To evaluate the predictive utility of Russell's two-dimensional model of affect to the experience of depression and anxiety, self-report ratings of pleasure and arousal were obtained from 200 undergraduates using the Affect Grid. Ratings of Pleasure and Arousal each accounted for significant variance in predicting depression scores on the Beck Depression Inventory and Profile of Mood States. Only ratings of Pleasure, however, were predictive of Anxiety scores on the Profile of Mood States, whereas the relationship between Arousal ratings and Anxiety scores was more complex, demonstrating possible moderation by variables consistent with a third dimension of Dominance–Submissiveness, as postulated by other investigators.