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This paper presents a segmented parabolic concentrator employing holographic spectral filters that provide focusing and spectral bandwidth separation capability to the system. Strips of low band gap silicon photovoltaic (PV) cells are formed into a parabolic surface as shown by Holman et. al. [1]. The surface of the PV segments is covered with holographic elements formed in dichromated gelatin. The holographic elements are designed to transmit longer wavelengths to silicon cells, and to reflect short wavelength light towards a secondary collector where high-bandgap PV cells are mounted. The system can be optimized for different combinations of diffuse and direct solar illumination conditions for particular geographical locations by controlling the concentration ratio and filtering properties of the holographic elements. In addition, the reflectivity of the back contact of the silicon cells is used to increase the optical path length and light trapping. This potentially allows the use of thin film silicon for the low bandgap PV cell material. The optical design combines the focusing properties of the parabolic concentrator and the holographic element to control the concentration ratio and uniformity of the spectral distribution at the high bandgap cell location. The presentation concludes with a comparison of different spectrum splitting holographic filter materials for this application.