The influence of continuous phase composition on the properties of low moisture (<3% water) composite materials consisting of oil droplets dispersed in a protein-carbohydrate-glycerol matrix was investigated. These composites were produced by blending canola oil (62.3%), whey protein concentrate (1.7%, WPC), and corn syrup and glycerol together (36.0% combined) using a high speed mixer equipped with a whisk. The polyol composition was varied by changing the ratio of corn syrup to glycerol in the system while keeping the total concentration of these two polyol components constant. Some composites were analyzed directly after preparation ("unbaked"), while others were analyzed after heating at 176 degrees C for 10 min to simulate baking of a food product ("baked"). The "lightness" of the composites was greater before baking (higher L value), but the color intensity of the composites was greater after baking (higher b value), which was attributed to Maillard browning reactions. The brownness of the baked composites increased with increasing corn syrup concentration, which was attributed to Maillard browning reactions. Squeezing flow viscometry indicated that the consistency and yield stress of the composites increased with baking, which was attributed to whey protein unfolding and aggregation. These rheological parameters also increased with increasing corn syrup concentration, which was attributed to its influence on the continuous phase rheology and on the interactions between the whey proteins. This study shows that the continuous phase composition and thermal history of low moisture composite materials have a large impact on their final physicochemical properties.