A mixture of whole milk and 40% sugar, heated until 60% of the water evaporates, creating a sticky, sweet mixture. Unsweetened condensed milk is referred to as evaporated milk.
Unopened, a can will keep for 6 months. Once opened, 5 days in the refrigerator in an airtight container.
1/3 cup evaporated fat-free milk + 3/4 cup sugar + 2 tbsp butter or margerine & heat all until dissolved = 1 cup low-fat sweetened condensed milk combine 1 cup + 2 tbsp nonfat dry milk powder + 1/2 cup warm water, then add 3/4 cup sugar = 1 cup low-fat sweetened condensed milk