Impact modifiers with grafted PMMA shell are used to modify polymethylmethacrylate matrix. The composition of the shell is chosen to enhance the interactions at the modifier/matrix interface and to obtain good dispersion of the impact modifier in order to optimize impact strength of the blend. The degree of interactions at the interface is characterized by the interfacial region where the chains of the matrix mix with those of the shell of the modifier. The deviation of the measured viscoelastic behavior of these blends from that predicted by the emulsion models has been attributed to the formation of the network structure due to the association of matrix chains with the shell of the modifier. It is expected that the network structure will decrease with increasing frequency and, as such, the effective volume of the particle is frequency dependent. This study uses the emulsion models to estimate the larger effective volume of the particle and, therefore, the extent of interaction at the interface. In the blends of this study it can be shown that at low modifier levels the solvent swelling of the modifier shell results in stronger interactions with the matrix; this effect is negated by the aggregation of particles at higher modifier loadings. The interaction of core modifier with the PMMA matrix seems to be similar to that of the core-shell modifier. This would not be expected from the calculated interfacial thickness of approximately 4 nm. It is, therefore, proposed that during melt-processing the core modifier surface was altered due to grafting of the matrix PMMA chains during melt-blending to (BA/St) copolymer of the core modifier thus reducing the interfacial tension.