My day-to-day correspondence with AIMR regarding the development of the material and related issues was with Dr. Donald L. Tuttle, CFA, Vice President. It would seem fitting that he would serve as one of my mentors in this project because the book he co-edited, Managing Investment Portfolios: A Dynamic Process (first published in 1983), has played an important role in shaping my thoughts on the investment management process; it also has been the cornerstone for portfolio management in the CFA curriculum for almost two decades. The contribution of his books and other publications to the advancement of the CFA body of knowledge, coupled with his leadership role in several key educational projects, recently earned him AIMR’s highly prestigious C. Stewart Sheppard Award.

Before any chapters were sent to Don for his review, the first few drafts were sent to Amy F. Lipton, CFA of Lipton Financial Analytics, who was a consultant to AIMR for this project. Amy is currently a member of the Executive Advisory Board of the Candidate Curriculum Committee (CCC). Prior to that she was a member of the Executive Committee of the CCC, the Level I Coordinator for the CCC, and the Chair of the Fixed Income Topic Area of the CCC. Consequently, she was familiar with the topics that should be included in a fixed income analysis book for the CFA Program. Moreover, given her experience in the money management industry (Aetna, First Boston, Greenwich, and Bankers Trust), she was familiar with the material. Amy reviewed and made detailed comments on all aspects of the material. She recommended the deletion or insertion of material, identified topics that required further explanation, and noted material that was too detailed and showed how it should be shortened. Amy not only directed me on content, but she checked every calculation, provided me with spreadsheets of all calculations, and highlighted discrepancies between the solutions in a chapter and those she obtained. On a number of occasions, Amy added material that improved the exposition; she also contributed several end-of-chapter questions. Amy has been accepted into the doctoral program in finance at both Columbia University and Lehigh University, and will begin her studies in Fall of 2000.

After the chapters were approved by Amy and Don, they were then sent to reviewers selected by AIMR. The reviewers provided comments that were the basis for further revisions. I am especially appreciative of the extensive reviews provided by Richard O. Applebach, Jr., CFA and Dr. George H. Troughton, CFA. I am also grateful to the following reviewers: Dr. Philip Fanara, Jr., CFA; Brian S. Heimsoth, CFA; Michael J. Karpik, CFA; Daniel E. Lenhard, CFA; Michael J. Lombardi, CFA; James M. Meeth, CFA; and C. Ronald Sprecher, PhD, CFA.

I engaged William McLellan to review all of the chapter drafts. Bill has completed the Level III examination and is now accumulating enough experience to be awarded the CFA designation. Because he took the examinations recently, he reviewed the material as if he were a CFA candidate. He pointed out statements that might be confusing and suggested ways to eliminate ambiguities. Bill checked all the calculations and provided me with his spreadsheet results.

Martin Fridson, CFA and Cecilia Fok provided invaluable insight and direction for the chapter on credit analysis (Chapter 9 of Level II). Dr. Steven V. Mann and Dr. Michael Ferri reviewed several chapters in this book. Dr. Sylvan Feldstein reviewed the sections dealing with municipal bonds in Chapter 3 of Level I and Chapter 9 of Level II. George Kelger reviewed the discussion on agency debentures in Chapter 3 of Level I.

Helen K. Modiri of AIMR provided valuable administrative assistance in coordinating between my office and AIMR.

Megan Orem of Frank J. Fabozzi Associates typeset the entire book and provided editorial assistance on various aspects of this project.

The following individuals reviewed chapters:

Larry D. Guin, CFA consolidated the individual reviews, as well as reviewed chapters 1-7. David M. Smith, CFA did the same for Chapters 8-15.

The final proofreaders were Richard O. Applebach, CFA, Dorothy C. Kelly, CFA, Louis J. James, CFA and Lavone Whitmer.

Wanda Lauziere of CFA Institute coordinated the reviews. Helen Weaver of CFA Institute assembled, summarized, and coordinated the final reviewer comments.

Jon Fougner, an economics major at Yale, provided helpful comments on Chapters 1 and 2.

Finally, CFA Candidates provided helpful comments and identified errors in the first edition.