A composition comprising an aqueous dispersion of water-insoluble core/sheath polymer particles having an average diameter of 0.07 to 4.5 microns, having a core polymerized from a monomer system comprising one or more monoethylenically unsaturated monomers having a group of the formula --HC.dbd.C<, at least one of said unsaturated monomers having a carboxylic acid group, and having at least one sheath polymerized from at least one different monomer system, at least one of said different monomer systems being hard and producing a polymer (a) having a T.sub.i greater than 50.degree. C., (b) being non film-forming at 20.degree. C., (c) being permeable to ammonia and amines, said core being swollen by neutralization with ammonia or amine in the presence of water, said particles having a property such that when subsequently dried a single cavity forms in said core and said particles cause opacity in compositions in which they are contained.