A normally liquid, stable polymer/polyol composition formed by polymerizing in the presence of a free radical catalyst and in the essential absence of an alkyl mercaptan chain transfer agent, (1) from at least about 35 to about 60 weight percent of a mixture of acrylonitrile and an ethylenically unsaturated comonomer or comonomers, at least one of said comonomers being styrene, in a weight ratio of acrylonitrile to comonomer, of from about 35:65 to 25:75, dissolved or dispersed in (2) from about 40 to about 75 weight percent of a component comprising a base polyol having a hydroxyl number of less than about 150, the polymer of said polymer/polyol being characterized by a crosslinking coefficient of less than 20 and an intrinsic viscosity of at least 0.80.