Aqueous, hydroxy-functional binder dispersions with a low solvent content and based on hydroxy-functional copolymers. The binders are prepared by subjecting one or more vinyl monomer mixtures containing OH-free (meth)acrylic esters and/or vinylaromatics, hydroxy-functional vinyl monomers and/or hydroxy-functional (meth)acrylic esters, and ionic and/or potentially ionic monomers capable of free-radical copolymerization, to free-radical polymerization in the presence of at least one compound containing lactone groups and subsequently dispersing the resultant copolymer before or after addition of a neutralizing agent in water. The binder combinations can be used in coating materials.