As filed with the Securities and Exchange Commission on November 12, 2003

                                                 1933 Act File No. 333-89784
                                                 1940 Act File No. 811-21110

                          U.S. SECURITIES AND EXCHANGE COMMISSION
                                   Washington, D.C. 20549
                                          FORM N-2
                              (Check appropriate box or boxes)

[X] REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933
            [   ] Pre-Effective Amendment No. __
            [X] Post-Effective Amendment No. 5
                                           and/or
[  ] REGISTRATION STATEMENT UNDER THE INVESTMENT COMPANY ACT OF 1940
            [  ] Amendment No. 7

                          OFI TREMONT CORE DIVERSIFIED HEDGE FUND
                          ---------------------------------------
                      (Exact Name of Registrant Specified in Charter)

         Two World Financial Center, 225 Liberty Street, New York, NY 10080
         ------------------------------------------------------------------
(Address of Principal Executive Offices) (Number, Street, City, State, Zip Code)

                                       1-800-858-9826
                                       --------------
                    (Registrant's Telephone Number, Including Area Code)

                                  Katherine P. Feld, Esq.
                                  -----------------------
                                   OppenheimerFunds, Inc.
           Two World Financial Center, 225 Liberty Street, New York, NY 10080
      (Name and Address (Number, Street, State, Zip Code) of Agent for Service)


     If any  securities  being  registered  on this  form will be  offered  on a
delayed or continuous  basis in reliance on Rule 415 under the Securities Act of
1933, other than securities  offered in connection with a dividend  reinvestment
plan, check the following box [X]

It is proposed that this filing will become effective (check applicable box):
[ X] This form is filed to register  additional  securities for an offering
pursuant to Rule 462(b) under the Securities Act and the Securities Act
registration  statement number of the earlier effective registration statement
for the same offering is 333-89784.
[  ] when declared effective pursuant to section 8(c), or as follows:
(the following boxes are included on the basis that the Registrant makes
repurchase offers under Rule 23c-3 under the Investment Company Act of 1940 and
is making this filing in accordance with Rule 486 under the Securities Act of
1933)
[  ] immediately upon filing pursuant to paragraph (b)
[  ] on _____________ pursuant to paragraph (b)
[  ] 60 days after filing pursuant to paragraph (a)
[  ] on _____________ pursuant to paragraph (a) of Rule 486.
[  ] This  post-effective  amendment  designates a new effective date for a
previously-filed registration statement.


             CALCULATION OF REGISTRATION FEE UNDER SECURITIES ACT OF 1933

---------------------------------------------------------------------------------
                                                             Proposed
Title of           Amount Being  Post-Effective Proposed     Maximum     Amount of
Securities         Registered    Amendment      Maximum      Aggregate   Registration
Being Registered                   No.          Price        Offering    Fee
                                                Per Unit     Price
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Shares of                           -
Beneficial        50,000                        $1,000     $50,000,000     $4,600(2)
Interest (1)      shares
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Shares of
Beneficial        9,800 shares      1           $1,010.686  $9,904,722.80   $912(2)
Interest (1)
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Shares of
Beneficial        11,850            2           $1,010.686  $11,976,629.10  $1,102(2)
Interest (1)      shares
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Shares of
Beneficial        14,200            3           $1,010.686  $14,351,741.20  $1,162(2)
Interest (1)      shares
---------------------------------------------------------------------------------
---------------------------------------------------------------------------------
Shares of
Beneficial        9,441 shares      5           $1,059.14   $10,000,000     $920(4)
Interest (3)
---------------------------------------------------------------------------------

(1) Previously registered and carried forward under this Registration Statement.
(2) Registration fee previously paid.
(3) Currently being registered.
(4) Registration fee previously paid.

The Registrant's Prospectus and Statement of Additional Information dated
January 2, 2003 (File Nos. 333-89784 and 811-21110) are hereby incorporated by
reference.


                                          FORM N-2

                          OFI TREMONT CORE DIVERSIFIED HEDGE FUND


                                         SIGNATURES

     Pursuant  to  the  requirements  of the  Securities  Act of  1933  and  the
Investment Company Act of 1940, the Registrant has duly caused this registration
statement  to be  signed  on its  behalf  by  the  undersigned,  thereunto  duly
authorized,  in the City of New York,  and State of New York, on the 12th day of
November, 2003.

                               OFI TREMONT CORE DIVERSIFIED HEDGE FUND

                                By: /s/ John V. Murphy
                                ---------------------------
                                 Name: John V. Murphy
                                    Title: President

     Pursuant to requirements  of the Securities Act of 1933, this  registration
statement has been signed by the following persons in the capacities indicated.

Signatures                        Title                      Date

/s/ John V. Murphy *              President,
------------------------          Principal Executive
John V. Murphy                    Officer, Trustee           November 12, 2003


/s/ Ronald J. Abdow *
-------------------------         Trustee                    November 12, 2003
Ronald J. Abdow


/s/ Eustis Walcott
-------------------------          Trustee                   November 12, 2003
Eustis Walcott


/s/ Joseph M. Wikler*
--------------------------         Trustee                   November 12, 2003
 Joseph M. Wiker


/s/ Peter I. Wold *                Trustee                   November 12, 2003
--------------------------
Peter I. Wold


/s/ Brian W. Wixted*               Treasurer &           November 12, 2003
--------------------------         Principal Accounting
Brian W. Wixted                    Officer


* By: /s/ Robert G. Zack
      ------------------
   Robert G. Zack, Attorney-In-Fact