Large numbers of thin‐walled vesicles, 0.5 to 10 μ in diameter, can be formed by permitting a thinly spread layer of hydrated phospholipids to swell slowly in distilled water or an aqueous solution of nonelectrolytes. Electron micrographs and phospholipid analyses indicate that the walls consist of a single or a few bilayers. The vesicles can be centrifuged and resuspended in another medium, making them a useful system for studying permeability. The osmolarity of the solution in the interior of the vesicles can be estimated by immersion refractometry. The osmolarity of the internal aqueous phase is linearly related to the osmolarity of the external medium.