Heat oven to 350F. Cook pasta as directed on package. Meanwhile, brown meat in large nonstick skillet on medium-high heat; drain. Stir in vegetables and sauce; cook 5 min. or until vegetables are tender.
Drain pasta.
Add to meat mixture along with VELVEETA; mix well.
Spoon into 8-inch square baking dish sprayed with cooking spray; sprinkle with Parmesan.