An exploratory study described the ways in which a university supervisor constructed meaning about the program goals, assessment system, and her role as a supervisor relative to a newly reconceptualized elementary student teaching program and literacy methods class. The supervisor worked in a teacher education program in a large urban university in the northwestern United States. She was chosen because of her extensive knowledge of and experience with the field and because she was unclear about many of the radical transformations taking place in the program in which she had worked efficiently and effectively for many years. Data included field notes taken in informal and formal contexts; the supervisor's written notes and memos; and audiotapes of student's literacy lesson teaching episode, the supervisor's post-observation conference with the methods students, the researcher's post-observation conference, and the post-conference reflective conversation. Results indicated: (1) the supervisor constructed meaning similarly across the categories of supervisor knowledge in terms of program goals and learning targets knowledge (44%) and strategies to increase her supervisor knowledge (46%); the supervisor focused on the first of four program goals (effective teaching, assessment, and evaluation) and related target dealing with effective instruction; and the supervisor was likely to use either talking or reflecting to construct meaning about the program. Findings suggest continued investigations of the thought processes of supervisors relative to the changing nature of the teacher education program and coaching interventions are warranted. (Contains three tables of data. Appendixes contain a program goals and objectives, an observation evaluation guide, and an observation and conference form.) (RS)