Disclosed is a process for manufacturing an extruded powdered nutritional product, the process comprising:, providing a dry mixture comprising protein and carbohydrate and a liquid comprising water and fat；, contacting the dry mixture and liquid to produce a slurry；, feeding the slurry into an ultrasonically-assisted extruder to emulsify the fat with hydrated protein；, extruding the slurry to produce pellets； and, drying and grinding the pellets to produce a powdered nutritional product,, wherein the powdered nutritional product comprises a free fat level of less than 5% by weight of the powdered nutritional product., The nutritional product can be for infants or adults.
