LOW-MASS STARS

Low mass stars contribute an important fraction to the mass of our Gal axy. Due to the faintness of these stars a direct investigation of the ir space distribution and kinematics can be carried out only in the im mediate solar neighbourhood. This fact emphasizes the importance of th e ''Third Catalogue of Nearby Stars' (CNS3) as a probe of the stellar content of our galaxy. A preliminary version (Gliese and Jahreiss, 199 1) of the CNS3 was recently released. Based on this version the spatia l distribution of the nearby red dwarf stars is discussed. An infrared and a bolometric luminosity function is presented and compared with i ndependent determinations from photometric surveys. An outlook is give n on the expectation for the next decade due to the various surveys pr esently carried out or planned for the near future.