New random copolymers, poly(N-vinyl-2-pyrrolidone-co-mono-6-deoxy-6-methacrylate ethylamino-beta-cyclodextrin) (PnvpCD) bearing pendent beta-cyclodextrin (CD) groups were synthesized. PnvpCD formed soluble graft-like polymer complex with adamantane (AD) end-capped poly(epsilon-caprolactone) (PclAD) in their common solvent N-methyl-2-pyrrolidone driven by the inclusion interactions between the CD and AD groups. The formation of the graft complex has been confirmed by viscometry, dynamic light scattering (DLS), and isothermal titration calorimeter. The graft complex self-assembled further into noncovalently connected micelles in water, which is a selective solvent for the main chain PnvpCD. Transmission electron microscopy, DLS, and atomic force microscopy have been used to investigate the structure and morphology of the resultant micelles. A unique "multicore" structure of the micelles, in which small PclAD) domains scattered within the micelles, was obtained under nonequilibrium conditions in the preparation. However, the micelles prepared in a condition close to equilibrium possess an ordinary core-shell structure. In both cases, the core and shell are believed to be connected by the AD-CD inclusion complexation. (C) 2009 Wiley Periodicals, Inc. J Polym Sci Part A: Polym Chem 47: 4267-4278, 2009