WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
POS AMI, 1999-04-30
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  As filed with the Securities and Exchange Commission on April 30, 1999

                                                       File No. 811-08193




                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549


                                    FORM N-1A


                             REGISTRATION STATEMENT
                                      UNDER
                     THE INVESTMENT COMPANY ACT OF 1940  [X]
                           
                                 AMENDMENT NO. 2         [X]
                      
                      
                   THE WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST
               --------------------------------------------------
               (Exact name of Registrant as Specified in Charter)


                 255 State Street, Boston, Massachusetts 02109
                 ------------------------------------------------
                    (Address of Principal Executive Offices)


                                (617) 482-8260
                               -----------------
              (Registrant's Telephone Number, including Area Code)


                                 Alan R. Dynner
                   255 State Street, Boston, Massachusetts 02109
                   -----------------------------------------------
                     (Name and Address of Agent for Service)




<PAGE>


   
     Throughout   this   Registration    Statement,    information   concerning
International Blue Chip Equities Portfolio,  Junior Blue Chip Equities Portfolio
and Selected  Blue Chip Equities  Portfolio  (the "Equity  Portfolios"),  each a
series of The Wright Blue Chip Master  Portfolio Trust (the  "Registrant" or the
"Portfolio  Trust"),  is  incorporated  by reference from Amendment No.25 to the
Registration  Statement of The Wright Managed Equity Trust (the "Equity  Trust")
(File No.  2-78047  under the  Securities  Act of 1933 (the  "1933  Act")) (the
"Equity  Amendment")  which was filed  electronically  with the  Securities  and
Exchange Commission("SEC")on April 29, 1999(Accession No.0000715165-99-000032).
The Equity  Amendment  contains the joint prospectus and statement of additional
information  ("SAI") of Wright  International  Blue Chip Equities  Fund,  Wright
Junior Blue Chip Equities Fund and Wright  Selected Blue Chip Equities Fund (the
"Equity Feeder Funds"), each of which invests substantially all of its assets in
the corresponding Equity Portfolio.

     Information  concerning U.S. Treasury Portfolio,  U.S. Government Near Term
Portfolio and Current Income Portfolio, each a series of the Portfolio Trust, is
incorporated by reference from Amendment No. 25 to the Registration Statement of
The Wright  Managed  Income Trust  ("Income  Trust") (File No. 2-81915 under the
1933 Act) (the "Income  Amendment") which was filed  electronically with the SEC
on April  29,  1999(Accession  No.0000715165-99-000030).  The  Income  Amendment
contains the joint prospectus and statement of additional information ("SAI") of
Wright  U.S.  Treasury  Fund,  Wright  U.S.  Treasury  Near Term Fund and Wright
Current  Income  Fund  (the  "Income  Feeder  Funds"),  each  of  which  invests
substantially  all of its  assets in the  corresponding  Income  Portfolio  (the
Income Feeder Funds and the Equity Feeder Funds, together, the "Feeder Funds").
    

         The joint  prospectuses  (together,  the "Feeder Funds Prospectus") and
the joint SAIs (together, the Feeder Funds SAI") in the Equity Amendment and the
Income Amendment are identical in all respects.

                                     PART A

   
         Responses  to Items 1 through 3, 5 and 9 have been omitted pursuant to
Paragraph 2(b) of Instruction B of the General Instructions to Form N-1A.


Item 4.Investment Objectives, Principal Investment Strategies and Related Risks

        Registrant  incorporates by reference information  concerning the Equity
Portfolios'  and the Income  Portfolios'  investment  objectives  and investment
practices from "Overview of Principal  Strategies"  and  "Information  About the
Funds" in the Feeder Funds Prospectus.

Item 6. Management, Organization and Capital Structure

        Investment Adviser.  Registrant incorporates by reference 
information concerning the Portfolios' investment adviser and 
administrator from "Managing the Funds" in the Feeder Funds 
Prospectus.

        Portfolio  Manager.  Registrant  incorporates  by reference  information
concerning  the  Portfolios'  portfolio  management  investment  committee  from
"Managing the Funds" in the Feeder Funds Prospectus.

Item 7. Shareholder Information

        Pricing of Portfolio Interests. The net asset value of each Portfolio is
determined  each day on which the New York Stock  Exchange (the  "Exchange")  is
open for trading  ("Portfolio  Business Day").  This  determination is made each
Portfolio  Business  Day as of the  close of  regular  trading  on the  Exchange
(currently 4:00 p.m., New York time) (the "Portfolio Valuation Time").

        Each investor in a Portfolio may add to or reduce its investment in that
Portfolio on each Portfolio Business Day as of the Portfolio Valuation Time. The
value  of  each  investor's  interest  in a  Portfolio  will  be  determined  by
multiplying the net asset value of that Portfolio by the percentage,  determined
on the prior Portfolio  Business Day, which  represents that investor's share of
the  aggregate  interests in the  Portfolio on such prior day. Any  additions or
withdrawals for the current Portfolio  Business Day will then be recorded.  Each
investor's  percentage  of the aggregate  interests in a Portfolio  will then be
recomputed as a percentage equal to a fraction (i) the numerator of which is the
value  of such  investor's  investment  in that  Portfolio  as of the  Portfolio
Valuation Time on the prior  Portfolio  Business Day plus or minus,  as the case
may be,  the  amount of any  additions  to or  withdrawals  from the  investor's
investment in the Portfolio on the current  Portfolio  Business Day and (ii) the
denominator of which is the aggregate net asset value of the Portfolio as of the
Portfolio  Valuation Time on the prior Portfolio  Business Day plus or minus, as
the case may be,  the amount of the net  additions  to or  withdrawals  from the
aggregate  investment in the Portfolio on the current Portfolio  Business Day by
all  investors in the  Portfolio.  The  percentage  so  determined  will then be
applied to determine the value of the investor's  interest in that Portfolio for
the current Portfolio Business Day.

     Purchase of Portfolio  Interests.  Interests in each  Portfolio  are issued
solely  in  private  placement  transactions  that do not  involve  any  "public
offering"  within  the  meaning of Section  4(2) of the 1933 Act.  See  "General
Description of Registrant" above.

        Registrant   incorporates  by  reference   information   concerning  the
computation  of  net  asset  value  and  valuation  of  Portfolio   assets  from
"Information  About  Your  Account - How the Funds  Value  Their  Shares" in the
Feeder Funds Prospectus.

        There is no minimum  initial or  subsequent  investment  in a Portfolio.
Each Portfolio reserves the right to cease accepting  investments at any time or
to reject any investment order.

        The  placement  agent for the  Portfolios in Wright  Investors'  Service
Distributors,  Inc.  ("WISDI"),  a  wholly  owned  subsidiary  of  The  Winthrop
Corporation.   The  principal  business  address  of  WISDI  is  1000  Lafayette
Boulevard,  Bridgeport,  Connecticut  06604.  WISDI receives no compensation for
serving as the placement agent for the Portfolios.

        Redemption or Decrease of Portfolio Interest. An investor in a Portfolio
may  withdraw all of (redeem) or any portion of  (decrease)  its interest in the
Portfolio if a withdrawal request in proper form is furnished by the investor to
the  Portfolio.  All  withdrawals  will be  effected  as of the  next  Portfolio
Valuation  Time.  The  proceeds  of a  withdrawal  will be  paid by a  Portfolio
normally on the Portfolio  Business Day the  withdrawal is effected,  but in any
event within seven days.  Each Portfolio  reserves the right to pay the proceeds
of a withdrawal  (whether a redemption or decrease) by a distribution in kind of
portfolio  securities  (instead of cash). The securities so distributed would be
valued at the same amount as that assigned to them in calculating  the net asset
value for the interest  (whether  complete or partial)  being  withdrawn.  If an
investor  received a  distribution  in kind upon such  withdrawal,  the investor
could incur brokerage and other charges in converting the securities tto cash.

        Investments in the Portfolios may not be  transferred.  The right of any
investor to receive  payment with respect to any  withdrawal may be suspended or
the payment of the withdrawal  proceeds postponed during any period in which the
Exchange is closed  (other than weekends or holidays) or trading on the Exchange
is restricted or, to the extent  otherwise  permitted by the Investment  Company
Act of 1940, as amended (the "1940 Act"), if an emergency  exists, or during any
other  period  permitted  by  order  of the  Commission  for the  protection  of
investors.

        Dividends,  Distributions and Tax Consequences.  Registrant incorporates
by reference  information  concerning  the tax  consequences  of certain of each
Portfolio's  investment practices from "Dividends and Taxes" in the Feeder Funds
Prospectus and from "Taxes" in the Feeder Funds SAI.

        Each  Portfolio  will allocate at least annually among its investors its
net  investment  income,  net  realized  capital  gains,  and any other items of
income,  gain, loss, deduction or credit. Each Portfolio's net investment income
consists of all income accrued on the  Portfolio's  assets,  less all actual and
accrued  expenses of the  Portfolio,  determined  in accordance  with  generally
accepted accounting principles.

        Under  the  anticipated  method of  operation  of the  Portfolios,  each
Portfolio  will not be  subject to federal  income  tax.  (See Part B, Item 19.)
However, each investor in a Portfolio will take into account its allocable share
of the  Portfolio's  ordinary income and capital gain in determining its federal
income  tax  liability.  The  determination  of each such  share will be made in
accordance with the governing instruments of that Portfolio,  which are intended
to comply with the  requirements  of Internal  Revenue Code of 1986,  as amended
(the "Code"), and the regulations promulgated thereunder.

        It is intended that each  Portfolio's  assets and income will be managed
in such a way that an  investor  in a  Portfolio  which  seeks to  qualify  as a
regulated  investment company ("RIC") under the Code will be able to satisfy the
requirements for such qualification.

Item 8. Distribution Arrangements

        Multiple  Class and  Master-Feeder  Funds.  Registrant  incorporates  by
reference  information   concerning  its  structure  from  "Managing  the  Funds
- -Master/Feeder Fund Structure" in the Feeder Funds Prospectus.

       
    
<PAGE>
                                      
                                     PART B


Item 10.  Cover Page and Table of Contents

    (a) Cover Page     Not applicable.

    (b) Table of Contents

                                                              Page
Registrant History.......................................      B-1
Description of the Portfolios and Their Investment Risks.      B-1
Management of the Portfolio Trust........................      B-1
Control Persons and Principal Holder of Securities.......      B-1
Investment Advisory and Other Services...................      B-2
Brokerage Allocation and Other Practices.................      B-2
Capital Stock and Other Securities.......................      B-2
Purchase, Redemption and Pricing of Securities...........      B-3
Taxation.................................................      B-4
Underwriters.............................................      B-6
Calculation of Performance Data..........................      B-6
Financial Statements.....................................      B-6

Item 11.  Registrant History

The Portfolio Trust is an open-end  management  investment company which
was  organized  as a trust  under the laws of the State of New York on March 18,
1997. Interests in the Portfolio Trust are offered in six separate series -- the
three Equity  Portfolios  and the three  Income  Portfolios  (collectively,  the
"Portfolios").  Interests  in  the  Portfolios  are  issued  solely  in  private
placement  transactions  that do not involve any  "public  offering"  within the
meaning of Section 4(2) of the 1933 Act.  Investments  in the  Portfolios may be
made only by U.S. and foreign investment  companies,  common or commingled trust
funds,  organizations  or trusts  described  in Section  401(a) or 501(a) of the
Code,  or similar  organizations  or entities  that are  "accredited  investors"
within  the  meaning  of  Regulation  D under  the 1933 Act.  This  Registration
Statement does not constitute an offer to sell, or the  solicitation of an offer
to buy, any "security" within the meaning of the 1933 Act.     

Item 12.  Descriptions of the Portfolios and their Investment Risks

         Part A contains additional  information about the investment objectives
and policies of the Portfolios.  This Part B should be read in conjunction  with
Part A. Capitalized terms used in this Part B and not otherwise defined have the
meanings give them in Part A.

   
     Registrant  incorporates by reference additional information concerning the
investment  policies of the  Portfolios as well as  information  concerning  the
investment  restrictions of the Portfolios from 'The Funds and their  Investment
Policies", "Additional  Investment  Policies  and  Other  Information"  and
"Investment Restrictions" in the Feeder Funds SAI.
    

Item 13.  Management of the Portfolio Trust

         Registrant  incorporates by reference additional information concerning
the management of the Portfolio Trust from "Officers and Trustees" in the Feeder
Funds SAI and "Additional  Information about the Trusts and the Portfolio Trust"
and "Investment Advisory and Administrative Services" in the Feeder Funds SAI.

Item 14.  Control Persons and Principal Holder of Securities

   
         As of April 30, 1999, each Feeder Fund owned approximately 99.9% of the
value of the outstanding interests in the corresponding  Portfolio.  Because the
Feeder Fund controls its  corresponding  Portfolio,  it may take actions without
the approval of any other investor.  Each Feeder Fund has informed the Portfolio
Trust  that  whenever  it is  requested  to vote on matters  pertaining  to the
fundamental policies of the corresponding  Portfolio,  it will hold a meeting of
shareholders  and will cast its votes as instructed by its  shareholders.  It is
anticipated that any other investor in the Portfolios
    

                                       B-1

<PAGE>



which is an investment  company  registered  under the 1940 Act would follow the
same or a similar practice. Each of Equity Trust and Income Trust is an open-end
management  investment  company  organized as a business trust under the laws of
the Commonwealth of Massachusetts.  The address of Equity Trust and Income Trust
is 255 State  Street, Boston, MA 02109.

Item 15.  Investment Advisory and Other Services

     Registrant  incorporates  by reference  information  concerning  investment
advisory and other services provided to the Portfolios from "Investment Advisory
and  Administrative  Services,"  "Custodian and Transfer Agent" and "Independent
Certified Public Accountants" in the Feeder Funds SAI.

Item 16.  Brokerage Allocation and Other Practices

         Registrant   incorporates  by  reference  information   concerning  the
brokerage practices of the Portfolios from "Brokerage  Allocation" in the Feeder
Funds SAI.

Item 17.  Capital Stock and Other Securities


         Under the Portfolio's Declaration of Trust, the Trustees are authorized
to issue interests in the  Portfolios.  Investors in a Portfolio are entitled to
participate pro rata in the items of income, loss, gain, deduction and credit
of the Portfolio.  Upon dissolution of a Portfolio, the Trustees shall liquidate
the assets of that Portfolio and apply and  distribute  the proceeds  thereof as
follows: (a) first, to the payment of all debts and obligations of the Portfolio
to third parties including,  without  limitation,  the retirement of outstanding
debt, including any debt owed to holders of record of interests in the Portfolio
("Holders") or their  affiliates,  and the expenses of  liquidation,  and to the
setting up of any reserves for  contingencies  which may be  necessary;  and (b)
second,  in accordance with the Holders'  positive Book Capital Account balances
after adjusting Book Capital  Accounts for certain  allocations  provided in the
Declaration  of Trust  and in  accordance  with the  requirements  described  in
Treasury  Regulations  Section   1.704-1(b)(2)(ii)(b)(2).   Notwithstanding  the
foregoing, if the Trustees shall determine that an immediate sale of part or all
of the  assets  of a  Portfolio  would  cause  undue  loss to the  Holders,  the
Trustees,  in order to avoid such loss, may, after having given  notification to
all  the  Holders,  to  the  extent  not  then  prohibited  by  the  law  of any
jurisdiction  in which the Portfolio is then formed or qualified and  applicable
in the circumstances, either defer liquidation of and withhold from distribution
for a reasonable  time any assets of the  Portfolio  except  those  necessary to
satisfy the  Portfolio's  debts and  obligations or distribute  the  Portfolio's
assets to the Holders in  liquidation.  Certificates  representing an investor's
interest in a Portfolio will not be issued.


         Each  Holder is  entitled  to vote in  proportion  to the amount of its
interest in a  Portfolio.  Holders do not have  cumulative  voting  rights.  The
Portfolio  Trust is not  required  and has no current  intention  to hold annual
meetings of Holders,  but the Portfolio Trust will hold meetings of Holders when
in the judgment of the Portfolio  Trust's  Trustees it is necessary or desirable
to submit  matters to a vote of Holders  at a meeting.  Any action  which may be
taken on behalf of the Portfolio  Trust or any Portfolio by Holders may be taken
without a meeting if Holders holding more than 50% of all interests  entitled to
vote (or such  larger  proportion  thereof as shall be  required  by any express
provision of the  Declaration of Trust) consent to the action in writing and the
consents are filed with the records of meetings of Holders.

         The  Declaration of Trust may be amended by vote of all Holders of more
than 50% of all interests in the Portfolio Trust at any meeting of Holders or by
an  instrument  in writing  without a  meeting,  executed  by a majority  of the
Trustees and consented to by the Holders of more than 50% of all interests.  The
Trustees may also amend the Declaration of Trust (without the vote or consent of
Holders) to change the Portfolio's name or the state or other jurisdiction whose
law shall be the

                                       B-2

<PAGE>



governing  law,  to supply  any  omission  or cure,  correct or  supplement  any
ambiguous,  defective or inconsistent  provision,  to conform the Declaration of
Trust to applicable  federal law or  regulations or to the  requirements  of the
Code, or to change, modify or rescind any provision,  provided that such change,
modification  or  rescission  is  determined  by the Trustees to be necessary or
appropriate  and  not to  have a  materially  adverse  effect  on the  financial
interests of the Holders.  No amendment of the  Declaration of Trust which would
change any rights with respect to any Holder's  interest in the Portfolio  Trust
by reducing the amount payable  thereon upon  liquidation of the Portfolio Trust
or any Portfolio may be made,  except with the vote or consent of the Holders of
two-thirds of all interests.  References in the Declaration of Trust and in Part
A or this Part B to a specified  percentage  of, or fraction of,  interests in a
Portfolio,  means Holders whose combined Book Capital Account balances represent
such  specified  percentage  or fraction of the combined  Book  Capital  Account
balance of all, or a specified group of, Holders.

         The Portfolio Trust or any Portfolio may merge or consolidate  with any
corporation,  association,  trust or other  organization or may sell or exchange
all  or  substantially  all of the  Trust  Property  or  assets  belonging  to a
Portfolio upon such terms and conditions and for such  consideration when and as
authorized  by the Holders of (a) 67% or more of the  interests in the Portfolio
Trust or the affected  Portfolio,  as the case may be, present or represented at
the  meeting of  Holders,  if Holders of more than 50% of all  interests  in the
Trust or the affected Portfolio,  as the case may be, are present or represented
by proxy,  or (b) more than 50% of all  interests  in the Trust or the  affected
Portfolio,  as the case may be,  whichever is less.  The Portfolio  Trust or any
Portfolio may be terminated (i) by the  affirmative  vote of Holders of not less
than  two-thirds of all interests in the Portfolio Trust or any Portfolio at any
meeting of Holders or by an instrument in writing without a meeting, executed by
a  majority  of the  Trustees  and  consented  to by  Holders  of not less  than
two-thirds  of all  interests  in the  Trust  or any  Portfolio,  or (ii) by the
Trustees by written notice to the Holders.

         In accordance with the Declaration of Trust,  there normally will be no
meetings of the investors for the purpose of electing  Trustees unless and until
such time as less than a  majority  of the  Trustees  holding  office  have been
elected by investors. In such an event, the Trustees of the Portfolio Trust then
in office will call an investors'  meeting for the election of Trustees.  Except
for the foregoing  circumstances,  and unless removed by action of the investors
in accordance  with the Portfolio  Trust's  Declaration  of Trust,  the Trustees
shall continue to hold office and may appoint successor Trustees.

         The  Declaration  of Trust  provides  that no person  shall  serve as a
Trustee if  investors  holding  two-thirds  of the  outstanding  interests  have
removed him from that office.  The  Declaration  of Trust further  provides that
under  certain  circumstances,  the  investors  may call a  meeting  to remove a
Trustee  and  that  the   Portfolio  is  required  to  provide   assistance   in
communicating with investors about such a meeting.

         The  Declaration  of Trust  provides that  obligations of the Portfolio
Trust and any Portfolio are not binding upon the Trustees  individually but only
upon the property of the Portfolio Trust or the affected  Portfolio and that the
Trustees will not be liable for any action or failure to act, but nothing in the
Declaration of Trust protects a Trustee  against any liability to which he would
otherwise  be  subject  by reason  of  willful  misfeasance,  bad  faith,  gross
negligence,  or reckless  disregard of the duties involved in the conduct of his
office.

Item 18.  Purchase, Redemption and Pricing of Securities

   
         See  "Shareholder Information" in Part A.
    

         Registrant  incorporates by reference information  concerning valuation
of the Portfolio's assets from "Pricing of Shares" in the Feeder Funds SAI.

                                       B-3

<PAGE>



   
Item 19.  Taxation

     Each Portfolio intends to be classified as a partnership under the Code and
to  operate  in  such  a  manner  that  it  should  not  be a  "publicly  traded
partnership" within the meaning of Section 7704 of the Code.  Consequently,  (i)
the  Portfolios  do not expect  that they will be  required  to pay any  federal
income  tax, and  (ii),a Holder  will be  required  to  take  into  account  in
determining  its  federal  income  tax  liability  (if  any)  its  share  of the
respective Portfolio's income, gains, losses, deductions and credits.
    

         Under  Subchapter  K of the Code, a  partnership  is  considered  to be
either an  aggregate  of its  members or a separate  entity  depending  upon the
factual and legal  context in which the  question  arises.  Under the  aggregate
approach,  each  partner  is  treated as an owner of an  undivided  interest  in
partnership assets and operations. Under the entity approach, the partnership is
treated  as a  separate  entity in which  partners  have no direct  interest  in
partnership assets and operations.  The Portfolios believe that in the case of a
Holder that seeks to qualify as a regulated  investment  company (a "RIC"),  the
aggregate  approach  should apply,  and each such Holder should  accordingly  be
deemed to own a  proportionate  share of each of the  assets  of the  respective
Portfolio and to be entitled to the gross income of that Portfolio  attributable
to that share for purposes of all  requirements of Sections  851(b),  852(b)(5),
853(a) and 854 of the Code.  Further,  the  Portfolios  believe that each Holder
that seeks to qualify as a RIC should be deemed to hold its proportionate  share
of a Portfolio's  assets for the period the Portfolio has held the assets or for
the period  the  Holder has been an  investor  in the  Portfolio,  whichever  is
shorter.  Investors  should  consult  their tax advisers  regarding  whether the
entity or the aggregate  approach  applies to their investment in a Portfolio in
light of their  particular  tax status and any special tax rules  applicable  to
them.

         In order to enable a Holder (that is otherwise  eligible) to qualify as
a RIC, each Portfolio intends to satisfy the requirements of Subchapter M of the
Code relating to sources of income and diversification of assets as if they were
applicable  to the  Portfolio  and to permit  withdrawals  in a manner that will
enable a Holder  which is a RIC to  comply  with the  distribution  requirements
applicable to RICs  (including  those under  Sections 852 and 4982 of the Code).
Each  Portfolio  will  allocate at least  annually to each Holder in a Portfolio
such Holder's  distributive share of that Portfolio's net investment income, net
realized capital gains, and any other items of income,  gain, loss, deduction or
credit in a manner  intended  to comply  with the Code and  applicable  Treasury
regulations.

   
     To the  extent the cash  proceeds  of any  withdrawal  (or,  under  certain
circumstances,  such  proceeds  plus  the  value  of any  marketable  securities
distributed to an investor) ("liquid proceeds") exceed a Holder's adjusted basis
of his interest in the respective Portfolio, the Holder will generally realize a
gain for federal income tax purposes. If, upon a complete withdrawal (redemption
of the  entire  interest),  a  Holder  receives  only  liquid  proceeds  (and/or
unrealized  receivables) and the Holder's adjusted basis of his interest exceeds
the proceeds of such  withdrawal,  the Holder will generally  realize a loss for
federal income tax purposes.  In addition,  on a distribution to a Holder from a
Portfolio  (whether pursuant to a partial or complete  withdrawal or otherwise),
(1) income or gain will be recognized if the  distribution  is in liquidation of
the Holder's  entire  interest in the Portfolio and includes a  disproportionate
share of any unrealized  receivables  held by the Portfolio and (2) gain or loss
may be recognized on a distribution to a Holder that contributed property to the
Portfolio.  The tax  consequences  of a  withdrawal  or  other  distribution  of
property  (instead of or in addition to liquid  proceeds)  will be different and
will depend on the specific factual circumstances.  A Holder's adjusted basis of
an interest in a Portfolio will generally be the aggregate  prices paid therefor
(including the adjusted basis of contributed property and any gain recognized on
the contribution thereof), increased by the amounts of the Holder's distributive
share of items of income  (including  interest income exempt from federal income
tax) and realized net gain of the Portfolio, and reduced, but not below zero, by
(i) the amounts of the Holder's  distributive  share of items of Portfolio loss,
and (ii) the amount of any cash
                                       B-4
    

<PAGE>



distributions  (including  distributions  of interest income exempt from federal
income tax and cash  distributions  on  withdrawals  from the Portfolio) and the
basis to the  Holder of any  property  received  by such  Holder  other  than in
liquidation,  and  (iii)  the  Holder's  distributive  share of the  Portfolio's
nondeductible expenditures not properly chargeable to capital account. Increases
or decreases in a Holder's share of the Portfolio's  liabilities may also result
in corresponding increases or decreases in such adjusted basis.


         A Portfolio's  transactions in foreign currency  forward  contracts and
certain  other  transactions  involving  foreign  exchange  gain or loss will be
subject to special tax rules, the effect of which may be to accelerate income to
the Portfolio,  defer Portfolio losses, cause adjustments in the holding periods
of Portfolio  securities,  convert capital gain into ordinary income and convert
short-term  capital losses into long-term capital losses. 

     International  Blue Chip Portfolio  anticipates  that it will be subject to
foreign  withholding  or other foreign taxes with respect to income (or, in some
cases, capital gains) on certain foreign securities.  These taxes may be reduced
or eliminated  under the terms of an applicable  U.S.  income tax treaty in some
cases.  Certain foreign exchange gains and losses realized by the Portfolio will
be treated as ordinary income and losses.  Certain uses of foreign  currency and
investment by the Portfolio in certain  "passive foreign  investment  companies"
may be  limited in order to enable an  investor  that is a RIC to  preserve  its
qualification as a RIC or to avoid imposition of a tax on such an investor.

     Each Portfolio's  investments,  if any, in securities  issued with original
issue  discount or securities  acquired at a market  discount (if an election is
made to include  accrued  market  discount in current  income)  will cause it to
realize  income  prior to the  receipt of cash  payments  with  respect to these
securities. In order to enable a Holder to distribute its proportionate share of
this income, a Portfolio may be required to liquidate portfolio  securities that
it might  otherwise  have  continued to hold in order to generate  cash that the
Holder may withdraw  from the  Portfolio  for  subsequent  distribution  to such
Holder's shareholders.

     An entity  that is  treated  as a  partnership  under  the Code,  such as a
Portfolio, is generally treated as a partnership under state and local tax laws,
but certain states may have  different  entity  classification  criteria and may
therefore  reach  a  different  conclusion.  Entities  that  are  classified  as
partnerships  are not treated as taxable entities under most state and local tax
laws,  and the income of a  partnership  is  considered to be income of partners
both in timing and in character.  The exemption of certain  interest  income for
federal or state income tax purposes  does not  necessarily  result in exemption
under the income or other tax laws of any state or local taxing  authority  when
such income is realized by a  partnership  rather than directly by the investor.
The laws of the various states and local taxing authorities vary with respect to
the taxation of such interest income,  as well as to the status of a partnership
interest  under state and local tax laws,  and each holder of an interest in the
Portfolio is advised to consult its own tax adviser.

   
     The foregoing  discussion does not address the special tax rules applicable
to  certain  classes  of  investors,  such  as  tax-exempt  entities,  insurance
companies and financial institutions. Moreover, proposed litigation, if enacted,
would substantially change some of the tax consequences described above relating
to  withdrawals  or  other  distributions  from  partnerships,   including  each
portfolio.  It cannot be predicted whether these or other legislative  proposals
may be enacted.  Investors should consult their own tax advisers with respect to
special tax rules that may apply in their particular situations,  as well as the
state, local or foreign tax consequences of investing in the Portfolio.
    

                                       B-5

<PAGE>



Item 20.  Underwriters

         The placement agent for the Portfolios is WISDI.  Investment companies,
common and  commingled  trust funds and similar  organizations  and entities may
continuously invest in the Portfolios.

Item 21.  Calculation of Performance Data

         Not applicable.

Item 22.  Financial Statements

         Investors will receive the Portfolios'  unaudited  semi-annual  reports
and annual reports audited by the Portfolios' independent public accountants.


         The following audited financial statements are incorporated by
reference into this Part B and have been incorporated in reliance upon the 
report of Deloitte & Touche LLP, independent certified public accountants, as
experts in accounting and auditing:


   
         For each of:
                  International Blue Chip Equities Portfolio
                  Junior Blue Chip Equities Portfolio
                  Selected Blue Chip Equities Portfolio
                  U.S. Treasury Portfolio
                  U.S. Government Near Term Portfolio
                  Current Income Portfolio


        Portfolio of Investments as of December 31, 1998
        Statements of Assets and Liabilities as of December 31, 1998
        Statements of Operations for the period from the start of business
        May 2,1997 to December 31,1998
        Statements of Changes in Net Assets for the period from the start of 
        business May 2, 1997 to December 31,1998
        Supplementary Data for the period from the start of business May 2,1997
        to December 31,1998
        Notes to Financial Statements
        Independent Auditors' Report

     For purposes of the EDGAR filing of this amendment to the Portfolio's
registration statement, the Portfolio incorporates by reference the above 
audited financial statements as previously filed electronically with the
Commission (Accession No.0000715165-99-000009) 
     


                                       B-6

<PAGE>



                                     PART C


Item 23.   Exhibits


         
   
                  a.       Declaration of Trust dated March 18, 1997 filed 
                           as Exhibit (b) 1 to the Registration Statement on
                           April 30, 1997 and incorporated herein by reference.

                  b.       By-Laws of the Registrant adopted March 18, 1997
                           filed as Exhibit (b) 2 to the Registration Statement
                           on April 30, 1997 and incorporated herein by
                           reference.

                  d.       Investment Advisory Agreement between the Registrant
                           and Wright Investors' Service, Inc. dated April 30,
                           1997 filed  as Exhibit (b)5 to the Registration
                           Statement on April 30, 1997 and incorporated herein
                           by reference.

                  e.       Placement Agent Agreement with Wright Investors'
                           Service Distributors, Inc. dated April 30, 1997
                           filed  as Exhibit (b)6 to the Registration Statement
                           on April 30, 1997 and incorporated herein by
                           reference.

                  g.       Master Custodian Agreement with Investors Bank &
                           Trust Company dated April 30, 1997 filed as Exhibit
                           (b)8 to the Registration Statement on April 30, 1997
                           and incorporated herein by reference.

                  a.       Amended and Restated Administration Agreement between
                           the Registrant and Eaton Vance Management dated
                           February 1, 1998 filed as Exhibit No. 9 to Post-
                           Effective Amendment No. 1 to the Registration
                           Statement on April 29, 1998.
    
Item 24.  Persons Controlled by or under Common Control with Registrant

         Not applicable.


                                       C-1

<PAGE>



Item 25.  Indemnification

         Article  V  of  the   Registrant's   Declaration   of  Trust   contains
indemnification  provisions for Trustees and officers. The Trustees and officers
of the Registrant and the personnel of the Registrant's  investment  adviser are
insured under an errors and omissions liability insurance policy.

         The Placement Agent Agreement also provides for reciprocal indemnity of
the placement  agent,  on the one hand,  and the Trustees and  officers,  on the
other.

Item 26.  Business and Other Connections

         To the knowledge of the Registrant, none of the trustees or officers of
the Portfolio Trust's investment adviser, except as set forth on its Form ADV as
filed  with the  Securities  and  Exchange  Commission,  is engaged in any other
business,  profession,  vocation or employment of a substantial  nature,  except
that certain  trustees and officers also hold various  positions with and engage
in business for affiliates of the investment adviser.

Item 27.  Principal Underwriters

         Not applicable.

Item 28.  Location of Accounts and Records

   
     All applicable  accounts,  books and documents required to be maintained by
the  Registrant  by  Section  31(a) of the 1940  Act and the  Rules  promulgated
thereunder  are in the  possession  and custody of the  Registrant's  custodian,
Investors Bank & Trust Company, 200 Clarendon Street, Boston, MA 02116, with the
exception of certain corporate documents and portfolio trading documents,  which
are either in the possession and custody of the  Registrant's  administrator  at
255 State Street,  Boston, MA 02109, or the Registrant's  investment  adviser at
1000 Lafayette Boulevard,  Bridgeport, CT 06604. The Registrant is informed that
all  applicable  accounts,  books and  documents  required to be  maintained  by
registered  investment  advisers  are  in  the  custody  and  possession  of the
Registrant's administrator or investment adviser.     

Item 29.  Management Services

         Not applicable.

Item 30.  Undertakings

         Not applicable.



                                       C-2

<PAGE>



                                   Signatures


     Pursuant to the  requirements  of the  Investment  Company Act of 1940, the
Registrant has duly caused this Amendment to its Registration  Statement on Form
N-1A to be signed on its behalf by the  undersigned, thereunto duly authorized,
in the City of Boston and The Commonwealth of Massachusetts on the 28th day of
April,1999.


                                 THE WRIGHT BLUE CHIP MASTER PORTFOLIO TRUST



                                 By:      /s/A.M. Moody III
                                    ------------------------------
                                         A.M. Moody III,  Vice President




                                       C-3



[ARTICLE] 6
[SERIES]
   [NUMBER] 001
   [NAME] SELECTED BLUE CHIP EQUITIES PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      165,814,471
[INVESTMENTS-AT-VALUE]                     221,427,866
[RECEIVABLES]                                  210,471
[ASSETS-OTHER]                                  20,810
[OTHER-ITEMS-ASSETS]                             4,123
[TOTAL-ASSETS]                             221,663,270
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        6,579
[TOTAL-LIABILITIES]                              6,579
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   166,043,296
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    55,613,395
[NET-ASSETS]                               221,656,691
[DIVIDEND-INCOME]                            3,749,260
[INTEREST-INCOME]                              215,554
[OTHER-INCOME]                                       0
[EXPENSES-NET]                               1,953,127
[NET-INVESTMENT-INCOME]                      2,011,687
[REALIZED-GAINS-CURRENT]                    15,538,127
[APPREC-INCREASE-CURRENT]                 (20,336,710)
[NET-CHANGE-FROM-OPS]                      (2,786,896)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (37,835,440)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        1,597,908
[INTEREST-EXPENSE]                                 917
[GROSS-EXPENSE]                              1,953,127
[AVERAGE-NET-ASSETS]                       252,334,696
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   0.77
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


[ARTICLE] 6
[SERIES]
   [NUMBER] 002
   [NAME] JUNIOR BLUE CHIP EQUITIES PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                       33,305,483
[INVESTMENTS-AT-VALUE]                      34,736,094
[RECEIVABLES]                                   50,272
[ASSETS-OTHER]                                  20,810
[OTHER-ITEMS-ASSETS]                             3,187
[TOTAL-ASSETS]                              34,810,363
[PAYABLE-FOR-SECURITIES]                       503,406
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        3,480
[TOTAL-LIABILITIES]                            506,876
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    32,872,876
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     1,430,611
[NET-ASSETS]                                34,303,487
[DIVIDEND-INCOME]                              382,152
[INTEREST-INCOME]                               33,792
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 305,797
[NET-INVESTMENT-INCOME]                        110,147
[REALIZED-GAINS-CURRENT]                       154,874
[APPREC-INCREASE-CURRENT]                  (2,056,708)
[NET-CHANGE-FROM-OPS]                      (1,791,687)
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                         814,136
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          190,404
[INTEREST-EXPENSE]                                 117
[GROSS-EXPENSE]                                320,548
[AVERAGE-NET-ASSETS]                        34,620,344
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   0.90
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


[ARTICLE] 6
[SERIES]
   [NUMBER] 003
   [NAME] INTERNATIONAL BLUE CHIP EQUITIES PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      169,956,603
[INVESTMENTS-AT-VALUE]                     211,741,348
[RECEIVABLES]                                  322,263
[ASSETS-OTHER]                                  20,810
[OTHER-ITEMS-ASSETS]                             2,646
[TOTAL-ASSETS]                             213,544,740
[PAYABLE-FOR-SECURITIES]                     1,289,748
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                       24,450
[TOTAL-LIABILITIES]                          1,314,198
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   170,498,357
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                    41,732,185
[NET-ASSETS]                               212,230,542
[DIVIDEND-INCOME]                            4,533,826
[INTEREST-INCOME]                              554,818
[OTHER-INCOME]                               (503,355)
[EXPENSES-NET]                               2,599,737
[NET-INVESTMENT-INCOME]                      1,985,552
[REALIZED-GAINS-CURRENT]                    20,726,522
[APPREC-INCREASE-CURRENT]                 (11,296,007)
[NET-CHANGE-FROM-OPS]                       11,416,067
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (44,816,078)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                        1,990,690
[INTEREST-EXPENSE]                                  26
[GROSS-EXPENSE]                              2,599,737
[AVERAGE-NET-ASSETS]                       257,576,521
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   1.01
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


[ARTICLE] 6
[SERIES]
   [NUMBER] 004
   [NAME] U.S. TREASURY PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                       25,980,205
[INVESTMENTS-AT-VALUE]                      65,051,425
[RECEIVABLES]                                  921,025
[ASSETS-OTHER]                                  19,859
[OTHER-ITEMS-ASSETS]                         1,339,700
[TOTAL-ASSETS]                              67,332,009
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        2,356
[TOTAL-LIABILITIES]                              2,356
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    62,258,433
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     5,071,220
[NET-ASSETS]                                67,329,653
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            4,312,872
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 368,301
[NET-INVESTMENT-INCOME]                      3,944,571
[REALIZED-GAINS-CURRENT]                       984,728
[APPREC-INCREASE-CURRENT]                    2,386,702
[NET-CHANGE-FROM-OPS]                        7,316,001
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                     (7,208,846)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          289,260
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                401,221
[AVERAGE-NET-ASSETS]                        72,311,422
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   0.55
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


[ARTICLE] 6
[SERIES]
   [NUMBER] 005
   [NAME] U.S. GOVERNMENT NEAR TERM PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                       89,119,160
[INVESTMENTS-AT-VALUE]                      90,678,293
[RECEIVABLES]                                1,500,729
[ASSETS-OTHER]                                  19,879
[OTHER-ITEMS-ASSETS]                             4,655
[TOTAL-ASSETS]                              92,203,556
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        3,581
[TOTAL-LIABILITIES]                              3,581
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                    90,640,842
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     1,559,133
[NET-ASSETS]                                92,199,975
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            6,293,373
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 545,380
[NET-INVESTMENT-INCOME]                      5,747,993
[REALIZED-GAINS-CURRENT]                      (45,686)
[APPREC-INCREASE-CURRENT]                      580,237
[NET-CHANGE-FROM-OPS]                        6,282,544
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                    (10,661,464)
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          404,601
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                551,567
[AVERAGE-NET-ASSETS]                       100,887,197
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   0.55
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


[ARTICLE] 6
[SERIES]
   [NUMBER] 006
   [NAME] CURRENT INCOME PORTFOLIO
<TABLE>
<S>                             <C>
[PERIOD-TYPE]                   12-MOS
[FISCAL-YEAR-END]                          DEC-31-1998
[PERIOD-END]                               DEC-31-1998
[INVESTMENTS-AT-COST]                      110,915,436
[INVESTMENTS-AT-VALUE]                     113,058,001
[RECEIVABLES]                                  631,048
[ASSETS-OTHER]                                  19,685
[OTHER-ITEMS-ASSETS]                             3,278
[TOTAL-ASSETS]                             113,712,012
[PAYABLE-FOR-SECURITIES]                             0
[SENIOR-LONG-TERM-DEBT]                              0
[OTHER-ITEMS-LIABILITIES]                        5,260
[TOTAL-LIABILITIES]                              5,260
[SENIOR-EQUITY]                                      0
[PAID-IN-CAPITAL-COMMON]                   111,564,187
[SHARES-COMMON-STOCK]                                0
[SHARES-COMMON-PRIOR]                                0
[ACCUMULATED-NII-CURRENT]                            0
[OVERDISTRIBUTION-NII]                               0
[ACCUMULATED-NET-GAINS]                              0
[OVERDISTRIBUTION-GAINS]                             0
[ACCUM-APPREC-OR-DEPREC]                     2,142,565
[NET-ASSETS]                               113,706,752
[DIVIDEND-INCOME]                                    0
[INTEREST-INCOME]                            7,416,461
[OTHER-INCOME]                                       0
[EXPENSES-NET]                                 586,048
[NET-INVESTMENT-INCOME]                      6,775,413
[REALIZED-GAINS-CURRENT]                     (142,545)
[APPREC-INCREASE-CURRENT]                      406,744
[NET-CHANGE-FROM-OPS]                        7,039,612
[EQUALIZATION]                                       0
[DISTRIBUTIONS-OF-INCOME]                            0
[DISTRIBUTIONS-OF-GAINS]                             0
[DISTRIBUTIONS-OTHER]                                0
[NUMBER-OF-SHARES-SOLD]                              0
[NUMBER-OF-SHARES-REDEEMED]                          0
[SHARES-REINVESTED]                                  0
[NET-CHANGE-IN-ASSETS]                      15,941,360
[ACCUMULATED-NII-PRIOR]                              0
[ACCUMULATED-GAINS-PRIOR]                            0
[OVERDISTRIB-NII-PRIOR]                              0
[OVERDIST-NET-GAINS-PRIOR]                           0
[GROSS-ADVISORY-FEES]                          430,622
[INTEREST-EXPENSE]                                   0
[GROSS-EXPENSE]                                586,048
[AVERAGE-NET-ASSETS]                       106,643,732
[PER-SHARE-NAV-BEGIN]                                0
[PER-SHARE-NII]                                      0
[PER-SHARE-GAIN-APPREC]                              0
[PER-SHARE-DIVIDEND]                                 0
[PER-SHARE-DISTRIBUTIONS]                            0
[RETURNS-OF-CAPITAL]                                 0
[PER-SHARE-NAV-END]                                  0
[EXPENSE-RATIO]                                   0.55
[AVG-DEBT-OUTSTANDING]                               0
[AVG-DEBT-PER-SHARE]                                 0
</TABLE>


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