Research with anxious and depressed adults has suggested that anxiety is related to an increased anticipation of both negative memories and negative expectancies whereas depression is related to a reduction in positive memories and expectancies. The present study examined whether anxiety and depression in 123 school-aged adolescents would show the same pattern. Small groups completed a memory and future thinking task in which they were asked to generate future and past, positive and negative events. Adolescents with higher levels of depression and those with higher levels of anxiety reported significantly more negative events relative to controls, but neither group generated fewer positive events. The results provide support for the involvement of cognitions in mood disturbance although do not support the idea that these cognitions are different in anxiety and depression.