  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.
