An oil-soluble anionic-graft polymer of an anionically polymerizable monomer, preferably an ethylenically unsaturated nitrogen-containing monomer, e.g. acrylonitrile, and an anion of an oxidized copolymer of ethylene and at least one C.sub.3 to C.sub.50 alpha monoolefin, e.g. propylene, said anionic-graft polymer in its preferred form containing from about 0.005 to 2% by weight nitrogen and having a number average molecular weight of from about 1000 to 500,000, has utility as a multifunctional V.I. improver or dispersant for lubricating oils.