Calcitonin-loading was studied in liposomes composed of phosphatidylcholine, cholesterol and stearylamine in relation to the vesicle preparation method. Liposomes entrapping calcitonin were prepared by extrusion, sonication or from mixed micelles through the elimination of cholate by gel filtration. To understand the mode of calcitonin encapsulation in the vesicles, riboflavin was entrapped within the vesicles and taken as a simple model for the encapsulation of molecules in the aqueous phase. Interactions of calcitonin with the liposomal membranes were evaluated by studying the fixation of radiolabelled calcitonin to the outer surface of empty liposomes, and by preparing calcitonin-loaded LDL-like nanoparticles composed of phosphatidylcholine and cholesteryl-oleate. Calcitonin entrapment in the vesicles depends largely on the vesicle preparation method. When vesicles are prepared by removal of cholate from mixed micelles, relatively little calcitonin entrapment in the liposomes is obtained. In this type of vesicle, calcitonin is exclusively embedded in the vesicle bilayer. When vesicles are prepared by extrusion or sonication, calcitonin is found both in the aqueous and lipidic phases of the vesicles. Optimal calcitonin encapsulation was obtained when the liposomes were prepared by sonication.