A lubricant composition of an oil of lubricating viscosity and a phosphite ester reaction product of a monomeric phosphorous acid or an ester thereof with a first alkylene diol having two hydroxy groups in a 1,4 or 1,5 or 1,6 relationship and a second, alkyl-substituted, diol being a substituted 1,3-propylene diol, exhibits good wear and frictional performance.