Miscibility and morphology in blends of poly(epsilon-caprolactone) (PCL) and poly(styrene-ran-acrylonitrile) (SAN) were examined by light scattering and optical microscopy. The blends display miscibility in the amorphous state in a limited range of copolymer composition. Morphologies, formed as a combined effect of liquid-liquid phase separation and crystallization of PCL, are discussed. Crystallization leads to spherulite structure in the blends. Upon crystallization, PCL segregates from the amorphous state resulting in the observation of ring patterns in miscible blends. Its periodicity decreases with increasing fraction of SAN in the blend. Ring-banded spherulites have not been observed in neat PCL or in immiscible blends. These effects are discussed in terms of twisted crystallization.