UNITED STATES
                                                 SECURITIES AND EXCHANGE COMMISSION
                                                       Washington, D.C. 20549


                                                            SCHEDULE 13G
                                             Under the Securities Exchange Act of 1934
                                                         (Amendment No. 2)*

                                                      Polaroid Corporation

                                                        (Name of Issuer)

                                                          Common Stock

                                                 (Title of Class of Securities)

                                                            731095105

                                                         (CUSIP Number)
                                                            01/31/02

                                     (Date of Event Which Requires Filing of this Statement)



Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
[X]          Rule 13d-1(b)
[  ]         Rule 13d-1(c)
[  ]         Rule 13d-1(d)

*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).













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  CUSIP No. 731095105

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          1.           Names of Reporting Persons
                       IRS Identification No:

                       OppenheimerFunds, Inc.
                       13-2527171
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 --------------------- --------------------------------------------------------------------------------------------------------------

          2.            Check the Appropriate Box if a Member of a Group (See Instructions): Joint filing
                       (a)

                       (b)

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          3.           SEC Use Only
 --------------------- --------------------------------------------------------------------------------------------------------------

          4.           Citizenship or Place of Organization:
                       Colorado
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      Number of
        Shares         5.       Sole Voting Power:
     Beneficially             0
       Owned by
         Each
      Reporting
     Person With
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

                       6.       Shared Voting Power:
                              0
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

                       7.       Sole Dispositive Power:
                              0
 --------------------- --------------------------------------------------------------------------------------------------------------
 ---------------------

                       8.       Shared Dispositive Power:
                              0
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

          9.           Aggregate Amount Beneficially Owned by Each Reporting Person:
                       0 (beneficial ownership disclaimed pursuant to Rule 13d-4 of the Exchange Act of 1934)
 --------------------- --------------------------------------------------------------------------------------------------------------

         10.           Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
                       [  ]
 --------------------- --------------------------------------------------------------------------------------------------------------

         11.           Percent of Class Represented by Amount in Row (11):
                       0%
 --------------------- --------------------------------------------------------------------------------------------------------------

         12.           Type of Reporting Person (See Instructions):
                       IA
 --------------------- --------------------------------------------------------------------------------------------------------------








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

  CUSIP No. 731095105

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

          1.           Names of Reporting Persons:
                       IRS Identification No:  93-1036175

                       Oppenheimer Global Growth & Income Fund

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

          2.            Check the Appropriate Box if a Member of a Group (See Instructions): Joint filing
                       (a)

                       (b)

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

          3.           SEC Use Only
 --------------------- --------------------------------------------------------------------------------------------------------------

          4.           Citizenship or Place of Organization:
                       Massachusetts
 --------------------- --------------------------------------------------------------------------------------------------------------
      Number of
        Shares         5.      Sole Voting Power:
     Beneficially             0
       Owned by
         Each
      Reporting
     Person With
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

                       6.         Shared Voting Power:
                              0
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

                       7.         Sole Dispositive Power:
                              0
 --------------------- --------------------------------------------------------------------------------------------------------------
 ---------------------

                       8.         Shared Dispositive Power:
                              0
 ---------------------
 --------------------- --------------------------------------------------------------------------------------------------------------

          9.           Aggregate Amount Beneficially Owned by Each Reporting Person:
                       0
 --------------------- --------------------------------------------------------------------------------------------------------------

         10.           Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions)
                       [  ]
 --------------------- --------------------------------------------------------------------------------------------------------------

         11.           Percent of Class Represented by Amount in Row (11):
                       0%
 --------------------- --------------------------------------------------------------------------------------------------------------

         12.           Type of Reporting Person (See Instructions):
                       IV
 --------------------- --------------------------------------------------------------------------------------------------------------







 -------------------------------------------------------------------------------------------------------------------------------
 Item:
 -------------------------------------------------------------------------------------------------------------------------------





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

         1(a)          Name of Issuer:
                       Polaroid Corporation
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

         1(b)          Address of Issuer's Principal Executive Offices:
                       784 Memorial Drive
                       Cambridge, MA  02139
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 --------------------- ---------------------------------------------------------------------------------------------------------

         2(a)          Name of Person Filing:
                       (i)      OppenheimerFunds, Inc.
                       (ii)     Oppenheimer Global Growth & Income Fund
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

         2(b)          Address of Principal Business Office or, if none, Residence:
                       (i)    498 Seventh Avenue
                              New York, NY 10018
                       (ii)   6803 S. Tucson Way
                              Englewood, CO  80112
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 --------------------- ---------------------------------------------------------------------------------------------------------

         2(c)          Citizenship:
                       (i)      Colorado
                       (ii)     Massachusetts
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 --------------------- ---------------------------------------------------------------------------------------------------------

         2(d)          Title of Class of Securities:
                       Common Stock
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 --------------------- ---------------------------------------------------------------------------------------------------------

         2(e)          CUSIP Number:
                       731095105
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 --------------------- ---------------------------------------------------------------------------------------------------------

          3            If this statement is filed pursuant toss.240.13d-1(b) or 240.13d-2(b) or (c), check whether the person
                       filing is a:
                       (e)      X    An investment adviser in accordance withss.240.13d-1(b)(1)(ii)(E)
                               ----
                       (d)      X   Investment company registered under section 8 of the Investment Company Act of      1940
                                ---
                       (15 U.S. C. 80a-8).
 --------------------- ---------------------------------------------------------------------------------------------------------
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         4(a)          Amount beneficially owned:
                       (i)      0 (beneficial ownership disclaimed pursuant to Rule 13d-4 of the Exchange Act of 1934)
                       (ii)     0
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 --------------------- ---------------------------------------------------------------------------------------------------------

         4(b)          Percent of class:
                       (i)      0% (reflects ownership in 4(b)(ii) below)
                       (ii)     0%
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

         4(c)          Number of shares as to which the person has:

             (i)       Sole power to vote or to direct the vote:
                       (a)      0
                       (b)      0
             (ii)      Shared power to vote or to direct the vote:
                       (a)      0
                       (b)      0
             (iii)     Sole power to dispose or to direct the disposition of:
                       (a)      0
                       (b)      0
             (iv)      Shared power to dispose or to direct the disposition of:
                       (a)      0
                       (b)      0
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

          5.           Ownership of Five Percent or Less of a Class: [ X ]
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

          6.           Ownership of More than Five Percent on Behalf of Another Person.:
                       See Exhibit A hereto.
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 --------------------- ---------------------------------------------------------------------------------------------------------

          7.           Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on By
                       the Parent Holding Company:
                       N/A
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 --------------------- ---------------------------------------------------------------------------------------------------------

          8.           Identification and Classification of Members of the Group:
                       N/A
 --------------------- ---------------------------------------------------------------------------------------------------------
 --------------------- ---------------------------------------------------------------------------------------------------------

          9.           Notice of Dissolution of Group:
                       N/A
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 --------------------- ---------------------------------------------------------------------------------------------------------

         10.           Certification:
                       By signing below I certify that, to the best of my knowledge and belief, the securities referred to
                       above were acquired and are held in the ordinary course of business and were not acquired and are not
                       held for the purpose of or with the effect of changing or influencing the control of the issuer of the
                       securities and were not acquired and are not held in connection with or as a participant in any
                       transaction having that purpose or effect.
 --------------------- ---------------------------------------------------------------------------------------------------------

                                                             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.


                                                                                        2/6/02
                                                                                        Date

                                                                                /s/ Philip T. Masterson
                                                                                        Signature

                                                                         Philip T. Masterson, Vice President
                                                                                        Name/Title






                                                             EXHIBIT A

         The respective Boards of Directors or Trustees of the registered investment companies ("Funds") managed by
OppenheimerFunds, Inc. ("OFI") that own shares of the issuer can direct the disposition of dividends received by such Funds and
can dispose of such securities. Additionally, OFI shares the power to dispose of such securities with the Board of Directors or
Trustees of such Funds; however, the Boards of Directors or Trustees of such Funds have delegated this responsibility to OFI as
the Funds' investment advisor under the respective investment advisory agreements. OFI had interest relating to five (5%) percent
or more of such securities as disclosed on Page 2 hereof, by virtue of the interest of five percent (5%) or more of such
securities formerly owned by Oppenheimer Global Growth and Income Fund.





                                                             EXHIBIT B

         The undersigned investment company hereby acknowledges and agrees that a report on Schedule 13G filed by
OppenheimerFunds, Inc. on or about the date hereof, relating to the common stock of Polaroid Corporation is filed on behalf of the
undersigned.

Dated:  February 6, 2002

                                                                       Oppenheimer Global Growth and Income Fund



                                                                       By:      /s/ Robert G. Zack

                                                                                Robert G. Zack
                                                                                Assistant Secretary






















Polaroid-13g(02).doc