We report a morphological study of the encapsulation of 12-nm Fe3O4 nanoparticles (NPs) in large unilamellar vesicles of dipalmitoylphosphatidylcholine (DPPC). Preparation was done by reverse-phase evaporation. Phase behavior of the NP-lipid system was studied so that the loading of NPs in vesicles could be maximized. Increasing NP concentration significantly affects the resulting lipid morphology in a manner similar to increasing lipid concentration. Optimal production of high-density NP-loaded vesicles (HNLVs) requires temperatures of 50 degrees C, higher than the main phase transition (T.) of DPPC. The formation of fully enclosed HNLVs requires incubation times of at least hours.