<PAGE>
 
                      SECURITIES AND EXCHANGE COMMISSION
                            Washington, D.C.  20549



                                 SCHEDULE 13G

                   Under the Securities Exchange Act of 1934

                         (Amendment No.      1      )*
                                        ------------  


                            Harmonic Lightwaves, Inc.
- --------------------------------------------------------------------------------
                               (Name of Issuer)

                                 Common Stock
- --------------------------------------------------------------------------------
                        (Title of Class of Securities)

                                   413160102
                              -------------------
                                (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).

4151318                              Page 1

<PAGE>
 
- -----------------------
  CUSIP NO. 413160102                   13G
- -----------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                              
      BankAmerica Corporation 
      94-1681731              
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          289,750
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          294,500
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      294,500

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      2.9%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      HC

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

                     *SEE INSTRUCTION BEFORE FILLING OUT!

4151318                              Page 2

<PAGE>
 
- -----------------------
  CUSIP NO. 413160102                   13G
- -----------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                            
      Bank of America NT&SA 
      94-1678665            
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      United States

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            92,000
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          197,750
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             79,650
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          214,850
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      294,500

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      2.9%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      BK

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

                     *SEE INSTRUCTION BEFORE FILLING OUT!

4151318                              Page 3

<PAGE>
 
- -----------------------
  CUSIP NO. 413160102                   13G
- -----------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
      
      BofA Capital Management, Inc.    
      95-4262782                    
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      Delaware

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            197,750
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             198,600
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      198,600

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      2.0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      IA

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

                     *SEE INSTRUCTION BEFORE FILLING OUT!

4151318                              Page 4

<PAGE>
 
- -----------------------
  CUSIP NO. 413160102                   13G
- -----------------------
 
- ------------------------------------------------------------------------------
      NAME OF REPORTING PERSON
 1    S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON
                           
      BankAmerica Ventures 
      95-6016836           
- ------------------------------------------------------------------------------
      CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
 2                                                              (a) [_]
                                                                (b) [_]
                                                 
- ------------------------------------------------------------------------------
      SEC USE ONLY
 3
 

- ------------------------------------------------------------------------------
      CITIZENSHIP OR PLACE OF ORGANIZATION
 4    
      California

- ------------------------------------------------------------------------------
                          SOLE VOTING POWER
                     5   
     NUMBER OF            -0-
 
      SHARES       -----------------------------------------------------------
                          SHARED VOTING POWER
   BENEFICIALLY      6
                          -0-
     OWNED BY
                   -----------------------------------------------------------
       EACH               SOLE DISPOSITIVE POWER
                     7    
    REPORTING             -0-
 
      PERSON       -----------------------------------------------------------
                          SHARED DISPOSITIVE POWER
       WITH          8
                          -0-
- ------------------------------------------------------------------------------
      AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
 9  
      -0-

- ------------------------------------------------------------------------------
      CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*
10                  
 
 
- ------------------------------------------------------------------------------
      PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9
11    
      0%

- ------------------------------------------------------------------------------
      TYPE OF REPORTING PERSON*
12
      CO

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

                     *SEE INSTRUCTION BEFORE FILLING OUT!

4151318                              Page 5

<PAGE>
 
                                  SCHEDULE 13G

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

      (b)  Address of Issuer's
           Principal Executive Offices:    549 Baltic Way
                                           Sunnyvale, CA  94089

Item 2(a)  Names of Person Filing:         BankAmerica Corporation
                                             ("BAC")
                                           Bank of America NT&SA
                                             ("BANTSA")
                                           BofA Capital Management,
                                             Inc. ("BCM")
                                           BankAmerica Ventures
                                             ("BAV")

      (b)  Address of Principal
           Business Offices:               (For BAC and BANTSA)
                                           555 California Street
                                           San Francisco, CA  94104

                                           (For BCM)
                                           300 South Grand Avenue
                                           Suite 2200
                                           Los Angeles, CA  90071

                                           (For BAV)
                                           950 Tower Lane, Suite 700
                                           Foster City, CA  94404

      (c)  Citizenship:                    BAC is organized under the laws of
                                           Delaware. BANTSA is a national
                                           banking association organized under
                                           the laws of the United States. BCM is
                                           organized under the laws of Delaware.
                                           BAV is organized under the laws of
                                           California.

      (d)  Title of Class of Securities:   Common Stock

      (e)  CUSIP Number:                   413160102

Item 3     If this statement is filed pursuant to Rules 13d-1(b), or 13d-2(b),
           check whether the person filing is a:*

           (a) [ ]  Broker or Dealer registered under Section 15 of the Act

           (b) [X]  Bank as defined in section 3(a)(6) of the Act

           (c) [ ]  Insurance Company as defined in section 3(a)(19) of the Act

           (d) [X]  Investment Company registered under section 8 of the
                    Investment Company Act

           (e) [ ]  Investment Adviser registered under section 203 of the
                    Investment Advisers Act of 1940

           (f) [ ]  Employee Benefit Plan, Pension Fund which is subject to the
                    provisions of the Employee Retirement Income Security Act of
                    1974 or Endowment Fund; see (S)240.13d-1(b)(1)(ii)(F)


*  Not applicable as to BAV's beneficial ownership. For BAV this statement is
   filed pursuant to Rule 13d-1(c).

4151318                              Page 6

<PAGE>
 
           (g) [X]  Parent Holding Company, in accordance with
                    (S)240.13d-1(b)(ii)(G) (Note: See Item 7)

           (h) [ ]  Group, in accordance with (S)240.13d-1(b)(1)(ii)(H)
 
 
Item 4     Ownership
 
           (a) Amount Beneficially Owned:*
                 BAC                                                     294,500
                 BANTSA**                                                294,500
                 BCM                                                     198,600
                 BAV                                                           0

           (b) Percent of Class:*
                 BAC                                                        2.9%
                 BANTSA**                                                   2.9%
                 BCM                                                        2.0%
                 BAV                                                          0%
 
           (c) Number of shares as to which such person has:

                 (i) sole power to vote or direct the vote:*
                       BAC                                                    0
                       BANTSA                                            92,000
                       BCM                                              197,750
                       BAV                                                    0
                (ii) shared power to vote or direct the vote:*
                       BAC                                              289,750
                       BANTSA                                           197,750
                       BCM                                                    0
                       BAV                                                    0
 
               (iii) sole power to dispose or direct the
                     disposition of:*
                       BAC                                                    0
                       BANTSA                                            79,650
                       BCM                                              198,600
                       BAV                                                    0

                (iv) shared power to dispose or direct the
                     disposition of:*
                       BAC                                              294,500
                       BANTSA                                           214,850
                       BCM                                                    0
                       BAV                                                    0
 
 
*By virtue of the corporate relationships between Reporting Persons as described
in Item 7, BAC (the parent company) may be deemed to possess indirect beneficial
ownership of shares beneficially owned directly by its subsidiaries.  Similarly,
higher tier BAC subsidiaries may be deemed to possess indirect beneficial
ownership of shares beneficially owned directly by lower tier BAC subsidiaries.
The power to vote and to dispose of shares may be deemed to be shared between
entities due to their corporate relationships.


**This represents a combined total of beneficial ownership of shares and
percentages, respectively, of 900 and .0% by Bank of America NW, NA and 293,600
and 2.9% by BANTSA.  Bank of America NW, NA merged into BANTSA on January 1,
1997.

4151318                              Page 7

<PAGE>
 
Item 5    Ownership of Five Percent or Less of a Class.

          If this statement is being filed to
          report the fact that as of the date
          hereof the reporting person has ceased
          to be the beneficial owner of more
          than five percent of the class of
          securities, check the following [X].

Item 6    Ownership of More than Five Percent on Behalf
          of Another Person.                                     Not Applicable.

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

          See Item 2.  The entities described below
          are direct or indirect wholly-owned subsi-
          diaries of BAC, which is a registered bank
          holding company.  BANTSA is a bank as defined
          in section 3(a)(6) of the Act.  BAV is a cor-
          poration.  BCM is an investment advisor regis-
          tered under the Investment Advisors Act of 1940.

Item 8    Identification and Classification
          of Members of the Group.

          See Item 7.

Item 9    Notice of Dissolution of Group.                        Not Applicable.

Item 10   Certification.

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

4151318                              Page 8

<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.


                                          BankAmerica Corporation



Dated:  February 12, 1997                 By /s/ JOHN J. HIGGINS
                                             ---------------------------
                                             John J. Higgins
                                             Executive Vice President

4151318                              Page 9

<PAGE>
 
                                                                       Exhibit A

                          AGREEMENT RE JOINT FILING OF
                                  SCHEDULE 13G


The undersigned hereby agrees as follows:

         (i)  Each of them is individually eligible to use the Schedule 13G to
which this Exhibit is attached, and such Schedule 13G is filed on behalf of each
of them; and

         (ii) Each of them is responsible for the timely filing of such Schedule
13G and any amendments thereto, and for the completeness and accuracy of the
information concerning such person contained therein; but none of them is
responsible for the completeness or accuracy of the information concerning the
other persons making the filing, unless such person knows or has reason to
believe that such information is inaccurate.



Dated: February 12, 1997          BANKAMERICA CORPORATION

                                  By:   /s/ JOHN J. HIGGINS
                                        -------------------
                                        John J. Higgins

                                  Its:  Executive Vice President


Dated: February 12, 1997          BANK OF AMERICA NT&SA*

                                  By:   /s/ JOHN J. HIGGINS
                                        -------------------
                                        John J. Higgins

                                  Its:  Group Executive Vice President


Dated: February 12, 1997          BANKAMERICA VENTURES

                                  By:   /s/ ERICK CHRISTENSEN
                                        ---------------------
                                        Erick Christensen

                                  Its:  Vice President



Dated: February 12, 1997          BOFA CAPITAL MANAGEMENT, INC.

                                  By:   /s/ JUDITH RIDDER
                                        -----------------
                                        Judith Ridder

                                  Its:  Vice President



*On January 1, 1997 Bank of America NW, NA was merged into Bank of America NT&SA
and no longer exists.

4151318                             Page 10


<PAGE>
 
Board of Directors                                    Adopted:  November 1, 1993
BankAmerica Corporation                            Last amended:  August 1, 1994


           GENERAL OPERATING AND BORROWING RESOLUTION (Excerpts from)
           ----------------------------------------------------------


     1.   Any two BAC officers listed below under the designation "Group 1" (the
"Officers"):

                                    GROUP 1
                                    -------

          the Chairman of the Board
          the Chief Executive Officer
          the President
          any Vice Chairman of the Board
          any Vice Chairman
          the Chief Financial Officer
          the Treasurer
          any Executive Vice President
          any Senior Vice President
          any Vice President
          the Secretary

     2.   Any one BAC officer listed above under either the designation GROUP 1
or GROUP 2, or any member of the Legal Department of Bank of America NT&SA
holding the title of counsel or a title senior thereto be, and hereby is,
authorized to sign registrations, reports, certificates, applications and other
writings on behalf of BAC for submission to or filing with any federal, state,
local or foreign regulatory authorities, and any amendments, withdrawals, or
terminations thereof, as are deemed desirable by such officer or attorney in
connection with BAC's activities or affairs.


4126526.01



<PAGE>
 
Board of Directors                                              November 4, 1996
Bank of America NT&SA

                  GENERAL OPERATING RESOLUTION (Excerpts from)
                  --------------------------------------------

     The Board of Directors of Bank of America NT&SA ("BofA") authorizes and
determines as follows:

     1.  Certain officers of BofA ("Authorized Signers") are authorized to act
on behalf of BofA as set forth in the attached "Signing Authorities Chart."

     2.  For the purposes of this resolution, "OFFICER" refers to a BofA officer
holding one of the officer titles listed below, and "OFFICER" refers to any BofA
officer.  The incumbency of any officer may be certified by the Secretary or any
Assistant Secretary.  References in this resolution to the ranking of officer
titles refers to the ranking shown in the following list of Officers:

          the Chief Executive Officer ("CEO")
          the Chairman of the Board
          the President
          any Vice Chairman of the Board ("VC of the Bd")
          the Chief Operating Officer ("COO")
          any Vice Chairman ("VC")
          the Chief Financial Officer ("CFO")
          any Group Executive Vice President ("GEVP")
          any Executive Vice President ("EVP")
          any Senior Vice President ("SVP")
          the Cashier
          the Secretary
          the Treasurer
          any Managing Director
          any Senior Authorized Officer
          any Vice President ("VP")
          any Assistant Vice President
          any Authorized Officer
          any Senior Trust Officer
          any Trust Officer
          any Assistant Secretary
          any Assistant Cashier

<PAGE>
 
VI.  REGULATORY MATTERS

   Action or Transaction                  Authorized Signer(s)

Execution of any document or             Any one Officer at the
other writings and any                   level of VP or above,
amendments, withdrawals or               or any one attorney in
terminations thereof for                 the Legal or Tax
submission to or filing with             Departments of BofA
any federal, state, local or             holding the officer
foreign regulatory authorities.          title of Counsel or
                                         above.

4126528



<PAGE>
 
Board of Directors                                                March 16, 1990
BofA CAPITAL MANAGEMENT, INC.
(formerly, InterCash Capital Advisors, Inc.)



     RESOLVED, that instruments, documents or agreements relating to or
affecting the property or business and affairs of this Corporation may be
executed in its name, with or without its corporate seal, by any of the
following:  the Chairman of the Board, Vice Chairman of the Board, President or
any Vice President (including any Executive, Senior or First Vice President).



4126525



<PAGE>
 
Board of Directors                                             February 14, 1995
BankAmerica Ventures


                  GENERAL OPERATING RESOLUTION (Excerpts from)
                  --------------------------------------------


          4.   The Board of Directors of this corporation authorizes any officer
     of this corporation, or any attorney in the Legal Department of Bank of
     America NT&SA with the title of counsel or a title senior thereto to sign
     registrations, reports, certificates, applications and other writings on
     behalf of this corporation for submission to or filing with any federal,
     state, local or foreign regulatory authorities, and any amendments,
     withdrawals, or terminations thereof, as the officer or attorney deems
     appropriate.



4126293