BRING milk and water just to boil in large saucepan on medium heat. Add Macaroni; stir. Reduce heat to low; simmer 6 min. or until macaroni is tender.
STIR in vegetables; cover. Simmer 3 min. or until liquid is almost absorbed and vegetables are heated through, stirring occasionally.
ADD Cheese Sauce Mix and butter; stir until well blended.