Donor funding for HIV/AIDS has skyrocketed in the last decade: from US$ 300 million in 1996 to US$ 8.9 billion in 2006. Yet, surprisingly little is known about how this money is spent. Following the Funding for HIV/AIDS, by CGD's HIV/AIDS Monitor team, analyzes the policies and practices of the world's largest AIDS donors—the U.S. President's Emergency Plan for AIDS Relief (PEPFAR), the Global Fund to Fight AIDS, Tuberculosis and Malaria, and the World Bank's Multi-Country HIV/AIDS Program for Africa (MAP)—as they are applied in three case study countries: Mozambique, Uganda and Zambia. The report urges all three funders to improve country-level coordination, tracking of funds, and the collection and disclosure of data. It also identifies the strengths and shortcomings of each of the funders and offers suggestions for improvement.