We consider atomic mixtures of bosons and two-component fermions in an optical lattice potential. We show that if the bosons are in a Mott-insulator state with precisely one atom per lattice, the photoassociation of bosonic and fermionic atoms into heteronuclear fermionic molecules is described by the Anderson Lattice Model. We determine the ground state properties of an inhomogeneous version of that model in the strong atom-molecule coupling regime, including an additional harmonic trap potential. Various spatial structures arise from the interplay between the atom-molecule correlations and the confining potential. Perturbation theory with respect to the tunneling coupling between fermionic atoms shows that anti-ferromagnetic correlations develop around a spin-singlet core of fermionic atoms and molecules.PACS numbers: 03.75. Ss, 05.30.Fk, 32.80Pj, Ultracold atoms and molecules trapped in optical lattices provide an exciting new tool for the study of strongly correlated many-body systems [1]. The exquisite degree of control of the system parameters permits the detailed study of a variety of exotic states of matter, and as a result these systems are contributing to the establishment of significant new bridges and interplay between AMO science and condensed matter physics. While much work along these lines has concentrated so far on ultracold atoms [2,3], the coherent formation of bosonic or fermionic molecules [4,5,6,7] via either Feshbach resonances [8] or two-photon Raman photoassociation [9] offers an additional path to the study of strongly correlated atoms and molecules [10,11]. Very recently, collective coherent phenomena between an atomic and a molecular gas in an optical lattice have been observed experimentally [12].In this letter we analyze the ground state of a mixture of atomic bosons and two-component fermions coupled to heteronuclear fermionic molecules [13,14] by photoassociation or Feshbach resonance in an optical lattice. We show that this system can be mapped onto the Anderson Lattice Model (ALM), a model that has previously found important applications in the description of heavy electrons and intermediate valence systems in condensed matter physics. In particular, this model is known to exhibit a great variety of possible behaviors, such as e.g. the Kondo effect and magnetic ordering [15].In the context of AMO experiments, the modifications of the ground-state properties due to the presence of a trapping potential are of particular interest. For example, in the bosonic (fermionic) Hubbard model, that potential is known to result in the coexistence of Mottinsulator and superfluid (metal) phases [16,17]. In the strong atom-molecule coupling regime under consideration here, the ALM exhibits two types of magnetically correlated states of fermionic spins on the lattice, an on-site spin-singlet (paramagnetic) state of the atoms and molecules, and an anti-ferromagnetic (AF) correlated state among lattice fermionic spins. The inhomogeneity of the confining potential gives rise to a spatial structure ...