PREHEAT oven to 350°F. Mix Velveeta, milk, dry mustard, thyme and black pepper in microwaveable bowl. Microwave on HIGH 6 min., stirring after 3 min.
MIX vegetables in lightly greased large rectangular baking dish. Stir in Velveeta mixture; sprinkle with bread crumbs.
BAKE 40 min. or until vegetables are tender.
