Liquid nutritional compositions that include functional ingredients such as beta-hydroxy-beta-methylbutyrate, docosahexaenoic acid, and lutein are disclosed. The nutritional compositions are useful to promote at least one of physical performance (e.g., body composition, muscle mass, muscle strength) and cognitive function (e.g., focus, attention, alertness, executive function) in an individual. The functional ingredients are incorporated into the nutritional composition in such a way that they do not adversely affect the desirable properties of the nutritional composition such as, for example, nutritional value, stability, solubility, taste, and mouthfeel.