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HEAT oven to 400ºF.
MIX cream cheese spread and cheddar until blended.
FLATTEN bread slices with rolling pin; spread with butter. Turn over; spread with cream cheese mixture. Roll up tightly. Cut in half. Roll, 1 piece at a time, in Parmesan until evenly coated. Place on baking sheet sprayed with cooking spray.
BAKE 12 to 14 min. or until golden brown.