In 1991-92 Vermont initiated a statewide portfolio assessment program in mathematics and writing in grades 4 and 8. An evaluation of the program found mixed results--although the portfolio scores were unreliable for individual or school-level reporting and teachers had concerns about implementation, the assessment had marked positive effects on instruction. This paper describes the implementation and impact of the second year of the assessment in 1992-93. Issues addressed include time spent on mathematics portfolios and best pieces, inservice training and support, changes in curriculum and instruction, portfolio preparation and scoring practices, and teacher and student attitudes toward the portfolios and student performance. Overall, the message from the more than 600 Vermont teachers surveyed about the portfolio assessment system remains mixed. Many feel that modifications they have made to emphasize problem-solving and mathematical communication skills have come at the expense of other areas of the curriculum, especially basic skills and computation. There is also little evidence that teachers' burdens in planning, administering, and scoring portfolios are decreasing. Fourteen tables present findings from teacher surveys. (Author/SLD)