Expectancies about future life events were assessed in anxious and depressed patients to test predictions of the Helplessness/Hopelessness model of anxiety and depression (Alloy, Kelly, Mineka, & Clements, 1990). In addition to expectancies for future events, patients from affective and anxiety treatment clinics completed anxiety and depression symptom ratings and positive and negative affects scales. Findings revealed partial support for the model. Negative outcome and helplessness expectancies were related specifically to depression. Cognitions regarding future positive events were interrelated and associated with symptom measures more strongly than were cognitions regarding negative events. Additionally, positive affects was more strongly related to depression than to anxiety symptom ratings. Implications and limitations of these findings are discussed.