BEAT cream cheese and Cheddar in small bowl with mixer until well blended.
ADD all remaining ingredients except nuts and crackers; mix well. Refrigerate several hours.
SHAPE into ball; roll in nuts.
Serve with RITZ Crackers.
Kraft Kitchens Tips:
Save 50 calories and 7 grams of fat, including 3 grams of saturated fat, per serving, by reducing the amount of Cheddar cheese to 1/2 cup and using PHILADELPHIA 1/3 Less Fat than Cream Cheese and KRAFT 2% Milk Shredded Sharp Cheddar Cheese. In addition, coat the cheese ball with chopped fresh parsley instead of chopped nuts and serve with RITZ Reduced Fat Crackers.
Substitute pimentos for the red bell peppers and/or toasted chopped PLANTERS Slivered Almonds or finely chopped fresh parsley for the nuts.
Mix cream cheese mixture as directed; shape into log or 24 small balls, each about 1 inch in diameter. Roll in nuts until evenly coated. Serve as directed.