PREHEAT oven to 350°F. Cook and stir asparagus and peppers in small skillet on medium-high heat 3 min. or until crisp-tender. Cool.
BEAT eggs, water and salt in medium bowl with wire whisk until well blended. Add vegetable mixture and cream cheese; mix well. Pour into greased 9-inch pie plate.
BAKE 30 min. or until frittata is puffed and golden brown.