This paper evaluates livelihoods of smallholder livestock farmers who were beneficiaries of a poverty alleviation programme involving longer term intervention towards building the strength of stakeholders such as government department, NGOs, village organisations and women beneficiaries. Data are drawn from a survey of 400 women farmers in 2006 and 2008. These farmers have been the members of BRAC, a well known NGO in Bangladesh. Poverty profiles, transition matrices and regression analysis drawn from asset-base framework are used to analyze data. A number of key questions related to poverty transition through livestock based activities, heterogeneity in livelihood choice and its impact on household welfare, extent of poverty reduction using different strategies etc. are addressed.