Copolymerization of ethylene with 5-vinyl-2-norbornene (VNB) using the dicyclopentadienylzirconium dichloride/methylaluminoxane (zirconocene/MAO) catalyst system has been shown to occur with regioselective insertion of the endocyclic double bond of VNB into the copolymer chain, leaving the exocyclic vinyl double bond as a pendant unsaturation. The pendant vinyl group in the copolymer can be readily converted to the hydroxy/epoxy group with complete conversion under mild reaction conditions, giving rise to the corresponding functionalized copolymers. The copolymers (parent and functionalized) have been characterized using IR, NMR, TGA, DSC, and intrinsic viscosity measurements.