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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 constructedfrom the deep NIR MUSYC, the ultradeep FIRES, and the GOODS-CDFS. This sampleis unique for its combination of area and range of luminosities. The faint-endslopes of the LFs at z>2 are consistent with those at z~0. The characteristicmagnitudes are significantly brighter than the local values (e.g., ~1.2 mag inthe R band), while the measured values for Phi_star are typically ~5 timessmaller. 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 theLF of Distant Red Galaxies (DRGs), which we compare to that of non-DRGs. WhileDRGs and non-DRGs are characterized by similar LFs at the bright end, thefaint-end slope of the non-DRG LF is much steeper than that of DRGs. Thecontribution of DRGs to the global densities down to the faintest probedluminosities is 14%-25% in number and 22%-33% in luminosity. From the derivedrest-frame U-V colors and stellar population synthesis models, we estimate themass-to-light ratios (M/L) of the different subsamples. The M/L ratios of DRGsare ~5 times higher (in the R and V bands) than those of non-DRGs. The globalstellar mass density at 2<z<3.5 appears to be dominated by DRGs, whosecontribution is of order ~60%-80% of the global value. Qualitatively similarresults are obtained when the population is split by rest-frame U-V colorinstead of observed J-K color.Comment: 24 pages, 17 figures. Accepted for publication in ApJ. Minor  corrections to match published versio

The Rest‐Frame Optical Luminosity Functions of Galaxies at 2≤z≤3.5