In 3-quart saucepan, heat broth to boiling over high heat. Stir in frozen vegetables. Return to boiling. Reduce heat; cover and simmer 5 minutes.
Meanwhile, in small bowl, mix milk and cornstarch until smooth.
Stir cornstarch mixture into vegetable mixture, cooking and stirring until thickened. Remove from heat. Stir in cheese until melted. If desired, sprinkle with freshly ground black pepper.