This file contains a U.S. Air Force (USAF) Air Intelligence Division study, “Analysis of Flying Object Incidents in the United States,” Study No. 203, dated 12/10/1948. The analysis includes an assessment of various reported unidentified flying object (UFO) incidents and theories to account for their nature and origin. Overall, the study assesses that “it appears that some object has been seen; however, the identification of that object cannot be readily accomplished.” The study offers that two “reasonable” origins might account for the phenomena: technologies of a domestic or foreign origin. It also suggests that, if foreign, it is prudent for the United States to assume that UFO observations are attributable to scientific, military, or intelligence activities of the Soviet Union, and, in that case, to take seriously the threat such objects may pose. The file also contains contemporary UFO reports and examples of experimental “flying wing” type aircraft planforms that might account for certain commonly reported UFO characteristics. AARO Comment: This file appears to be an earlier draft version of the file contained in DOW-UAP-D094, whose content is substantively similar.