An anti-oxidant composition comprises liposomes containing entrained aqueous vitamin C and, incorporated in their lipid structure, vitamin E. The liposomes are dispersed in a fat-based edible medium, for example a biscuit cream. The liposomes are preferably formed from a mixture of hardened and unhardened lipids, preferably lecithin. The incorporation of vitamin C and E in this way is believe to facilitate the known electron-transfer reaction whereby vitamin C regenerates vitamin E which is consumed by free radicals formed by oxidative reactions in the autoxidation of unsaturated fats or oils.