Disclosed is an improved aqueous latex adhesive composition of the type having an aqueous latex in admixture with a water dispersible multi-isocyanate cross-linking agent and a thickener. The improvement for a room temperature curable adhesive composition having improved water resistance comprises the curable ingredients consisting essentially of an aqueous hydroxyl functional latex which contains hydroxyl groups as its only isocyanate reactive functionality and the multi-isocyanate cross-linking agent. The cross-linking agent is a water dispersible or water dispersed multi-isocyanate and preferably is a multi-isocyanate which has undergone partial reaction of some of its isocyanate groups with a hydrophobic monohydroxy alcohol. Desirably, fillers incorporated into the adhesive composition are formed into a filler grind prior to incorporation into the adhesive composition. The adhesive composition is especially useful as a structural adhesive in structural lamination manufacture.