A composition is disclosed which comprises water and at least one carboxylic salt dispersed or dissolved in said water, said salt being derived from: (A)(I) at least one derivative formed by reacting at least one C12-500 hydrocarbyl-substituted carboxylic acid or anhydride with a reactant selected from the group consisting of (a) ammonia, (b) alcohol, (c) primary amine, (d) secondary amine, (e) hydroxyamine or (f) a combination of two or more of any of (a) through (e), the components of (f) being reacted with said hydrocarbyl-substituted acid or anhydride simulaneously or sequentially in any order; and (B) at least one amine, alkali or alkaline earth metal, or alkali or alkaline earth metal compound; with the proviso that: (ii) when component (A) is the reaction product of said hydrocarbyl-substituted carboxylic acid or anhydride and an N-(hydroxyl-substituted hydrocarbyl) amine and/or hydroxy-substituted poly(hydrocarbyloxy) analog of said N-(hydroxyl-substituted hydrocarbyl) amine, component (B) is other than an N-(hydroxyl-substituted hydrocarbyl) amine and/or hydroxyl-substituted poly(hydrocarbyloxy) analog of said N-(hydroxyl-substituted hydrocarbyl) amine. These compositions include aqueous concentrates and water-based functional fluids.