Craft hovering stationary over trees in residential neighborhood

Back in aprox. 1977 at the age of 10 I awoke unexpectedly in the middle of the night and immediately went to my window and pulled back the shade.  I could never determine what caused me to do this.  
I witnessed a saucer shaped object hovering stationary over what would be our neighbors back yard.  It was aprox.  40' off the ground and 30 yards from my position and did not move or emit any sound.  I would estimate it's size as 35' diameter and 8' in height.  
The "top" had a smaller diameter of perhaps 10' and there was a bank of multicolor lights slightly above where the diameter decreased.  These lights did not blink or flash but were rather in a "constant on" mode.  
I observed the craft for what I would estimate to be 5 minutes.  At that point I recall becoming extremely frightened and quickly climbing back in to bed under the covers until I fell asleep again.  I related the sighting to my parents in the morning. 
I do not believe I had ever heard of UFO's at that point in life, and not until many years later when finding a book about UFO's in the library did I realize what it may have been I saw.  No subsequent sightings of note.  If I can provide additional info I can be reached at email below.