In a process for producing a functionalized polyalkenamer, at least one monomer comprising a monocyclic olefin having at least one pendant alkyl group bonded thereto, wherein the pendant alkyl group has at least two carbon atoms and is substituted with a polar moiety spaced by at least one carbon atom from the monocyclic olefin, is contacted with a polymerization catalyst under conditions effective to effect ring opening polymerization of the monocyclic olefin and produce the functionalized polyalkenamer.