Multi-functional additives which impart improved antioxidancy to lubricating oil compositions and frictional properties resulting in improved fuel economy in an internal combustion engine are disclosed. More particularly disclosed are lubricating oil compositions for internal combustion engines comprising a) a major amount of an oil of lubricating viscosity; and b) a minor amount of an oil soluble hydroxylated amine salt of a hindered phenolic acid, said salt having the general formula I: wherein A and Q are each independently C2-C6 alkylene group; R is methyl, alkyl or alkenyl group having C2-C24 carbon atoms; Y is hydrogen, C1-C6 alkyl group or A-OH; x is an integer of 1 or 2; and z is an integer of 0 or 1.