It may not be true but I really found it in one site. This is the site.
http://www.angelfire.com/anime2/sotssrpg/sephiroth.html
Limit Break 1: Peace, Dogma
Limit Break 2: Heartless Angel, Stigma
Limit Break 3: Shadow Flare, Super Nova
Limit Break 4: One Winged Angel
Level 1: Peace - Sephiroth leaps forward and slashes an enemy, his Masamune glowing a light blue. Slows the enemy and causes petrify.
Dogma - Sticking Masamune's blade into the ground, then is surrounded by a healing glow that restores him to full health.
Level 2: Heartless Angel - Multi coloured light surrounds an enemy, before zooming in for heavy damage.
Stigma - Hurts then confuses any one it hits, a white orb zooms around randomly hitting people
Level 3: Shadow Flare - The whole area is turned white, and one person is blasted with darkness.
Super Nova - Teleports the target to another dimension, where a Super Nova has just been caused by a rogue comet, before bringing them back. Take an enemy to the verge of death, but never beyond
Level 4: One Winged Angel - Sephiroth becomes the one winged Angel, and unleashes a devastating storm of power upon his enemies