SAN containing 20 wt % of reactive SAN-X has been melt blended with EPDM containing 50 wt % of EP chains grafted by maleic anhydride (EP-g-MA). Two types of reactive groups (X) have been attached to SAN (2 mol % of X), i.e., a primary amine and a precursor of it at the processing temperature, i.e., a carbamate. The SAN/rubber weight composition was kept constant at 75/25. The development of the phase morphology from pellet-sized rubber particles to dispersed submicrometer droplets has been investigated during reactive mixing for the two types of reactive SAN and has been found to depend on the interpolymer reaction rate and thus on the relative reactivity of the amine and the carbamate groups attached to SAN toward the maleic anhydride function of EP.