Creamy broccoli soup

1/4 cup chopped onion
1 Tbsp. butter or margarine
2 cups milk
1 pkg. (8 oz.) PHILADELPHIA Cream Cheese, cubed
3/4 lb. (12 oz.) VELVEETA Pasteurized Prepared Cheese Product, cut up
1 pkg. (10 oz.) frozen chopped broccoli, cooked, drained
1/4 tsp. ground nutmeg
Dash Pepper
Total time: 30 min

1. Cook and stir onion in butter in 2-quart saucepan on medium-high heat until tender. Reduce heat to medium.
2. Add milk and cream cheese; stir until cream cheese is melted.
3. Add remaining ingredients; heat thoroughly, stirring occasionally.