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Cook lima beans as directed on package until tender. Drain and set aside.
Melt butter in large nonstick skillet on medium heat. Add onion and bell pepper; cook and stir 7 minutes or until tender.
Stir in lima beans, corn, paprika, garlic salt, thyme and pepper until well mixed. Reduce heat to low; cover and simmer 3 to 5 minutes or until vegetables are heated through.