United States Securities and Exchange Commission
                            Washington, D.C. 20549

                                   FORM 13F

                Report for the Quarter Ended September 30, 2006

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           Check here if Amendment:   [ ]  Amendment No.
           This Amendment             [ ]  is a restatement
                                      [ ]  Adds new holdings entries

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Name of Institutional Investment Manager Filing this Report:

       Oppenheimer Capital LLC
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Address:

       1345 Avenue of the Americas, 50th Floor, New York, NY 10105
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       Form 13-F File No. 28-204

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              The institutional investment manager filing this Report and the
       person by whom it is signed hereby represent that the person signing the
       Report is authorized to submit it, that all information contained herein
       is true, correct and complete, and that it is understood that all
       required items, statements, schedules, lists and tables are considered
       integral parts of this Form.

              Pursuant to the requirements of Securities Exchange Act of 1934,
       the undersigned institutional investment manager has caused this report
       to be signed on its behalf in the City of Newport Beach and the State of
       California on the 1st day of December, 2006.

                            Oppenheimer Capital LLC
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Person Signing this Report on         (Name of Institutional Investment Manager)
Behalf of Reporting Manager:

Name:    Kellie E. Davidson
Title:   Assistant Secretary
Phone:   (949) 219-2200

                                       /s/ KELLIE E. DAVIDSON
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                    (Signature of Person Duly Authorized to Submit This Report)
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       Report Type:

         [ ]   13F HOLDINGS REPORT. (Check here if all holdings of this
               Reporting Manager are reported in this Report)

         [X]   13F NOTICE. (Check here if no holdings are reported in this
               Report, and all holdings are reported by other Reporting
               Manager(s))

         [ ]   13F COMBINATION REPORT. (Check here if a portion of the holdings
               for this Reporting Manager are reported in this Report and a
               portion are reported by other Reporting Manager(s))

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List of Other Managers Reporting for this Manager

        13F File No.:  Name:
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        28-2701        Allianz Global Investors of America L.P.

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