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The Commissioning Better Outcomes (CBO) programme is funded by The National Lottery Community Fund. CBO originated in 2013 with a mission to support the development of more social impact bonds (SIBs) and other outcomes-based contracting models in England. This report is the third Update Report of the independent CBO Evaluation, undertaken by Ecorys in partnership with ATQ Consultants. The report primarily provides a baseline comparative analysis of the nine projects that feature as in-depth reviews in the evaluation, and also provides updates on the progress of the projects that are over half-way through delivery.