A stabilizer-free, palatable low-carbohydrate milk product with 90 to 250 kJ/100 g, and with essentially all of the original milk calcium retained, and all of the original milk proteins, and a process for manufacturing such a milk product, wherein a milk product is adjusted to pH 7.0 to 9.5 prior to ultrafiltration； nanofiltration of the permeate； and mixing of the nanofiltration permeate and part of the ultrafiltration retentate and water； whereafter pH is adjusted to the normal pH of the milk.
