Micelles have been prepared from poly(acrylic acid)-graft-polystyrene by direct injection of a dioxane solution of the polymer into water containing various concentrations of NaCl. The size of the final micelle depends on the polymer concentration in the dioxane solution and the ionic strength of the aqueous phase. A relatively weak dependence of the micelle size on grafting density has been found. TEM images of these micelles reveal a unique "multicore" structure in which small spheres (presumably polystyrene) are associated with intervening polyacid chains that provide the aqueous solubility. It has been found that a very hydrophobic molecule (pyrene) can be solubilized efficiently in water by dissolving it with the polymer in dioxane prior to injection into the water phase. The morphology of the micelles containing pyrene is spherical, according to TEM.