The present invention relates to a process for producing a dispersion comprising microfibrillated cellulose and nanoparticles wherein the process comprises the steps; providing a slurry comprising pre-treated cellulose fibers, adding nanoparticles to the slurry and treating the slurry by mechanical disintegration so that a dispersion comprising microfibrillated cellulose is formed in which the nanoparticles are being adsorbed to the surface of the microfibrillated cellulose and/or being adsorbed into the microfibrillated cellulose. The invention further relates to a dispersion produced according to the process, a paper or board product being coated with a coating comprising said dispersion and a paper or board product being produced from said dispersion as well as a composite comprising said dispersion.