BRING first 6 ingredients to boil in large saucepan on medium-high heat; cover. Simmer on low heat 20 min. or until pumpkin is tender.
STIR in rice and nutmeg. Return to boil. Remove from heat. Let stand, covered, 10 min.
ADD pumpkin mixture, in batches, to food processor. Use pulsing action to process until well blended. Return to saucepan; stir in milk. Cook on low heat 10 min. or until heated through, stirring occasionally.