This article examines the effects of dispersed phase concentration, processing apparatus, viscosity ratio, and interfacial compatibilization using an SAN–amine compatibilizer on the morphology of blends of bisphenol A–polycarbonate (PC) with styrene–acrylonitrile (SAN) copolymers. For uncompatibilized blends, the dispersed phase particle size increased significantly with SAN concentration, and was found to exhibit a minimum at a viscosity ratio of approximately 0.35 for a fixed concentration of 30% SAN in the blend. Although the morphology of uncompatibilized PC/SAN blends mixed in a Brabender mixer, single‐ and twin‐screw extruders were quite similar, the twin‐screw extruder produced significantly finer morphologies in blends containing SAN–amine. The average particle size for blends compatibilized with the SAN–amine polymer was approximately half that of uncompatibilized blends and was relatively independent of viscosity ratio and dispersed phase composition. © 1999 John Wiley & Sons, Inc. J Polym Sci B: Polym Phys 37: 71–82, 1999