Despite the significant number of universities that participate in Professional Development School (PDS) collaborations, very little empirical research has been published on the role of the PDS principal. If the PDS is to be the school of the future, it is important to have leaders prepared, either within educational leadership programs or supported through PDS partnerships, to support creating a culture of professional learning. This type of preparation might require a change in structure and culture from the traditional principal preparation model. In this qualitative study, the ways in which three Professional Development School principals made sense of their roles were examined. Analysis identified six assertions that characterize the lifeworlds of the principals and their PDS roles. By studying and understanding how these assertions reflect the ways principals made sense of their work, various stakeholders can use these data to assist in the selection of quality candidates for PDS principal positions or schools for partnership work.