  Lenticular galaxies remain remarkably mysterious as a class. Observations to
date have not led to any broad consensus about their origins, properties and
evolution, though they are often thought to have formed in one big burst of
star formation early in the history of the Universe, and to have evolved
relatively passively since then. In that picture, current theory predicts that
stellar evolution returns substantial quantities of gas to the interstellar
medium; most is ejected from the galaxy, but significant amounts of cool gas
might be retained. Past searches for that material, though, have provided
unclear results. We present results from a survey of molecular gas in a
volume-limited sample of field S0 galaxies, selected from the Nearby Galaxies
Catalog. CO emission is detected from 78 percent of the sample galaxies. We
find that the molecular gas is almost always located inside the central few
kiloparses of a lenticular galaxy, meaning that in general it is more centrally
concentrated than in spirals. We combine our data with HI observations from the
literature to determine the total masses of cool and cold gas. Curiously, we
find that, across a wide range of luminosity, the most gas rich galaxies have
about 10 percent of the total amount of gas ever returned by their stars. That
result is difficult to understand within the context of either monolithic or
hierarchical models of evolution of the interstellar medium.
