Provided are modified natural compounds that are produced, at least in part, from (A) at least one epoxidized and/or maleated natural fatty acid, or epoxidized and/or maleated natural oil, and (B) at least one lactam having at least one hydroxyl functional group, wherein the lactam may be in a blend with one or more optional alcohol(s). Among other properties, the modified natural compounds may exhibit dispersibility or solubility characteristics in water and/or alcohols. The invention further provides a wide variety of compositions comprising the modified natural compounds.