care Commission Health Care Facilities (UHSEC/PCMH Obligated Group)1		6.600			12/01/2036		93,361
	50,000	NC Medical Care Commission Hospital (Alamance Health System)1		5.500			08/15/2013		50,172
	50,000	NC Medical Care Commission Hospital (Alamance Health System)1		5.500			08/15/2024		50,098
	100,000	NC Medical Care Commission Hospital (Alamance Regional Medical Center)1		5.000			08/15/2020		100,210
	1,075,000	NC Medical Care Commission Hospital (Maria Parham Medical Center)		6.500			10/01/2026		1,152,583
	500,000	NC Medical Care Commission Retirement Facilities (Carolina Village)		6.000			04/01/2038		515,620
	5,000	NC Medical Care Commission Retirement Facilities (Cypress Glen Retirement Community)		6.000			10/01/2033		5,060
	25,000	NC Medical Care Commission Retirement Facilities (The Forest at Duke)		5.100			09/01/2013		25,044
	5,000	NC Medical Care Commission Retirement Facilities (The United Methodist Retirement Homes)		5.500			10/01/2035		5,023
	1,250,000	NC Medical Care Commission Retirement Facilities (Village at Brookwood)		5.250			01/01/2032		1,220,925
	50,000	NC Municipal Power Agency No. 1 (Catawba Electric)1		5.250			01/01/2018		51,210
	150,000	NC Municipal Power Agency No. 1 (Catawba Electric)1		5.250			01/01/2019		153,597
	250,000	NC Turnpike Authority (Monroe Connector System)1		5.000			07/01/2036		282,358
	150,000	Northampton County, NC IF&PCFA (Champion International Corp.)1		6.450			11/01/2029		150,539
	100,000	Northern Hospital District of Surry County, NC Health Care Facilities1		5.100			10/01/2021		100,127

5                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	40,000	Northern Hospital District of Surry County, NC Health Care Facilities1		5.500	%		10/01/2019	$	40,056
	40,000	Northern Hospital District of Surry County, NC Health Care Facilities1		5.500			10/01/2029		40,016
	500,000	Northern Hospital District of Surry County, NC Health Care Facilities1		6.250			10/01/2038		536,430
	365,000	Oak Island, NC Enterprise System1		6.000			06/01/2036		416,918
	10,000	Piedmont Triad, NC Airport Authority1		6.000			07/01/2021		10,025
	10,000	University of NC at Chapel Hill1		5.000			12/01/2025		10,035
	20,000	University of NC System1		5.500			10/01/2034		22,345
									75,444,011
	U.S. Possessions—46.1%
	10,000	Guam GO1		5.375			11/15/2013		10,021
	300,000	Guam GO1		6.750			11/15/2029		333,015
	1,550,000	Guam GO1		7.000			11/15/2039		1,729,072
	1,500,000	Guam Government Business Privilege1		5.000			01/01/2037		1,604,775
	1,240,000	Guam Government Business Privilege1		5.000			01/01/2042		1,322,596
	750,000	Guam Government Business Privilege1		5.250			01/01/2036		822,593
	250,000	Guam Government Waterworks Authority & Wastewater System1		5.875			07/01/2035		254,925
	10,000	Guam Power Authority, Series A		5.250			10/01/2013		10,023
	60,000	Guam Power Authority, Series A		5.250			10/01/2023		60,002
	75,000	Guam Power Authority, Series A1		5.250			10/01/2023		75,015
	1,000,000	Guam Power Authority, Series A1		5.500			10/01/2030		1,047,170
	180,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)1		5.250			06/01/2032		169,601
	67,775,000	Guam Tobacco Settlement Economic Devel. & Commerce Authority (TASC)		7.2504			06/01/2057		1,562,892
	365,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2017		347,177
	2,190,000	Northern Mariana Islands Commonwealth, Series A		5.000			06/01/2030		1,830,840
	250,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2038		263,163
	1,000,000	Puerto Rico Aqueduct & Sewer Authority1		6.000			07/01/2044		1,048,950
	500,000	Puerto Rico Aqueduct & Sewer Authority1		6.125			07/01/2024		588,480

6                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	1,675,000	Puerto Rico Children’s Trust Fund (TASC)1		5.375	%		05/15/2033	$	1,674,900
	2,485,000	Puerto Rico Children’s Trust Fund (TASC)1		5.500			05/15/2039		2,484,801
	3,950,000	Puerto Rico Children’s Trust Fund (TASC)1		5.625			05/15/2043		3,949,645
	22,370,000	Puerto Rico Children’s Trust Fund (TASC)		6.5394			05/15/2050		1,589,836
	39,500,000	Puerto Rico Children’s Trust Fund (TASC)		7.6254			05/15/2057		683,350
	5,000	Puerto Rico Commonwealth GO1		5.000			07/01/2028		5,001
	70,000	Puerto Rico Commonwealth GO1		5.125			07/01/2031		70,013
	395,000	Puerto Rico Commonwealth GO1		5.250			07/01/2030		402,485
	40,000	Puerto Rico Commonwealth GO1		5.875			07/01/2036		41,295
	800,000	Puerto Rico Commonwealth GO1		6.000			07/01/2039		864,192
	2,250,000	Puerto Rico Commonwealth GO1		6.500			07/01/2037		2,534,378
	85,000	Puerto Rico Convention Center Authority1		5.000			07/01/2027		87,593
	400,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2029		424,812
	320,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2030		336,093
	440,000	Puerto Rico Electric Power Authority, Series AAA1		5.250			07/01/2031		461,828
	5,000	Puerto Rico HFC1		5.100			12/01/2018		5,007
	45,000	Puerto Rico HFC (Homeowner Mtg.)1		5.100			12/01/2031		45,194
	25,000	Puerto Rico Highway & Transportation Authority1		5.000			07/01/2022		25,298
	250,000	Puerto Rico Highway & Transportation Authority		5.300			07/01/2035		256,473
	335,000	Puerto Rico IMEPCF (American Airlines)5		6.450			12/01/2025		142,744
	50,000	Puerto Rico Infrastructure		6.9284			07/01/2043		7,248
	1,000,000	Puerto Rico Infrastructure		7.0004			07/01/2032		313,750
	450,000	Puerto Rico Infrastructure		7.0004			07/01/2033		130,946
	30,000	Puerto Rico Infrastructure		7.0004			07/01/2036		6,981
	335,000	Puerto Rico Infrastructure		7.1024			07/01/2035		83,948
	3,000,000	Puerto Rico Infrastructure		7.3324			07/01/2030		1,110,360
	725,000	Puerto Rico Infrastructure (Mepsi Campus)		6.250			10/01/2024		762,606
	2,120,000	Puerto Rico Infrastructure (Mepsi Campus)		6.500			10/01/2037		2,199,754
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			04/01/2027		100,761
	1,850,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.000			03/01/2036		1,799,828

7                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.125	%		04/01/2032	$	100,335
	100,000	Puerto Rico ITEMECF (Ana G. Mendez University)1		5.375			04/01/2042		100,406
	50,000	Puerto Rico ITEMECF (Ashford Presbyterian Community)		6.700			11/01/2020		48,929
	1,030,000	Puerto Rico ITEMECF (University of the Sacred Heart)1		5.250			09/01/2031		1,030,567
	10,000	Puerto Rico Municipal Finance Agency, Series A1		5.500			07/01/2017		10,029
	340,000	Puerto Rico Port Authority (American Airlines), Series A5		6.250			06/01/2026		208,882
	30,000	Puerto Rico Public Buildings Authority1		5.250			07/01/2033		30,214
	100,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2026		115,310
	250,000	Puerto Rico Public Buildings Authority1		6.250			07/01/2031		295,380
	600,000	Puerto Rico Public Buildings Authority1		6.750			07/01/2036		702,942
	500,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2021		548,230
	750,000	Puerto Rico Public Buildings Authority1		7.000			07/01/2025		810,728
	5,000	Puerto Rico Public Buildings Authority, Series D1		5.250			07/01/2036		5,000
	2,000,000	Puerto Rico Public Finance Corp., Series B1		5.500			08/01/2031		2,137,760
	750,000	Puerto Rico Sales Tax Financing Corp., Series A1		5.375			08/01/2039		790,530
	5,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.100	4		08/01/2044		800,050
	500,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.375			08/01/2039		581,190
	1,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		6.500			08/01/2044		1,171,450
	10,000,000	Puerto Rico Sales Tax Financing Corp., Series A1		7.530	4		08/01/2056		757,800
	8,000,000	Puerto Rico Sales Tax Financing Corp., Series C3		5.750			08/01/2057		8,809,280
	200,000	University of Puerto Rico1		5.000			06/01/2025		204,512
	250,000	University of Puerto Rico1		5.000			06/01/2026		254,745
	275,000	University of Puerto Rico, Series Q1		5.000			06/01/2030		278,061
	1,000,000	V.I. Public Finance Authority (Matching Fund Loan Note)1		5.250			10/01/2029		1,056,470
	70,000	V.I. Public Finance Authority, Series A1		6.375			10/01/2019		70,235

8                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Principal Amount			Coupon			Maturity		Value
$	420,000	V.I. Tobacco Settlement Financing Corp. (TASC)1		5.000	%		05/15/2021	$	411,131
									57,011,596
	Total Investments, at Value (Cost $127,807,246)-107.2%								132,455,607
	Liabilities in Excess of Other Assets-(7.2)								(8,897,209	)
	Net Assets-100.0%							$	123,558,398

Footnotes to Statement of Investments

* June 29, 2012 represents the last business day of the Fund’s quarterly period. See accompanying Notes.

1. All or a portion of the security position has been segregated for collateral to cover borrowings.

2. All or a portion of the security position is when-issued or delayed delivery to be delivered and settled after June 29, 2012. See accompanying Notes.

3. Security represents the underlying municipal bond with respect to an inverse floating rate security held by the Fund. The bond was purchased by the Fund and subsequently transferred to a trust, which issued the related inverse floating rate security. See accompanying Notes.

4. Zero coupon bond reflects effective yield on the date of purchase.

5. This security is not accruing income because the issuer has missed an interest payment on it and/or is not anticipated to make future interest and/or principal payments. The rate shown is the original contractual interest rate. See accompanying Notes.

9                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

To simplify the listings of securities, abbreviations are used per the table below:

AHA1HC	ARC/H DS Alamance #1 Hsg. Corp.
AHA3HC	ARC/H DS Alamance #3 Hsg. Corp.
AHA4HC	ARC/H DS Alamance #4 Hsg. Corp.
AHA7HC	ARC/H DS Alamance #7 Housing Corp.
AHACHC	ARC/HDS Alamance County Housing Corp.
AHEHC	ARC/HDS Elon Housing Corp.
COP	Certificates of Participation
GO	General Obligation
HCC	Home Care of the Carolinas
HFA	Housing Finance Agency
HFC	Housing Finance Corp.
HPRHS	High Point Regional Health System
HPRHSvcs	High Point Regional Health Services
IF&PCFA	Industrial Facilities and Pollution Control Financing Authority
IMEPCF	Industrial, Medical and Environmental Pollution Control Facilities
ITEMECF	Industrial, Tourist, Educational, Medical and Environmental Community Facilities
PCMH	Pitt County Memorial Hospital
ROLs	Residual Option Longs
STHS	Stanly Health Services
STM	Stanly Manor
STMH	Stanly Memorial Hospital
STTLC	Stanly Total Living Center
TASC	Tobacco Settlement Asset-Backed Bonds
UHSEC	University Health Systems of Eastern Carolina
V.I.	United States Virgin Islands

Notes to Statement of Investments

Quarterly Period. The last day of the Fund’s quarterly period was the last day the New York Stock Exchange was open for trading. The Fund’s financial statements have been presented through that date to maintain consistency with the Fund’s net asset value calculations used for shareholder transactions.

Inverse Floating Rate Securities. The Fund invests in inverse floating rate securities that pay interest at a rate that varies inversely with short-term interest rates. Because inverse floating rate securities are leveraged instruments, the value of an inverse floating rate security will change more significantly in response to changes in interest rates and other market fluctuations than the market value of a conventional fixed-rate municipal security of similar maturity and credit quality, including the municipal bond underlying an inverse floating rate security.

An inverse floating rate security is created as part of a financial transaction referred to as a “tender option bond” transaction. In most cases, in a tender option bond transaction the Fund sells a fixed-rate municipal bond (the “underlying municipal bond”) to a broker dealer (the “sponsor”). The sponsor creates a trust (the “Trust”) into which it deposits the underlying municipal bond. The Trust then issues and sells short-term floating rate securities with a fixed principal amount representing a senior interest in the underlying

10                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

municipal bond to third parties and a residual, subordinate interest in the underlying municipal bond (referred to as an “inverse floating rate security”) to the Fund. The interest rate on the short-term floating rate securities resets periodically, usually weekly, to a prevailing market rate and holders of these securities are granted the option to tender their securities back to the Trust for repurchase at their principal amount plus accrued interest thereon (the “purchase price”) periodically, usually daily or weekly. A remarketing agent for the Trust is required to attempt to re-sell any tendered short-term floating rate securities to new investors for the purchase price. If the remarketing agent is unable to successfully re-sell the tendered short-term floating rate securities, a liquidity provider to the Trust (typically an affiliate of the sponsor) must contribute cash to the Trust to ensure that the tendering holders receive the purchase price of their securities on the repurchase date.

Because holders of the short-term floating rate securities are granted the right to tender their securities to the Trust for repurchase at frequent intervals for the purchase price, with such payment effectively guaranteed by the liquidity provider, the securities generally bear short-term rates of interest commensurate with money market instruments. When interest is paid on the underlying municipal bond to the Trust, such proceeds are first used to pay the Trust’s administrative expenses and accrued interest to holders of the short-term floating rate securities, with any remaining amounts being paid to the Fund, as the holder of the inverse floating rate security. Accordingly, the amount of such interest on the underlying municipal bond paid to the Fund is inversely related the rate of interest on the short-term floating rate securities. Additionally, because the principal amount of the short-term floating rate securities is fixed and is not adjusted in response to changes in the market value of the underlying municipal bond, any change in the market value of the underlying municipal bond is reflected entirely in a change to the value of the inverse floating rate security.

Typically, the terms of an inverse floating rate security grant certain rights to the Fund, as holder. For example, the Fund may have the right upon request to require that the Trust compel a tender of the short-term floating rate securities to facilitate the Fund’s acquisition of the underlying municipal bond. Following such a request, the Fund pays the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. The Trust then distributes the underlying municipal bond to the Fund. Similarly, the Fund may have the right to directly purchase the underlying municipal bond from the Trust by paying to the Trust the purchase price of the short-term floating rate securities and a specified portion of any market value gain on the underlying municipal bond since its deposit into the Trust, which the Trust uses to redeem the short-term floating rate securities. Through the exercise of either of these rights, the Fund can voluntarily terminate or “collapse” the Trust, terminate its investment in the related inverse floating rate security and obtain the underlying municipal bond. Additionally, the Fund also typically has the right to exchange with the Trust (i) a principal amount of short-term floating rate securities held by the Fund for a corresponding additional principal amount of the inverse floating rate security or (ii) a principal amount of the inverse floating rate security held by the Fund for a corresponding additional principal amount of short-term floating rate securities (which are typically then sold to other investors). Through the

11                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

exercise of this right, the Fund may increase (or decrease) the principal amount of short-term floating rate securities outstanding, thereby increasing (or decreasing) the amount of leverage provided by the short-term floating rate securities to the Fund’s investment exposure to the underlying municipal bond.

The Fund’s investments in inverse floating rate securities involve certain risks. As short-term interest rates rise, an inverse floating rate security produces less current income (and, in extreme cases, may pay no income) and as short-term interest rates fall, an inverse floating rate security produces more current income. Thus, if short-term interest rates rise after the issuance of the inverse floating rate security, any yield advantage is reduced or eliminated. All inverse floating rate securities entail some degree of leverage represented by the outstanding principal amount of the related short-term floating rate securities. The value of, and income earned on, an inverse floating rate security that has a higher degree of leverage will fluctuate more significantly in response to changes in interest rates and to changes in the market value of the related underlying municipal bond than that of an inverse floating rate security with a lower degree of leverage, and is more likely to be eliminated entirely under adverse market conditions. Changes in the value of an inverse floating rate security will also be more significant than changes in the market value of the related underlying municipal bond because the leverage provided by the related short-term floating rate securities increases the sensitivity of an inverse floating rate security to changes in interest rates and to the market value of the underlying municipal bond. An inverse floating rate security can be expected to underperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is decreasing (or is already small) or when long-term interest rates are rising, but can be expected to outperform fixed-rate municipal bonds when the difference between long-term and short-term interest rates is increasing (or is already large) or when long-term interest rates are falling. Additionally, a tender option bond transaction typically provides for the automatic termination or “collapse” of a Trust upon the occurrence of certain adverse events, usually referred to as “mandatory tender events” or “tender option termination events.” These events may include, among others, a credit ratings downgrade of the underlying municipal bond below a specified level, a decrease in the market value of the underlying municipal bond below a specified amount, a bankruptcy of the liquidity provider or the inability of the remarketing agent to re-sell to new investors short-term floating rate securities that have been tendered for repurchase by holders thereof. Following the occurrence of such an event, the underlying municipal bond is generally sold for current market value and the proceeds distributed to holders of the short-term floating rate securities and inverse floating rate security, with the holder of the inverse floating rate security (the Fund) generally receiving the proceeds of such sale only after the holders of the short-term floating rate securities have received proceeds equal to the purchase price of their securities (and the liquidity provider is generally required to contribute cash to the Trust only in an amount sufficient to ensure that the holders of the short-term floating rate securities receive the purchase price of their securities in connection with such termination of the Trust). Following the occurrence of such events, the Fund could potentially lose the entire amount of its investment in the inverse floating rate security.

12                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

Finally, the Fund may enter into shortfall/reimbursement agreements with the liquidity provider of certain tender option bond transactions in connection with certain inverse floating rate securities held by the Fund. These agreements commit the Fund to reimburse the liquidity provider to the extent that the liquidity provider must provide cash to a Trust, including following the termination of a Trust resulting from the occurrence of a “mandatory tender event.” In connection with the occurrence of such an event and the termination of the Trust triggered thereby, the shortfall/reimbursement agreement will make the Fund liable for the amount of the negative difference, if any, between the liquidation value of the underlying municipal bond and the purchase price of the short-term floating rate securities issued by the Trust. Under the standard terms of a tender option bond transaction, absent such a shortfall/reimbursement agreement, the Fund, as holder of the inverse floating rate security, would not be required to make such a reimbursement payment to the liquidity provider. The Manager monitors the Fund’s potential exposure with respect to these agreements on a daily basis and intends to take action to terminate the Fund’s investment in related inverse floating rate securities, if it deems it appropriate to do so. As of June 29, 2012, the Fund’s maximum exposure under such agreements is estimated at $8,000,000.

When the Fund creates an inverse floating rate security in a tender option bond transaction by selling an underlying municipal bond to a sponsor for deposit into a Trust, the transaction is considered a secured borrowing for financial reporting purposes. As a result of such accounting treatment, the Fund includes the underlying municipal bond on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports (but does not separately include the related inverse floating rate security on either). The Fund also includes a liability on its Statement of Assets and Liabilities in the annual and semiannual reports equal to the outstanding principal amount and accrued interest on the related short-term floating rate securities issued by the Trust. Interest on the underlying municipal bond is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports, while interest payable on the related short-term floating rate securities is recorded as interest expense. At June 29, 2012, municipal bond holdings with a value of $17,325,920 shown on the Fund’s Statement of Investments are held by such Trusts and serve as the underlying municipal bonds for the related $8,000,000 in short-term floating rate securities issued and outstanding at that date.

At June 29, 2012, the inverse floating rate securities associated with tender option bond transactions accounted for as secured borrowings were as follows:

Principal Amount		Inverse Floater1	Coupon Rate 2			Maturity Date		Value
	$  4,000,000	NC Medical Care Commission ROLs3		9.417	%		6/1/42	$	4,516,640
	4,000,000	Puerto Rico Sales Tax Financing Corp. ROLs3		10.872			8/1/57		4,809,280
								$	9,325,920

1. For a list of abbreviations used in the Inverse Floater table see the Portfolio Abbreviations table at the end of the Statement of Investments.

2. Represents the current interest rate for the inverse floating rate security.

3. Represents an inverse floating rate security that is subject to a shortfall/reimbursement agreement.

13                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

The Fund may also purchase an inverse floating rate security created as part of a tender option bond transaction not initiated by the Fund when a third party, such as a municipal issuer or financial institution, transfers an underlying municipal bond to a Trust. For financial reporting purposes, the Fund includes the inverse floating rate security related to such transaction on its Statement of Investments and as an asset on its Statement of Assets and Liabilities in the annual and semiannual reports, and interest on the security is recorded as investment income on the Fund’s Statement of Operations in the annual and semiannual reports.

The Fund may invest in inverse floating rate securities with any degree of leverage (as measured by the outstanding principal amount of related short-term floating rate securities). However, the Fund may only expose up to 20% of its total assets to the effects of leverage from its investments in inverse floating rate securities. This limitation is measured by comparing the aggregate principal amount of the short-term floating rate securities that are related to the inverse floating rate securities held by the Fund to the total assets of the Fund. The Fund’s exposure to the effects of leverage from its investments in inverse floating rate securities amounts to $8,000,000 as of June 29, 2012.

Securities on a When-Issued or Delayed Delivery Basis. The Fund may purchase securities on a “when-issued” basis, and may purchase or sell securities on a “delayed delivery” basis. “When-issued” or “delayed delivery” refers to securities whose terms and indenture are available and for which a market exists, but which are not available for immediate delivery. Delivery and payment for securities that have been purchased by the Fund on a when-issued basis normally takes place within six months and possibly as long as two years or more after the trade date. During this period, such securities do not earn interest, are subject to market fluctuation and may increase or decrease in value prior to their delivery. The purchase of securities on a when-issued basis may increase the volatility of the Fund’s net asset value to the extent the Fund executes such transactions while remaining substantially fully invested. When the Fund engages in when-issued or delayed delivery transactions, it relies on the buyer or seller, as the case may be, to complete the transaction. Their failure to do so may cause the Fund to lose the opportunity to obtain or dispose of the security at a price and yield it considers advantageous. The Fund may also sell securities that it purchased on a when-issued basis or forward commitment prior to settlement of the original purchase.

As of June 29, 2012, the Fund had purchased securities issued on a when-issued or delayed delivery basis as follows:

	When-Issued or Delayed Delivery Basis Transactions
Purchased securities	$3,085,538

Credit Risk. The Fund invests in high-yield, non-investment-grade bonds, which may be subject to a greater degree of credit risk. Credit risk relates to the

14                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

ability of the issuer to meet interest or principal payments or both as they become due. The Fund may acquire securities that have missed an interest payment, and is not obligated to dispose of securities whose issuers or underlying obligors subsequently miss an interest payment. Information concerning securities not accruing interest as of June 29, 2012 is as follows:

Cost	$	579,141
Market Value	$	351,626
Market Value as a % of Net Assets		0.28	%

Concentration Risk. There are certain risks arising from geographic concentration in any state, commonwealth or territory. Certain economic, regulatory or political developments occurring in the state, commonwealth or territory may impair the ability of certain issuers of municipal securities to pay principal and interest on their obligations.

Securities Valuation

The Fund calculates the net asset value of its shares as of the close of the New York Stock Exchange (the “Exchange”), normally 4:00 P.M. Eastern time, on each day the Exchange is open for trading.

The Fund’s Board has adopted procedures for the valuation of the Fund’s securities and has delegated the day-to-day responsibility for valuation determinations under those procedures to the Manager. The Manager has established a Valuation Committee which is responsible for determining a “fair valuation” for any security for which market quotations are not “readily available.” The Valuation Committee’s fair valuation determinations are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined.

Valuation Methods and Inputs

Securities are valued using unadjusted quoted market prices, when available, as supplied primarily by third party pricing services or dealers.

The following methodologies are used to determine the market value or the fair value of the types of securities described below:

Securities traded on a registered U.S. securities exchange (including exchange-traded derivatives other than futures and futures options) are valued based on the last sale price of the security reported on the principal exchange on which it is traded, prior to the time when the Fund’s assets are valued. In the absence of a sale, the security is valued at the last sale price on the prior trading day, if it is within the spread of the current day’s closing “bid” and “asked” prices, and if not, at the current day’s closing bid price. A security of a foreign issuer traded on a foreign exchange but not listed on a registered U.S. securities exchange is valued based on the last sale price on the principal exchange on which the security is traded, as identified by the third party pricing service used by the Manager, prior to the time when the Fund’s assets are valued. If the last sale price is unavailable, the security is valued at the most

15                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

recent official closing price on the principal exchange on which it is traded. If the last sales price or official closing price for a foreign security is not available, the security is valued at the mean between the bid and asked price per the exchange or, if not available from the exchange, obtained from two dealers. If bid and asked prices are not available from either the exchange or two dealers, the security is valued by using one of the following methodologies (listed in order of priority); (1) using a bid from the exchange, (2) the mean between the bid and asked price as provided by a single dealer, or (3) a bid from a single dealer.

Shares of a registered investment company that are not traded on an exchange are valued at that investment company’s net asset value per share.

Corporate and government debt securities (of U.S. or foreign issuers) and municipal debt securities, event-linked bonds, loans, mortgage-backed securities, collateralized mortgage obligations, and asset-backed securities are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers who may use matrix pricing methods to determine the evaluated prices.

Short-term money market type debt securities with a remaining maturity of sixty days or less are valued at cost adjusted by the amortization of discount or premium to maturity (amortized cost), which approximates market value. Short-term debt securities with a remaining maturity in excess of sixty days are valued at the mean between the “bid” and “asked” prices utilizing evaluated prices obtained from third party pricing services or broker-dealers.

A description of the standard inputs that may generally be considered by the third party pricing vendors in determining their evaluated prices is provided below.

Security Type	Standard inputs generally considered by third-party pricing vendors
Corporate debt, government debt, municipal, mortgage-backed and asset-backed securities	Reported trade data, broker-dealer price quotations, benchmark yields, issuer spreads on comparable securities, the credit quality, yield, maturity, and other appropriate factors.
Loans	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.
Event-linked bonds	Information obtained from market participants regarding reported trade data and broker-dealer price quotations.

If a market value or price cannot be determined for a security using the methodologies described above, or if, in the “good faith” opinion of the Manager, the market value or price obtained does not constitute a “readily available market quotation,” or a significant event has occurred that would materially affect the value of the security the security is fair valued either (i) by a standardized fair valuation methodology applicable to the security type or the significant event as previously approved by the Valuation Committee and the Fund’s Board or (ii) as determined in good faith by the Manager’s Valuation Committee. The Valuation Committee considers all relevant facts that are

16                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

reasonably available, through either public information or information available to the Manager, when determining the fair value of a security. Fair value determinations by the Manager are subject to review, approval and ratification by the Fund’s Board at its next regularly scheduled meeting covering the calendar quarter in which the fair valuation was determined. Those fair valuation standardized methodologies include, but are not limited to, valuing securities at the last sale price or initially at cost and subsequently adjusting the value based on: changes in company specific fundamentals, changes in an appropriate securities index, or changes in the value of similar securities which may be further adjusted for any discounts related to security-specific resale restrictions. When possible, such methodologies use observable market inputs such as unadjusted quoted prices of similar securities, observable interest rates, currency rates and yield curves. The methodologies used for valuing securities are not necessarily an indication of the risks associated with investing in those securities nor can it be assured that the Fund can obtain the fair value assigned to a security if it were to sell the security.

To assess the continuing appropriateness of security valuations, the Manager, or its third party service provider who is subject to oversight by the Manager, regularly compares prior day prices, prices on comparable securities, and sale prices to the current day prices and challenges those prices exceeding certain tolerance levels with the third party pricing service or broker source. For those securities valued by fair valuations, whether through a standardized fair valuation methodology or a fair valuation determination, the Valuation Committee reviews and affirms the reasonableness of the valuations based on such methodologies and fair valuation determinations on a regular basis after considering all relevant information that is reasonably available.

Classifications

Each investment asset or liability of the Fund is assigned a level at measurement date based on the significance and source of the inputs to its valuation. Various data inputs are used in determining the value of each of the Fund’s investments as of the reporting period end. These data inputs are categorized in the following hierarchy under applicable financial accounting standards:

1) Level 1-unadjusted quoted prices in active markets for identical assets or liabilities (including securities actively traded on a securities exchange)

2) Level 2-inputs other than unadjusted quoted prices that are observable for the asset or liability (such as unadjusted quoted prices for similar assets and market corroborated inputs such as interest rates, prepayment speeds, credit risks, etc.)

3) Level 3-significant unobservable inputs (including the Manager’s own judgments about assumptions that market participants would use in pricing the asset or liability).

17                     Oppenheimer Rochester North Carolina Municipal Fund

Oppenheimer Rochester North Carolina Municipal Fund

STATEMENT OF INVESTMENTS June 29, 2012* (Unaudited)

The inputs used for valuing securities are not necessarily an indication of the risks associated with investing in those securities.

The table below categorizes amounts as of June 29, 2012 based on valuation input level:

	Level 1— Unadjusted Quoted Prices		Level 2— Other Significant Observable Inputs		Level 3— Significant Unobservable Inputs		Value
Assets Table
Investments, at Value:
Municipal Bonds and Notes
North Carolina	$	—	$	75,444,011	$	—	$	75,444,011
U.S. Possessions		—		57,011,596		—		57,011,596
Total Assets	$	—	$	132,455,607	$	—	$	132,455,607

Currency contracts and forwards, if any, are reported at their unrealized appreciation/depreciation at measurement date, which represents the change in the contract’s value from trade date. Futures, if any, are reported at their variation margin at measurement date, which represents the amount due to/from the Fund at that date. All additional assets and liabilities included in the above table are reported at their market value at measurement date.

There have been no significant changes to the fair valuation methodologies of the Fund during the period.

Federal Taxes. The approximate aggregate cost of securities and other investments and the composition of unrealized appreciation and depreciation of securities and other investments for federal income tax purposes as of June 29, 2012 are noted below. The primary difference between book and tax appreciation or depreciation of securities and other investments, if applicable, is attributable to the tax deferral of losses.

Federal tax cost of securities	$	119,804,442	1
Gross unrealized appreciation	$	7,197,640
Gross unrealized depreciation		(2,549,304	)
Net unrealized appreciation	$	4,648,336

1. The Federal tax cost of securities does not include cost of $8,002,829, which has otherwise been recognized for financial reporting purposes, related to bonds placed into trusts in conjunction with certain investment transactions. See the Inverse Floating Rate Securities note.

18                     Oppenheimer Rochester North Carolina Municipal Fund

Item 2. Controls and Procedures.

(a) Based on their evaluation of the registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Investment Company Act of 1940 (17 CFR 270.30a-3(c)) as of 6/29/2012, the registrant’s principal executive officer and principal financial officer found the registrant’s disclosure controls and procedures to provide reasonable assurances that information required to be disclosed by the registrant in the reports that it files under the Securities Exchange Act of 1934 (a) is accumulated and communicated to the registrant’s management, including its principal executive officer and principal financial officer, to allow timely decisions regarding required disclosure, and (b) is recorded, processed, summarized and reported, within the time periods specified in the rules and forms adopted by the U.S. Securities and Exchange Commission.

(b) There have been no significant changes in the registrant’s internal controls over financial reporting that occurred during the registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 3. Exhibits.

Exhibits attached hereto.

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.

Oppenheimer Rochester North Carolina Municipal Fund

By:	/s/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	8/9/2012

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/ William F. Glavin, Jr.
	William F. Glavin, Jr.
	Principal Executive Officer
Date:	8/9/2012

By:	/s/ Brian W. Wixted
	Brian W. Wixted
	Principal Financial Officer
Date:	8/9/2012