Case study methodology is used to explore the progress of one cohort of graduate students at Bank Street College of Education (New York). The portfolio process requires students to: (1) identify and discuss the artifacts that they find most significant in their personal and professional development; (2) identify connections between and among artifacts; (3) reflect upon these connections in order to identify a unifying theme; (4) examine artifacts and theme for both personal and theoretical perspectives; and (5) participate in public presentations of the portfolio. Data for the study were gathered from a subgroup of five 1996-97 portfolio candidates, all of whom had completed their supervised field work and were working full or part time in school, day care, or community service settings. As students reflected on the process, several themes emerged. The first was trust: trust in self, trust in other, and trust in the process. Only when they began to feel safe, were students willing to take risks. A second theme was synergy. As students began to bond with one another, a palpable energy developed; this energy provided support for the effort of each individual. A third theme was the development of an understanding of the process. Findings suggest that reflective practice develops in the context of conversations occurring in an environment of trust. (Contains 17 references.) (ND)