POLYCOM INC
SC 13G/A, 1998-02-12
TELEPHONE & TELEGRAPH APPARATUS
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<PAGE>



                                    UNITED STATES
                          SECURITIES AND EXCHANGE COMMISSION
                                Washington, DC  20549

                                     SCHEDULE 13G

                      Under the Securities Exchange Act of 1934
                                  (Amendment No. 1)*

                                    Polycom, Inc.
                                   (Name of Issuer)

                            Common Stock Par Value $.0005
                            (Title of Class of Securities)

                                      73172K104
                                    (CUSIP Number)









*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, 
and for any subsequent amendment containing information which would alter the 
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be 
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange 
Act of 1934 ("Act") or otherwise subject to the liabilities of that section 
of the Act but shall be subject to all other provisions of the Act (however, 
see the Notes).

 
<PAGE>

Cusip No. 73172K104          13G                           Page 2 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Oak Investment Partners IV, Limited Partnership
06-1237975
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)

                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

Delaware
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of         (5)  Sole Voting Power           2,630,150 Shares of
Shares                                             Common Stock
Beneficially      (6)  Shared Voting Power         Not applicable
Owned by
Each              (7)  Sole Dispositive Power      2,630,150 Shares of
Reporting Person                                   Common Stock
with              (8)  Shared Dispositive Power    Not applicable

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,630,150 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)
                                                      [   ]
- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   13.7%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   PN     

<PAGE>

Cusip No. 73172K104          13G                           Page 3 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Oak Associates IV, LLC
06-1462390
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                              
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

Delaware
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of          (5)  Sole Voting Power             Not applicable
Shares
Beneficially       (6)  Shared Voting Power           2,630,150 Shares of
                                                      Common Stock
Owned by
Each               (7)  Sole Dispositive Power        Not applicable
Reporting Person   (8)  Shared Dispositive Power      2,630,150 Shares of
with                                                  Common Stock

</TABLE>
- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,630,150 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)                  [   ]

- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   13.7%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   OO-LLC 

<PAGE>

Cusip No. 73172K104          13G                           Page 4 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Oak IV Affiliates Fund, Limited Partnership
06-1256163
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                                    
                                                  (a) [   ]
                                                            
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

Delaware
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power           111,248 Shares of
Shares                                                   Common Stock
Beneficially            (6)  Shared Voting Power         Not applicable
Owned by
Each                    (7)  Sole Dispositive Power      111,248 Shares of
Reporting Person                                         Common Stock
with                    (8)  Shared Dispositive Power    Not applicable

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   111,248 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)                  [   ]

- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   0.6%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   PN 

<PAGE>

Cusip No. 73172K104          13G                           Page 5 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Oak IV Affiliates
06-1256164
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                                              
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

Connecticut
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           111,248 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person
with                    (8)  Shared Dispositive Power      111,248 Shares of
                                                           Common Stock

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   111,248 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)                      [   ]

- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   0.6%
- -------------------------------------------------------------------------------
12 Type of Reporting Person (See Instructions)

   PN 

<PAGE>

Cusip No. 73172K104          13G                           Page 6 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Oak Management Corporation
06-0990851

- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                 
                                                  (a) [   ]
                                                  (b) [   ]

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

Delaware
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by                (7)  Sole Dispositive Power        Not applicable
Each
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)      
                                                      [   ]
- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   CO 

<PAGE>

Cusip No. 73172K104          13G                           Page 7 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Bandel L. Carano   
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                         
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

United States
- -------------------------------------------------------------------------------

<TABLE>


<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)                   
                                                      [   ]
- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   IN 

<PAGE>

Cusip No. 73172K104          13G                           Page 8 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Gerald R. Gallagher   
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                                    
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------
3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

United States
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>
- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------
10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)                     
                                                      [   ]

- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   IN 

<PAGE>

Cusip No. 73172K104          13G                           Page 9 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Edward F. Glassmeyer
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                                         
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

United States
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>

- -------------------------------------------------------------------------------
9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions) 
                                                      [   ]
- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   IN 

<PAGE>

Cusip No. 73172K104          13G                           Page 10 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Ann H. Lamont   
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)
                                                            
                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------
3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

United States
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions)  
                                                      [   ]
- -------------------------------------------------------------------------------
11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   IN 

<PAGE>

Cusip No. 73172K104          13G                           Page 11 of 18 Pages

1  Names of Reporting Persons 
   S.S. or I.R.S. Identification Nos. of Above Persons

Eileen M. More  
- -------------------------------------------------------------------------------

2 Check the Appropriate Box if a Member of a Group (See Instructions)

                                                  (a) [   ]
                                                  (b) [   ]
- -------------------------------------------------------------------------------

3 SEC Use Only

- -------------------------------------------------------------------------------

4 Citizenship or Place of Organization

United States
- -------------------------------------------------------------------------------

<TABLE>

<S>            <C>                              <C>

Number of               (5)  Sole Voting Power             Not applicable
Shares
Beneficially            (6)  Shared Voting Power           2,741,398 Shares of
                                                           Common Stock
Owned by
Each                    (7)  Sole Dispositive Power        Not applicable
Reporting Person        (8)  Shared Dispositive Power      2,741,398 Shares of
with                                                       Common Stock

</TABLE>

- -------------------------------------------------------------------------------

9  Aggregate Amount Beneficially Owned by Each
   Reporting Person

   2,741,398 Shares of Common Stock     
- -------------------------------------------------------------------------------

10 Check if the Aggregate Amount in Row (9) Excludes
   Certain Shares (See Instructions) 
                                                      [   ]

- -------------------------------------------------------------------------------

11 Percent of Class Represented by Amount in Row 9

   14.3%
- -------------------------------------------------------------------------------

12 Type of Reporting Person (See Instructions)

   IN 

<PAGE>


                                                           Page 12 of 18 pages

                                     Schedule 13G
                                   Amendment No. 1
                            Common Stock, Par Value $.0005
                                 CUSIP No. 73172K104

Item 1(a)      Name of Issuer:
               Polycom, Inc.

Item 1(b)      Address of Issuer's Principal Executive Offices:
               2584 Junction Avenue 
               San Jose, CA 95134

Item 2(a)      Name of Person filing:

     Oak Investment Partners IV, Limited Partnership
     Oak Associates IV, LLC
     Oak IV Affiliates Fund, Limited Partnership
     Oak IV Affiliates
     Oak Management Corporation
     Bandel L. Carano
     Gerald R. Gallagher
     Edward F. Glassmeyer
     Ann H. Lamont
     Eileen M. More

Item 2(b)      Address of Principal Business Office or, if none, Residence:

     c/o Oak Management Corporation
     One Gorham Island
     Westport, CT 06880

Item 2(c)      Citizenship:

     Please refer to Item 4 on each cover sheet for each filing person
     
Item 2(d)      Title of Class of Securities:

     Common stock, $.0005 par value

Item 2(e)      CUSIP Number: 73172K104

Item 3         Not Applicable.

Item 4         Ownership.

     The approximate percentages of shares of Common Stock reported as 
beneficially owned by the Reporting Entities is based upon 

<PAGE>

19,189,370 shares outstanding as of October 28, 1997, as reported in the 
Issuer's Quarterly Report on Form 10-Q for the fiscal quarter ended September 
28, 1997, plus the shares issuable upon exercise of the options described in 
the following sentence. Amounts shown as beneficially owned include currently 
exercisable options to purchase 19,128 shares of Common Stock and 872 shares 
of Common Stock which may be deemed to be held by Bandel L. Carano on behalf 
of Oak Investment Partners IV, Limited Partnership, and Oak IV Affiliates 
Fund, Limited Partnership, respectively.
     
     Please see Items 5, 6, 7, 8, 9 and 11 for each cover sheet for each filing
entity.

Item 5         Ownership of Five Percent or Less of a Class.

     Not applicable

Item 6         Ownership of More than Five Percent on Behalf of Another Person.

     Not applicable

Item 7         Identification and Classification of the Subsidiary Which 
               Acquired the Security Being Reported on By the Parent Holding 
               Company.

     Not applicable

Item 8         Identification and Classification of Members of the Group.

     Not applicable

Item 9         Notice of Dissolution of Group.

     Not applicable

Item 10        Certification.

     Not applicable

 
<PAGE>


Signature
- ---------

     After reasonable inquiry and to the best of my knowledge and belief, I 
certify that the information set forth in this statement is true, complete 
and correct.

Dated February 12, 1998

                              Oak Investment Partners IV,
                              Limited Partnership

                              By:  Oak Associates IV, LLC,
                                   As General Partner


                              By:  /s/ Edward F. Glassmeyer       
                                   ------------------------------
                                  Managing Member

                              Oak Associates IV, LLC


                              By:  /s/ Edward F. Glassmeyer       
                                   ------------------------------
                                   Managing Member


                              Oak IV Affiliates Fund, Limited
                              Partnership

                              By:  Oak IV Affiliates, As General
                                   Partner


                              By:  /s/ Edward F. Glassmeyer      
                                   ------------------------------ 
                                   General Partner


                              Oak IV Affiliates



                              By:  /s/ Edward F. Glassmeyer      
                                   ------------------------------ 
                                   General Partner

 

<PAGE>


                              OAK MANAGEMENT CORPORATION


                              By:  /s/ Edward F. Glassmeyer            
                                   ------------------------------
                                   Name:  Edward F. Glassmeyer
                                   Title: President



                                   /s/ Bandel L. Carano                
                                   ------------------------------
                                   Bandel L. Carano



                                   /s/ Gerald R. Gallagher            
                                   ------------------------------
                                   Gerald R. Gallagher



                                   /s/ Edward F. Glassmeyer            
                                   ------------------------------
                                   Edward F. Glassmeyer


                              
                                   /s/ Ann H. Lamont                   
                                   ------------------------------
                                   Ann H. Lamont



                                   /s/ Eileen M. More                  
                                   ------------------------------
                                   Eileen M. More 

<PAGE>

                                  INDEX TO EXHIBITS
                                  -----------------


                                                       Page
                                                       ----



EXHIBIT A           Agreement of Reporting Persons      17 


<PAGE>

                                      Exhibit A
                                      ---------


     Each of the undersigned hereby agrees that Amendment No. 1 the Schedule 
13G filed on the date hereof with respect to the shares of Common Stock of 
Polycom, Inc. has been filed on behalf of the undersigned.

Signature:
- ---------


     Dated February 12, 1998


                              Oak Investment Partners IV,
                              Limited Partnership

                              By:  Oak Associates IV, LLC,
                                   As General Partner


                              By:  /s/ Edward F. Glassmeyer
                                   ------------------------
                                  Managing Member

                              Oak Associates IV, LLC


                              By:  /s/ Edward F. Glassmeyer
                                   ------------------------
                                   Managing Member


                              Oak IV Affiliates Fund, Limited
                              Partnership

                              By:  Oak IV Affiliates, As General
                                   Partner


                              By:  /s/ Edward F. Glassmeyer       
                                   ------------------------
                                   General Partner


                              Oak IV Affiliates


                              By:  /s/ Edward F. Glassmeyer       
                                   ------------------------
                                   General Partner





<PAGE>

                              OAK MANAGEMENT CORPORATION


                              By:  /s/ Edward F. Glassmeyer
                                   ------------------------
                                   Name:  Edward F. Glassmeyer
                                   Title: President



                                   /s/ Bandel L. Carano
                                   ------------------------
                                   Bandel L. Carano



                                   /s/ Gerald R. Gallagher
                                   ------------------------
                                   Gerald R. Gallagher



                                   /s/ Edward F. Glassmeyer
                                   ------------------------
                                   Edward F. Glassmeyer


                              
                                   /s/ Ann H. Lamont
                                   ------------------------
                                   Ann H. Lamont



                                   /s/ Eileen M. More  
                                   ------------------------
                                   Eileen M. More
 


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