This first Annual Report reviews the past two years of work for the Office of Evaluation and Oversight (OVE). It is designed in two parts. Part I reports on OVE’s recent evaluation activities and findings, on developments in the Bank’s evaluation “architecture” during the year, and on management’s progress in implementing agreed-upon recommendations from previous OVE evaluations. Part II highlights a special topic, seeking to put OVE’s work in a broader perspective by bringing new analysis and linking OVE’s evaluation work to major themes of importance to development effectiveness. This year’s themes are the Bank’s core objectives of growth and poverty reduction.