Natural latex (NR) particles, modified with a hard shell of poly(methyl methacrylate) (PMMA) and with a substructure of PMMA (type "NR‐M") or polystyrene (type "NR‐SM"), were tested as compatibilizers in blends of polycarbonate (of bisphenol A, PC) and PMMA or PS. During melt blending, the modified NR particles were torn apart, from an original size of >0.5 μm down to ≅0.1 μm in diameter. Two different types of particle distribution were observed in the blends: in PC/PMMA/NR‐M blends, the NR‐M particles were dispersed in the PMMA phase, whereas, in PC/PS/NR‐SM blends, the NR‐SM particles formed interface layers between PC and PS phase domains. The latter blend morphology, distinguished by continuous rubbery interface layers of NR‐SM, turned out to be mechanically excellent in injection‐moulded parts. The poor impact strength of PC/PS was raised by an order of magnitude. The effect depends on the orientation in the injection‐moulded test bars.