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{\bf Preface}
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In response to the growing interest in 
building a $Neutrino$ $Factory$ to produce 
high intensity beams of electron- 
and muon-neutrinos and antineutrinos, 
in October 1999 the Fermilab Directorate 
initiated two six-month studies. 
The first study, organized by N.~Holtkamp 
and D.~Finley, was to investigate the 
technical feasibility of an intense 
neutrino source based on a muon storage 
ring. This design study has produced a report 
in which the basic conclusion is that 
a Neutrino Factory is technically feasible, 
although it requires an aggressive R\&D 
program. The second study, which is the 
subject of this report, was to explore 
the physics potential of a Neutrino Factory 
as a function of the muon beam energy and 
intensity, and for oscillation physics, 
the potential as a function of baseline.

The work presented in this report is the 
result of the enthusiastic contributions 
of many people from many institutions. 
This enthusiasm made the organizers job 
fun. We also want to thank our local 
sub--group organizers and sub--editors 
for their many effective contributions, 
ranging from  
running the study groups to editing the 
report: Bob~Bernstein, Debbie~Harris, 
Eric~Hawker, Stephen~Parke, Panagiotis~Spentzouris, 
and Chris~Quigg.

Neutrino Factories seem to have caught the 
imagination of the community. We hope that 
this report goes some way towards documenting why.

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Steve Geer and Heidi Schellman
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