In large saucepan melt butter. Add onion, garlic, bay leaves, and rosemary; cook over medium heat 5 minutes or until onion is tender. Add mushrooms; cook and stir 5 minutes. Add broth; bring to boiling. Reduce heat; simmer, uncovered, 5 to 10 minutes more or until mushrooms are tender. Remove bay leaves. Cool slightly.
In processor or blender, a third at a time, blend soup until almost smooth. Repeat with remaining soup. Return to the pan; season with salt and pepper. Bring to boiling. Whisk in cream; heat through.
Mash peppers; stir in oil. To serve, ladle soup in bowls, top with mashed peppers, sprinkle snipped rosemary. Serves 12.