Although some districts and areas have experienced difficulty finding good principals, there are far more candidates certified to be principals than there are principal vacancies to fill. This report describes a study based on a written indepth survey of human-resource directors supplemented by formal survey questions to school superintendents and more than 150 telephone interviews with district staff, school organizations, and state officials. The study found that, despite widespread publicity about a universal shortage of principals, shortages are not the norm. Where there have been reductions in the number of certified candidates, these conditions are district- and even school-specific and are more pronounced at the secondary level than the elementary level. In addition, perceptions of the shortage are driven by demands for a new and different kind of school principal. In many ways the purported shortage is a matter of definition. Although there are plenty of certified applicants, there seems to be a dearth of candidates with high-level leadership skills. The survey instruments used in the study are included in two appendices. (Author)