Peel and chop carrots into 2 inch pieces. Add to blender with 5 cups of water and blend for about 2 minutes. Place strainer over pitcher and pour mixture into strainer, allowing juice to fall into pitcher and carrot puree to remain in strainer. Discard (or save for another use) carrot puree in strainer. Add condensed milk, vanilla extract, and nutmeg to pitcher and serve. Refrigerate or serve over ice. Enjoy :)