"Synthetic blends" of a flexible polymer forming the matrix and a liquid-crystalline polymer (LCP) forming the dispersed phase have been prepared by transesterification of PET with a mixture of sebacic acid (S), 4,4＇-diacetoxybiphenyl (B) and 4-acetoxybenzoic acid (H) in the mole ratio 1:1:2. A change of the synthesis condi tions causes marked variations of the chemical composition and the morphology of the phases. The SEM investigation of the inner morphology of the LCP droplets of blends consisting of two phases with fairly different aromatic content has shown that the LCP macromolecules are aligned tangentially at the matrix surface boundary, and that the nematic director configuration is toroidal. When the two phases have closer chemical composition, and are therefore supposed to possess improved mutual compatibility, a perpendicular anchoring of the LCP fibrils to the matrix cavity surface, and an axial configuration of the nematic director, are observed. The expected effect of the nematic configuration of the LCP droplets on their ability to deform into fibrils under appropriate flow conditions is preliminarily discussed.