  We present the rest-frame optical (B, V, and R band) luminosity functions
(LFs) of galaxies at 2<z<3.5, measured from a K-selected sample constructed
from the deep NIR MUSYC, the ultradeep FIRES, and the GOODS-CDFS. This sample
is unique for its combination of area and range of luminosities. The faint-end
slopes of the LFs at z>2 are consistent with those at z~0. The characteristic
magnitudes are significantly brighter than the local values (e.g., ~1.2 mag in
the R band), while the measured values for Phi_star are typically ~5 times
smaller. The B-band luminosity density at z~2.3 is similar to the local value,
and in the R band it is ~2 times smaller than the local value. We present the
LF of Distant Red Galaxies (DRGs), which we compare to that of non-DRGs. While
DRGs and non-DRGs are characterized by similar LFs at the bright end, the
faint-end slope of the non-DRG LF is much steeper than that of DRGs. The
contribution of DRGs to the global densities down to the faintest probed
luminosities is 14%-25% in number and 22%-33% in luminosity. From the derived
rest-frame U-V colors and stellar population synthesis models, we estimate the
mass-to-light ratios (M/L) of the different subsamples. The M/L ratios of DRGs
are ~5 times higher (in the R and V bands) than those of non-DRGs. The global
stellar mass density at 2<z<3.5 appears to be dominated by DRGs, whose
contribution is of order ~60%-80% of the global value. Qualitatively similar
results are obtained when the population is split by rest-frame U-V color
instead of observed J-K color.
