Aqueous primary dispersion, substantially or entirely free of volatile organic compounds, and comprising dispersed and/or emulsified, solid and/or liquid polymer particles and/or dispersed solid core/shell particles with a particle diameter.ltoreq.500 nm, preparable by free-radical micro- or miniemulsion polymerization of at least one olefinically unsaturated monomer in the presence of at least one hydrophobic additive and of at least one oligomeric polyester with a number-average molecular weight of from 150 to 1 500 daltons, a hydroxyl number of from 100 to 1 000 mg KOH/g, and an acid number<20 mg KOH/g and also a process for preparing it and its use as a coating material, adhesive or sealing compound or to prepare a coating material, an adhesive or a sealing compound.