Processes for producing dairy products having lower levels of neutral lipids, and/or higher levels of polar lipids, by extraction using near critical carbon dioxide or dimethyl ether. These products may be used as ingredients in infant formulas. Infant formulas containing beta-serum are also claimed. "Beta-serum" means an aqueous dairy ingredient separated from dairy streams containing greater than 60% fat which have been through phase inversion from an oil-in- water to a water-in-oil emulsion, such as the serum produced during the production of butter oil.