HEAT oven to 350ºF. 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.
BAKE 15 to 20 min. or until heated through.