Preheat oven to 325°F. Place all ingredients, except Cheddar cheese in large bowl. Beat with electric mixer on medium-high speed until smooth. Spoon mixture into lightly greased 12x8-inch baking dish. Cover.
Bake 30 to 40 minutes or until heated through. Remove cover.
Sprinkle with cheese. Bake, uncovered, 5 to 10 minutes longer or until cheese is melted.