Lipid compositions are provided exhibiting the functionality of a typical shortening or filler fat, but are achieved with reduced and essentially zero trans-unsaturated fatty acids and that deliver reduced caloric content. By one approach, the functional lipid compositions include a blend of a matrix building ingredient, which is preferably a structured glycerol ester, and an edible liquid oil diluent in ratios such that the lipid composition exhibits the functionality of the traditional shortening or filler fat.