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HEAT 1/4 cup dressing in large nonstick skillet on medium-high heat. Stir in peppers and onions; cook 3 to 5 min. or until crisp-tender, stirring occasionally.
ADD asparagus and remaining dressing; stir. Cover; simmer on medium-low heat 5 to 7 min. or until asparagus is crisp-tender.
SERVE topped with cheese.