In 10-inch nonstick skillet, heat butter and oil over medium-high heat until butter is melted. Add onion and garlic; cook 3 to 4 minutes, stirring frequently, until onion is tender.
Stir in rice. Cook, stirring occasionally, until edges of kernels are translucent. Stir in 1/2 cup of the broth. Cook 2 to 3 minutes, stirring constantly, until broth is absorbed.
Reduce heat to medium. Stir in 1 1/2 cups of the broth; cook uncovered about 5 minutes, stirring frequently, until broth is absorbed. Stir in another 1 cup of the broth; cook uncovered about 5 minutes longer, stirring frequently, until broth is absorbed.
Stir in remaining 1 cup broth. Cook about 8 minutes, stirring frequently, until rice is tender and mixture is creamy.
Meanwhile, cook frozen vegetables as directed on bag. Stir vegetables, Parmesan cheese, parsley and pepper into rice mixture.