The thermotropic behavior of aqueous dispersions of phosphatidylethanolamine-cholesterol and phosphatidyl-ethanolamine-phosphatidylcholine-cholesterol mixtures has been studied by high-sensitivity differential scanning calorimetry. The gel to liquid-crystalline phase transition of phosphatidylethanolamines is broadened and shifted to lower temperature when cholesterol is incorporated into the bilayer. When the cholesterol content is below 25 mol %, the calorimetric endotherms seem to consist of two components, a broad one at considerably lower temperature than the original transition and another component at only slightly lower temperature. This thermotropic behavior can be explained by the assumption of a homogenous distribution of cholesterol in phosphatidylethanolamine bilayers. Scanning calorimetry of equimolar mixtures of phosphatidylethanolamines with phosphatidylcholines, which show either ideal or nonideal mixing properties, reveals that when cholesterol is added to these mixtures it shows no preferential affinity for either of the phospholipids.