Findings of a dissertation study that examined the effect of multitrack year-round education on elementary principals' instructional-leadership performances and perceptions are presented in this paper. Data were obtained from indepth interviews with 11 elementary principals--5 from schools with traditional calendars and 6 from multitrack year-round schools--and a survey administered to the principals and to 122 traditional and 124 year-round teachers. Year-round principals reported an overall increase in managerial and administrative demands, communication needs, and resource and maintenance problems. However, all the year-round principals said that they preferred their schedule to the traditional calendar. They believed that the benefits for student achievement, discipline, and continuing connection outweighed their administrative and leadership problems. Traditional-calendar teachers tended to rate their principals higher on leadership behavior than did year-round teachers. However, both year-round and traditional principals viewed their performances similarly. A conclusion is that an expanded definition of instructional leadership is needed and that principals need to communicate effectively and equitably to maintain a cohesive community. It is suggested that the concerns expressed by multitrack principals result from identity conflict, which results from the current focus on instructional leadership and is exacerbated by the year-round context. Twelve tables and a copy of the questionnaire are included. (Contains 98 references.) (LMI)