The aqueous phase of a poly(butyl methacrylate) (PBMA) latex dispersion contained an oligomeric component that was isolated after sedimentation of the PBMA latex particles. The component contained both water-soluble PBMA oligomer and some longer chain species that were present as a very fine colloidal dispersion. We describe the isolation and characterization of this component. This component was then added to a purified PBMA latex dispersion from which the aqueous component was previously removed. Latex films were prepared, and in the presence of the oligomeric material, the rate of polymer diffusion in the latex film was strongly enhanced. The magnitude of the enhancement was fit quantitatively to the Fujita-Doolittle equation, indicating that the oligomers acted like a traditional plasticizer to increase the free volume in the system.