The final position of carbon nanotubes (CNTs) in a fiber-reinforced composite and its mechanical properties can be influenced by the dispersion quality of CNTs in the resin. This topic is investigated here on the example of a woven glass fiber/epoxy composite. Two different localization states of CNTs in the composite are achieved by choosing matrices with two different dispersion states but the same CNT concentration. The two investigated states of dispersion are (1) a uniform dispersion with small CNT agglomerates and (2) an interconnected dispersion where CNTs form a network with large features. The uniform dispersion results in a better distribution of CNTs throughout the composite with CNTs also appearing inside the fiber bundles. The network-like dispersion, on the other hand, tends to localize CNTs in resin rich zones. The composite with CNTs in the resin rich zones has a higher strain-to-failure (by 10%) and a lower density of transverse cracks (by 29%) in comparison with a virgin composite. In the meantime, a lower strainto-failure and about the same crack density are measured for the composite where CNTs appear in small individual agglomerates.