Eggnog

Beat egg yolks in large mixer bowl, gradually adding 1/2 cup of the sugar until mixture is light and fluffy, about 3 minutes.

Beat egg whites in clean mixer bowl with clean beaters until stiff peaks form, gradually adding remaining 1/4 cup sugar as you beat. Gently fold whites into egg yolk mixture.

Stir in cream and milk. Add bourbon and rum; stir until thoroughly combined. Chill, tightly covered, at least 3 hours.

Stir eggnog gently before transferring to punch bowl. Dust with freshly grated nutmeg before serving.