One way to improve power conversion efficiency (PCE) of polymer based bulk-heterojunction (BHJ) photovoltaic cells is to increase the open circuit voltage (V-oc). Replacing PCBM with bis-adduct fullerenes significantly improves V-oc and the PCE in devices based on the conjugated polymer poly(3-hexyl thiophene) (P3HT). However, for the most promising low band-gap polymer (LBP) system, replacing PCBM with ICBA results in poor short-circuit current (J(sc)) and PCE although V-oc is significantly improved. The optimization of the morphology of as-cast LBP/bis-fullerene BHJ photovoltaics is attempted by adding a co-solvent to the polymer/fullerene solution prior to film deposition. Varying the solubility of polymer and fullerene in the co-solvent, bulk heterojunctions are fabricated with no change of polymer ordering, but with changes in fullerene phase separation. The morphologies of the as-cast samples are characterized by small angle neutron scattering and neutron reflectometry. A homogenous dispersion of ICBA in LBP is found in the samples where the co-solvent is selective to the polymer, giving poor device performance. Aggregates of ICBA are formed in samples where the co-solvent is selective to ICBA. The resultant morphology improves PCE by up to 246%. A quantitative analysis of the neutron data shows that the interfacial area between ICBA aggregates and its surrounding matrix is improved, facilitating charge transport and improving the PCE.