The perturbation of the three-site interaction of phenolphthalein on complexation with different cyclodextrins (CDs) has been investigated as a function of the type and degree of substitution of the CD. The UV visible spectra are practically identical, while the circular dichroism spectra change dramatically both in intensities and signs. Parallel to this, the stability constants are influenced not only by the size of the cavity but also by the substitution of its rims, particularly by that of the primary hydroxyls. The two phenomena can be related to allow conclusions concerning the mode of inclusion.