The author explores the vicissitudes of morale in Peace Corps volunteers and arrives at insight into the process of adaptation to new life events. He divides the Peace Corps experience into four time sectors. Arrival is characterized by anxiety, enthusiasm, and very high morale. Soon there is a crisis of engagement, when morale dips markedly as the individual experiences frustration, isolation, and depression related to real or fantasied losses. Acceptance of the situation is accompanied by moderately high morale as one develops techniques to master the new tasks and new patterns of personal relationship. The close of the tour of duty is accompanied by mourning that may conclude in satisfaction, hopefulness, and high morale, or depression, concern about the future, and low morale. These findings have broad implications for preventive psychiatry.