A process for the preparation of dispersions of optionally cross-linked ethylene-vinyl ester graft polymers wherein an ethylene-vinyl ester copolymer is used as graft substrate and a vinyl ester of a C.sub.1 -C.sub.18 carboxylic acid and/or a C.sub.1 -C.sub.10 -alkyl ester of acrylic and/or methacrylic acid are used as a graft monomer which is polymerized, optionally together with a cross-linking agent having two or more C--C double bonds, in organic solution until at least 25% by weight of the graft monomer has been reacted, the reaction product is converted into a stable finely divided dispersion by the addition of a precipitating agent under the action of shearing forces and polymerisation is completed before, during or after the formation of the dispersion.