Add broth, water and black pepper; stir. Bring to boil. Reduce heat to medium-low; simmer 15 min. or until vegetables are tender, stirring occasionally. Gradually add milk and cream, stirring constantly with wire whisk until well blended. Reduce heat to low. Add Velveeta
; cook 5 min. or until Velveeta
is completely melted and mixture is well blended, stirring occasionally.