These notes give an introduction to subfactors suitable for newcomers to the field.Subfactors have been a subject of considerable research activity for about 15 years and are known to have significant relations with other fields such as low dimensional topology and algebraic quantum field theory. These notes give an introduction to the subject suitable for a student who has only a little familiarity with the theory of Hilbert space. A new pictorial approach to subfactors is presented in a late ch apter.Subfactors have been a subject of considerable research activity for about 15 years and are known to have significant relations with other fields such as low dimensional topology and algebraic quantum field theory. These notes give an introduction to the subject suitable for a student who has only a little familiarity with the theory of Hilbert space. A new pictorial approach to subfactors is presented in a late ch apter.Subfactors, a subject of considerable research activity for about fifteen years, are known to have significant relations with other fields such as low dimensional topology and algebraic quantum field theory. The authors present a new pictorial approach to subfactors in addition to discussions of basic principles. This book provides an important introduction to the subject and is aimed at students with only a little familiarity with the theory of Hilbert space and other newcomers to the field.1. Factors; 2. Subfactors and index; 3. Some basic facts; 4. The principal and dual graphs; 5. Commuting squares; 6. Vertex and spin models.'The presentation is a pleasure to read, and the careful selection of topics leads the reader on a very direct route to some of the most fascinating problems and results in the theory of von Neumann algebras & an excellent introduction at graduate level to current research in this field.' Monatshefte f?r Mathematik'This book is a model of clear exposition and keen pricing. Those working in operator algebras will find it self-rlÓ