This review is the first biennial mid-term evaluation being initiated by the Advisory Board of the UN-HABITAT Water and Sanitation Trust Fund which held its inaugural meeting in Nairobi during December 7-8, 2004. The primary objective of the Fund is to contribute to the achievement of the water and sanitation targets in the internationally agreed Millennium Development Goals (MDGs), particularly for the urban poor. The findings from the review are intended to be used to refine, adjust, and improve the directions and practices of the Trust Fund. They are also planned to be used to serve as an information tool for UN-HABITAT and fund stakeholders.