The water-soluble poly(methoxyethoxy-aminoarlyoxy phosphazene) has been synthesized and investigated as a polymeric carrier molecule for the covalent attachment of bioactive agents. The synthetic procedures were developed first through the use of cyclic trimeric model systems. These model systems were utilized for the synthesis of polymeric analogues containing bioactive side groups. The sodium salts of 2-methoxyethanol and 4-acetamidophenol were allowed to react with $(NPCl_2)_3$ or $(NPCl_2)n$ or to yield derivatives of type $[NP-(OCl_2CH_2CH_2OCH_3){chi}(OArNHCOCH_3)y]_3or$ n. The 4-acetamido groups were then hydrolyzed to 4-amino-phenoxy units with potassium tert-butoxide. Coupling reactions between amino group and N-acetylglycine was accomplished with the use of dicyclohexylcarbodiimide. Their properties and structural characterization are discussed.