Delayed treatment following a waiting list period often occurs in both clinical practice and psychotherapy outcome research. While studies often compare the improvements made over a treatment and a comparable waiting list, studies seldom consider the relative efficacies of immediate and delayed treatment. In this study, 40 mildly depressed clients received individual cognitive-behavioral therapy either immediately or following a 6-week waiting period. Cognitive-behavioral therapy of depression was provided in a 6-week format by graduate student therapists. Subjects were assessed at the beginning of either the 6-week treatment or waiting period and again following treatment using the Beck Depression Inventory (BDI), the D30 Depression Scale, the Brief Symptom Inventory (BSI), and the State-Trait Anxiety Inventory (both the A-State and A-Trait forms). A multivariate repeated measures analysis of variance was conducted and revealed a significant time by treatment condition interaction. Subjects who received immediate therapy improved significantly more than did subjects who received delayed treatment as measured by scores on the BDI, BSI, and A-State, and nearly significantly more on the A-Trait. Implications for the effectiveness of brief therapy following a waiting list period are discussed. (Author/NB)