UFOs are back in the news, and it is high time we took a serious look at this phenomenon. (Ac­tually, the time is ten past eight, so not only are we a few minutes late but I'm hungry.) Up until now, the entire subject of flying saucers has been mostly associated with kooks or oddballs. Fre­quently, in fact, observers will admit to being a member of both groups. Still, persistent sightings by responsible individuals have caused the Air Force and the scien­tific community to reexamine a once skeptical attitude, and the sum of two hundred dollars has now been allocated for a comprehensive study of the phenomenon. The question is: Is anything out there? And if so, do they have ray guns?