The cohort study was initiated in 1997 to investigate the incidence and predictors of health outcomes in an elderly population with low socioeconomic level. The eligible population consisted of all 1,742 residents in Bambui, Minas Gerais Slate, Brazil, aged 60 years and over (1,606 participated). During 10 years of follow-up, 641 participants died and 96 were lost, leading to 13,739 person-years of observation. The baseline health profile of participants revealed a double burden of diseases with high prevalence of chronic non-transmissible diseases and widespread Trypanosoma cruzi infection. The most common health condition was hypertension (61.5%), followed by chronic knee or hand symptoms (43.6%), common mental disorders (38.5%), T. cruzi infection (38.1%), and insomnia (36.7%). In general, the baseline prevalence of mental symptoms and cardiovascular diseases or risk factors was comparable to those found in populations in high income countries.