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

                                   FORM 13F

                Report for the Quarter Ended December 31, 2007

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

Name of Institutional Investment Manager Filing this Report:

Oppenheimer Capital LLC

Address:

1345 Avenue of the Americas, 50th Floor, New York, NY 10105

Form 13-F File No. 28-02443

   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 12th day of February, 2008.

                            Oppenheimer Capital LLC
                  (Name of Institutional Investment Manager)

Person Signing this Report on Behalf of Reporting Manager:

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


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

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:
- ------------- ----------------------------------------
   28-2701    Allianz Global Investors of America L.P.

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