The present invention relates to an aqueous coating composition having excellent freeze-thaw stability and a low-VOC content, comprising a multi-stage polymer dispersion comprising (a) an inner phase comprising at least one latex polymer derived from at least one monomer and at least one polymerizable alkoxylated surfactant having the structure: R.sup.1--R.sup.2 wherein R1 is an allyl group selected from the group consisting of CH.sub.3--CH.dbd.CH-- and CH.sub.2.dbd.CH--CH.sub.2--, or an acrylic group and R.sup.2 is a radical comprising at least two carbon atoms and at least one oxyethylene or oxypropylene unit; (b) an outer phase having a glass transition temperature of from 30.degree. C. to 110.degree. C. containing at least one ethylenic unsaturated monomer (c) at least one pigment; (d) water; and (e) less than 3.0% by weight based on the total weight of the aqueous coating composition of anti-freeze agents.