1/4 c. butter
1/4 c. flour
1 tbsp. salt
1/8 tsp. nutmeg
1/8 tsp. pepper
6 c. milk
2 (10 oz.) pkgs. frozen asparagus, cooked, chopped, with cooking water reserved.
3 c. shredded Cheddar cheese

Melt butter; blend in flour and seasonings. Remove from heat and stir in milk. Return to heat, stirring constantly, until thickened.

Add asparagus and cooking water; heat to simmering. Remove from heat and stir in cheese until melted. Garnish with paprika, if desired.