Full interpenetrating networks (IPNs) and semi-IPNs of Novolac (phenolic) resin and poly(ethyl methacrylate) (PEMA) were prepared by the sequential mode of synthesis. These were characterized with respect to their mechanical properties, that is, ultimate tensile strength (UTS), percentage elongation at break, modulus, and toughness. Thermal properties were studied by DSC and thermogravimetric analysis (TGA). The morphological features were studied through polarizing light microscopy (PLM). The effects of variation of the blend ratios on the above-mentioned properties were examined. There was a gradual decrease of modulus and UTS with consequent increases in elongation at break and toughness for both types of IPNs with increasing proportions of PENTA. An inward shift and lowering (with respect to pure phenolic resin) of the glass-transition temperatures of the IPNs with increasing proportions of PEMA were observed, thus indicating a plasticizing influence of PEMA on the rigid and brittle matrix of crosslinked phenolic resin. The TGA thermograms exhibit two-step degradation patterns. Although there was an apparent increase in thermal stability at the initial stages, particularly at lower temperatures, a substantial decrease in thermal stability was observed in the regions of higher temperatures. The surface morphology as revealed by PLM clearly indicates two-phase structures in all the full and semi-IPNs, irrespective of PEMA content. The matrix-PEMA domain interfaces are quite sharp at higher concentrations of PEMA. (C) 2003 Wiley Periodicals, Inc.