  We derive a non-parametric CO luminosity function using a FIR and an optical
B-band selected sample of the galaxies included in the FCRAO Extragalactic CO
Survey. The FIR selected sample is defined using the IRAS Bright Galaxy Surveys
(BGS; IRAS 60 micron flux density >= 5.24 Jy). Although our CO sample is not
complete, the normalization using the BGS reproduces the IRAS 60 micron
luminosity function in excellent agreement with those found in the literature.
Similarly, a B-band selected sample defined using the Revised Shapley-Ames
(RSA) catalog is used to derive a CO luminosity function for a comparison. A
Schechter function describes the both derived CO luminosity functions
reasonably well. Adopting the standard CO-to-H2 conversion factor, we derive a
molecular gas density of rho_{H2}=(3.1\pm 1.2)*10^7h Mo Mpc^{-3} for the local
volume. Combining with the measurements of the local HI mass density and the
helium contribution, we estimate that the total mass density of cold neutral
gas in the local universe is Omega_{gas} =(4.3 \pm 1.1)*10^{-4} h^{-1}, which
is about 20% of the total stellar mass density Omega_{stars}.
