A precursor formulation for a whippable dessert topping or filling comprising milk solids and vegetable fats has a water phase, which comprises bovine-derived water such as skim milk or buttermilk, or treated water having a pH and mineral content similar to bovine-derived water, in which skim milk solids are dissolved; and a vegetable fat/solids phase which has SFI characteristics similar to those of natural butterfat, is non-hydrogenated and has no trans-fatty acid constituents, and comprises both short chain vegetable oils having C12 to C14 carbon atoms, and long chain vegetable oils. The formulation comprises water phase of 50% to 76.8% by weight; vegetable fat, 12% to 35%, sugar, 10% to 12%; salt, 0.1% to 0.2%; lecithin and flavor, each 0.3% to 0.5%; and gums, 0.5% to 1.0%. A method of preparation of the precursor formulation includes mixing, heating, pasteurization, high pressure homogenization, cooling, high pressure re-homogenization, and packaging.