Abstract: Ethyl cellulose-compatible phenol-modified hydrocarbon resins are produced by polymerizing a reaction mixture containing indene, vinyl toluene, and dicyclopentadiene as the essential polymerizable constituents in the presence of a phenol compound and a Friedel-Crafts type catalyst such as boron trifluoride phenol complex. The phenol-modified hydrocarbon resin has a ring and ball softening point of above about 120.degree. C, a solution viscosity (Gardner-Holdt, sec.) of between about 0.7 and about 15, a hydroxyl number of above about 10, and is ethyl hydroxyethyl cellulose compatible as well as ethyl cellulose compatible. Thus, these resins are particularly useful as replacements for rosin and rosin derivatives in rotogravure printing ink.