The present invention relates to a process for the aqueous extraction, fractionation and enzymatic treatment of oilseed materials to generate valued products with no significant low value by-product or waste streams. In particular, the fractionation scheme generates a protein-fiber feed ingredient principally for use with ruminant animals and a second dephytinized high protein fraction. The dephytinized high protein fraction has value as feed ingredient for a variety of species of animals.