Morphology was studied in ternary polymer blends containing a polycarbonate (PC) matrix, a thermotropic HBA/HNA copolyester (LCP), and a poly(ethyleneterephthalate) (PET) or a poly-ϵ-caprolactone (PCL) as the minor components. LCP is immiscible in the other three polymers, while PET and PC exhibit a partial mutual miscibility, and PC/PCL is a miscible blend in the studied composition range, as evidenced byTgmeasurements. The melt rheology of the binary and ternary blends, studied using a capillary rheometer over a wide range of shear rates, shows unexpected dependency on the blend composition, which may partially stem from some degree of possible intermolecular reactions during melt blending, but is mainly due to morphological effects. The capillary extrudate morphology of the miscible blends (90PC/10PCL and 90PC/10PET) is that of a single-phase system. The morphology of the 85PC/15LCP and 60PC/40PET blends consists of a dispersed fibrillar minor phase oriented along the flow direction. However, no LCP fibrils, but rather particles, were observed in the [90/10]/15 [PC/PET or PCL]/LCP filaments. An intriguing morphology was observed in the [60/40]/15 [PC/PET]/LCP extrudates. As in the PC/LCP filaments, LCP particles, either spherical, elongated, or fibrillar, depending on the filaments' preparation conditions, were also observed in the ternary blends. However, they were engulfed by a PET-rich PET/PC layer. The preferred localization, engulfing the LCP particles rather than separately dispersed, of the PET-rich minor phase is expected by consideration of thermodynamic (interfacial tensions and “spreading coefficients”) and kinetic (viscosity ratios) parameters.