We investigate analytically and numerically the interaction between grain boundaries and second phase precipitates in two-phase coherent solids in the presence of misfit strain. Our numerical study uses amplitude equations that describe the interaction of composition and stress [R. Spatschek and A. Karma, Phys. Rev. B {\bf 81}, 214201 (2010)] and free-energies corresponding to two-dimensional hexagonal and three-dimensional BCC crystal structures that exhibit isotropic and anisotropic elastic properties, respectively. We consider two experimentally motivated geometries where (i) a lamellar precipitate nucleates along a planar grain boundary that is centered inside the precipitate, and (ii) a circular precipitate nucleates inside a grain at a finite distance to an initially planar grain boundary. For the first geometry, we find that the grain boundary becomes morphologically unstable due to the combination of long-range elastic interaction between the grain boundary and compositional domain boundaries, and shear-coupled grain boundary motion. We characterize this instability analytically by extending the linear stability analysis carried out recently [P.-A. Geslin, Y.-C. Xu, and A. Karma, Phys. Rev. Lett. {\bf 114}, 105501 (2015)] to the more general case of elastic anisotropy. The analysis predicts that elastic anisotropy hinders but does not suppress the instability. Simulations also reveal that, in a well-developed non-linear regime, this instability can lead to the break-up of low-angle grain boundaries when the misfit strain exceeds a threshold that depends on the grain boundary misorientation. For the second geometry, simulations show that the elastic interaction between an initially planar grain boundary and an adjacent circular precipitate causes the precipitate to migrate to and anchor at the grain boundary.
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