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Dynamic mechanical thermal analysis (DMTA), differential scanning calorimetry (DSC), and scanning electron microscopy (SEM) concurrently show that polycarbonate (PC)/poly(methyl methacrylate) (PMMA) blends have a two-phase structure. The differences between the Tgs of parent polymers and the Tgs of conjugate phases, determined by both DMTA and DSC, indicate a limited miscibility of components and allow the approximate composition of conjugate phases to be calculated. The Flory-Huggins interaction parameter calculated by using these data assumes values about 0.035 f 0.010. Phase inversion occurs in an interval close to the 5 0 / 5 0 composition, though the molar masses and melt viscosities of the polymers were rather different. Partial miscibility of components ensures interfacial adhesion capable of sustaining the stress transfer between phases up to fracture. Yield stress of the blends is very close to values foreseen by the rule of mixtures. A specific feature of the blends studied is that the addition of 10 to 20 vol% of PMMA to PC increases the strain at break and work to fracture, which are rather low for the PC used. The enhanced capability of the blends to absorb mechanical energy is probably linked to plastic deformation of the dispersed PMMA.