Recent research on vulnerabilities to depression and anxiety has begun to de-emphasize cognitive content in favor of the responsiveness of the individual to variations in situational context in arriving at explanations of events (explanatory flexibility) or attempts to cope with negative events (coping flexibility). The present study integrates these promising avenues of conceptualization by assessing the respective contributions of explanatory and coping flexibility to current levels of depression and anxiety symptoms. Results of structural equation modeling support a model of partial mediation in which both explanatory flexibility and coping flexibility independently contribute to the prediction of latent negative affect, with coping flexibility partially mediating the influence of explanatory flexibility.