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COOK and stir chicken in large saucepan sprayed with cooking spray on medium heat 3 min. Add vegetables; cook 5 to 7 min. or until chicken is done and vegetables are tender, stirring occasionally.
STIR in water, broth and rice. Bring to boil; simmer on medium-low heat 10 min., stirring occasionally.
ADD VELVEETA; cook on low heat 5 min. or until VELVEETA is completely melted and mixture is well blended. Stir in pepper.