HEAT water in medium saucepan to boiling. Add broccoli, carrots and bell pepper. Reduce heat to low; cook 5 to 7 minutes. Drain; set aside.
MELT butter in same saucepan over medium heat; stir in flour. Gradually add evaporated milk and chicken broth. Cook, stirring constantly, until mixture comes to a boil and thickens. Stir in Parmesan cheese, provolone cheese, cayenne and black pepper until cheese is melted. Toss with pasta. Add vegetables; stir to coat. Serve immediately.
NOTE: May substitute 1 pound frozen vegetables, cooked according to package directions, for fresh vegetables.