Triblock copolymer PCL-PEG-PCL was prepared by ring-opening polymerization of epsilon-caprolactone (CL) in the presence of poly(ethylene glycol) catalyzed by calcium ammoniate at 60 degreesC in xylene solution. The copolymer composition and triblock structure were confirmed by H-1 NMR and C-13 WR measurements. The differential scanning calorimetry and wide-angle X-ray diffraction analyses revealed the micro-domain structure in the copolymer. The melting temperature T-c and crystallization temperature T-c of the PEG domain were influenced by the relative length of the PCL blocks. This was caused by the strong covalent interconnection between the two domains. Aqueous micelles were prepared from the triblock copolymer. The critical micelle concentration was determined to be 0.4-1.2 mg/l by fluorescence technique using pyrene as probe, depending on the length of PCL blocks, and lower than that of corresponding PCL-PEG diblock copolymers. The H-1 NMR spectrum of the micelles in D2O demonstrated only the -CH2CH2O-signal and thus confirmed. the PCL-core/PEG-shell structure of the micelles. (C) 2003 Published by Elsevier Science Ltd.