We show that faint red stars do not contribute significantly to the mass budget of the Galaxy or to microlensing statistics. Our results are obtained by analyzing two long exposures of a high-latitude field taken with the Wide Field Camera on the newly repaired { Hubble Space Telescope}. Stars are easily distinguished from galaxies essentially to the limiting magnitudes of the images. We find five stars with $2.0 3.0$. Therefore, main-sequence stars with MI>10 that are above the hydrogen-burning limit in the dark halo or the spheroid contribute $<6%$ of the unseen matter. Faint red disk stars, M-dwarfs, contribute at most $ 15%$ to the mass of the disk. We parameterize the faint end of the cumulative distribution of stars, Φ, as a function of luminosity LV, dΦ/d ln LV ∝ LV-γ. For spheroid stars, γ<0.32 over the range 6<MV<17, with 98% confidence. The disk luminosity function falls, γ<0, for 15 MV 19. Faint red stars in the disk or thick disk, and stars with MV<16 in the spheroid contribute τ< 10⁻⁸ to the optical depth to microlensing toward the Large Magellanic Cloud.
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A 1994 study studied this question.