Disclosed are nutritional emulsions comprising fat, protein, and carbohydrate, including from about 0.01% to about 5% by weight of an oil having hydrophobic off-notes that is process-encapsulated by an emulsifying agent having a melt point above about 25 C, and maltodextrin having a DE of about 10 or less, wherein the weight ratio of the emulsifying agent to the process-encapsulated oil is at least about 1:15 and the weight ratio of the maltodextrin to the process-encapsulated oil is at least about 1:2. The nutritional emulsions effectively mask off-notes commonly associated with certain oils, e.g., polyunsaturated fatty acids, soy oil, beta-hydroxy-beta-methylbutyrate oils.
