PLACE cream cheese, milk and butter in medium saucepan. Cook on low heat until cream cheese is completely melted and mixture is well blended, stirring frequently.
MEANWHILE, cook vegetables in large saucepan of boiling water 2 min. Add pasta; cook an additional 3 min. Drain. Place in large serving bowl.
ADD Parmesan cheese and black pepper to cream cheese sauce; mix well. Add to pasta mixture; mix lightly.