This study examined self-reported depression among severely emotionally disturbed adolescents at a private school serving publicly funded adolescents enrolled in a therapeutically supportive, non-residential educational program. From a sample of 45 students, using the Reynolds Adolescent Depression Scale (RADS), 15 students were selected for a High scoring group and 9 for a Low scoring group. The two groups were compared on four domains of variables previously cited in the literature: student characteristics, school-related characteristics, teacher ratings (through the Revised Behavior Problem Checklist), and self-reported anxiety (on the Revised Children's Manifest Anxiety Scale, RCMAS). The High RADS group was found to present a higher level of school attendance, more pathological ratings on the Anxiety-Withdrawal scale of the Revised Behavior Problem Checklist, and higher scores on the scales and Total Anxiety score of the RCMAS. The Low RADS group exceeded the High group on the Lie Scale of the RCMAS. The findings of this study suggest that a score on the RADS must be interpreted very cautiously with severely emotionally disturbed adolescents. It is possible that a high score could even be an indication of therapeutic progress, whereas a low score may indicate student resistance to therapeutic involvement. (Author/NB)