Combine carrots and broth in saucepan. Bring to boil over medium-high heat. Reduce to medium low heat. Cover, cook carrots for 20 minutes or until very soft. Strain carrots, reserving broth. Return carrots to saucepan and mash until smooth.
In separate pan, melt butter, stir in flour. Cook over low heat for one minute, stir constantly. Add carrots, salt, pepper. Stir. Slowly stir in broth, increase heat to med-high and cook 10 minutes, stir frequently. Add half and half or milk, Heat slowly, stirring constantly. Do not boil. Serves 4 - 6, depending portions.