A low-phosphorus lubricating composition has less than 600 ppm phosphorus, comprising at least 85 weight % of a lubricating base blend, and an additive comprising the following, as weight % of the total composition: (1) an organomolybdenum compound at an amount which provides about 0.1-800 ppm Mo; (2) a hindered phenol at about 0.1-2%; and (3) a dithiocarbamate at about 0.1-2%; with a first proviso that where the dithiocarbamate does not comprise a metal dithiocarbamate, the additive additionally comprises: (4) an alkylated diphenylamine at about 0.1-2%, and with a second proviso that where the organomolybdenum compound comprises molybdenum dithiocarbamate, it is considered a metal dithiocarbamate for purposes of the first proviso, but is considered an organomolybdenum compound for the purposes of calculation of the amount present in the total composition.