Abstract: A process for the production of stable, agglomerate-free, low viscosity graft copolymer dispersions through radical polymerization of ethylenically unsaturated monomers in the presence of a base polyol, a macromer, an enol ether of a specific formula, and optionally, an organic solvent. These enol ethers correspond to the general formula:A=CH--O--Rwherein:A represents a di-valent residue of the formula ##STR1## R represents an aliphatic hydrocarbon radical having 1 to 18 carbon atoms, a cycloaliphatic hydrocarbon radical having 5 to 10 carbon atoms, or a substituted or unsubstituted benzyl radical;andR' represents a hydrogen atom or an aliphatic hydrocarbon radical having 1 to 8 carbon atoms.