An aqueous latex coating composition and method of making an aqueous latex coating composition that comprises at least one oligomeric ethylene glycol derivative having the structure RO—(CH2—CH2—O—)n—H, at least one latex polymer, and water, wherein R is H or C1-C4 alkyl and preferably H, and n is from 3 to 9, preferably from 3 to 8, and more preferably from 3 to 6. The oligomeric ethylene glycol derivative functions as both a coalescing solvent and freeze-thaw stabilizer without contributing to the VOC content of the composition.