Abstract
If is a separable II-factor, the space $\Hom(N,\R)$ of unitary equivalence classes of unital *-homomorphisms is shown to have a surprisingly rich structure. If is not hyperfinite, $\Hom(N,\R)$ is an infinite-dimensional, complete, metrizeable topological space with convex-like structure, and the outer automorphism group $\Out(N)$ acts on it by "affine" homeomorphisms. (If , then $\Hom(N,\R)$ is just a point.) Property (T) is reflected in the extreme points -- they're discrete in this case. For certain free products , every countable group acts nontrivially on $\Hom(N, \R)$, and we show the extreme points are not discrete for these examples. Finally, we prove that the dynamical systems associated to free group factors are isomorphic.
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