The phase behavior of binary blends of acrylonitrile/methyl acrylate/butadiene terpolymer (B210) and poly(ethylene-co-maleic anhydride) (PEMA) was examined based on thermal analysis and optical microscopy. Miscibility of these polymer blends was recognized over a wide range of compositions. The appearance of phase separation during subsequent heatings above the glass transition temperature (Tg) of these blends was associated with a lower critical solution temperature (LCST) behavior. Rheological characteristics such as shear storage modulus (G′), loss modulus (G″) and complex viscosity have been shown to depend on the amount of PEMA in the blend. Mechanical properties including the tensile strength and flexural modulus also were found to be related to the composition of the blend. © 1993 John Wiley & Sons, Inc.