Preheat oven to 350°. In a large saucepan, bring 1/2 in. of water to a boil. Add asparagus; cover and boil for 3 minutes or until crisp-tender. Drain.
Arrange asparagus in a greased 13x9-in. baking dish. Drizzle with butter; sprinkle with Parmesan cheese and pepper. Bake, uncovered, for 10-15 minutes or until cheese is melted.