One hundred asymptomatic women, mean age 51, had simultaneous phonocardiograms and electrocardiograms at rest and after a double Master’s test. A fourth heart sound was present at rest in 13 % and after exercise in 32% of them. A third heart sound was present at rest in 2% and after exercise in 17% of these asymptomatic women. All women who had a third heart sound at rest also had a fourth heart sound at rest; all women who had a third heart sound after exercise had a fourth heart sound after exercise. Two of the 100 women (2 %) had ≧ 1.0 mm ischemic ST-segment depression, and 6 % had ≧ 0.5 mm ischemic ST-segment depression. After exercise, 34 % of the women had either a fourth heart sound or ≧ 0.5 mm ischemic ST-segment depression, and 20 % had either a third heart sound or ≧ 0.5 mm ischemic ST-segment depression. Postmenopausal women had a higher incidence of post-exercise third and fourth heart sounds and ischemic ST-segment depression than did premenopausal women.