Blends of conjugated polymers with ultrahigh molecular weight polyethylene (UHMW-PE) containing up to 30% (w/w) of poly(2-butyl, 5-(2＇-ethyl-hexyl)-1,4-phenylene vinylene) (BuEH-PPV) have been prepared by gel processing. The microstructure of both pristine and oriented (tensile drawn) films were studied using optical microscopy (365 nm ultraviolet illumination), X-ray diffraction and transmission electron microscopy. The results show that in pristine films, phase separation results in bicontinuous interpenetrating networks. After tensile drawing to a draw ratio lambda = 100, the structure develops into nematically oriented microfibers comprising oriented macromolecules interspersed within similar (partially) crystalline microfibers of UHMW-PE. The photoluminescence emission from the oriented blends (30% (w/w) BuEH-PPV) is polarized with a polarization ratio of 50:1 (parallel to perpendicular with respect to the draw axis). (C) 2000