Preheat oven to 375° F.
In a Dutch oven, cook the bacon over medium heat until crisp. Remove to paper towels to drain.
In the same pan, using the bacon drippings, saute the onion and carrots until tender. Blend in the flour and slowly add milk and water.
Bring the mixture to a boil; stirring constantly until thickened.
Add the potatoes, corn, bouillon and pepper. Reduce heat; simmer, uncovered, for 15-20 minutes or until potatoes are tender. Add cheese and ham and bacon; heat until cheese is melted.
For the bread bowl, cut out the center, leaving the bottom of the bread loaf untouched (creating a hollowed out well to serve soup in). Brush lightly with egg and bake for 5 minutes in preheated oven.
Remove bread bowl from oven and pour soup into the well.
Serve immediately.