We have designed, fabricated, and tested a small, integrated photovoltaic module comprised of two separately-contacted, high efficiency, multijunction solar cells and non-imaging optics that both concentrate and spectrally split the incoming light. This hybrid design allows us to individually optimize the tandem cells and optical elements. The system has a measured module efficiency, including optical and packaging losses but not power combination losses, of 38.5 ± 1.9% under the AM1.5 direct terrestrial spectrum. The internal optics concentrate the light by a factor of approximately 20. We find excellent agreement between the modeled and measured performance. This is the highest confirmed conversion efficiency demonstrated for a photovoltaic module. Copyright © 2010 John Wiley & Sons, Ltd.