Preheat oven to 475° (250°C).
In a saucepan, bring water and orange juice to a boil. Add apricots and nutmeg. Simmer, letting apricots rehydrate for about 5 minutes. Once apricots have swollen up, continue simmering to reduce extra liquid.
Cover a cookie sheet with parchment paper. Arrange toast on cookie sheet.
Place a slice of ham on each slice of toast, top with apricots and cover with cheese. Sprinkle with pepper, if desired.
Bake for 5 minutes or until cheese is melted and golden.
Serve with fresh fruit or a green salad.