In a large saucepan, sauté onion, celery, and red pepper in butter until crisp-tender.
Stir in flour and dressing mix until blended; gradually stir in milk.
Bring to a boil; cook and stir for 2 minutes or until thickened.
Add potatoes, corn, ham, and thyme.
Bring to a boil.
Reduce heat; simmer, uncovered, for 8-10 minutes to allow flavors to blend.
Stir in cheese until blended.
Yield: 8 servings (2 quarts).