This study investigated fluctuations in anxiety and menstrual distress across the menstrual cycle. Female college students (N = 318) completed self-report measures of symptoms across the menstrual cycle and measures of general psychological adjustment. A subgroup (n = 56) of Anxious participants who reported high levels of anxiety was identified. Results indicated that anxiety and menstrual symptoms were equally severe during premenstrual and menstrual phases and then dropped off during the remaining two phases. Twenty-five of the 56 Anxious subjects met PMS criteria and also reported high anxiety, whereas 31 Anxious subjects reported high levels of anxiety without PMS. These results suggest that some women, and possibly practitioners, may mislabels fluctuations in anxiety as PMS. The findings also suggest a need to attend to the entire menstrual cycle in the assessment of anxiety in women. (Contains 1 table.)