Many people are unaware of how principals invest their time on a day-to-day basis. This paper presents findings of a case study that examined the managerial behavior of a first-year elementary school principal. Data were derived from observation of the principal on two separate days. The findings show that the principal spent a significant amount of time (37 percent) managing by "walking about" on campus. She engaged in many face-to-face encounters with teachers, staff, students, and parents. She also spent a major portion of her time performing administrative tasks and was frequently interrupted. Ten percent of her time was spent in scheduled meetings. (Contains seven references.) (LMI)