This document examines the relationship between reference transactions at ARL libraries from 2006-2011 and factors relating to access (service points and hours) versus awareness (instruction sessions and participants). Using regression analysis on data from 91 ARL libraries, the study found that the numbers of instruction sessions and participants had a statistically significant relationship to reference transactions in most years, while service points and hours did not. Each additional instruction session correlated to about 30 more reference transactions, and each participant to 1-2 more transactions. So instruction and awareness, not just access, better predicted reference demand over this period.