PREPARATION:

1. Trim off and discard coarse ends of asparagus. Cut asparagus into 1-inch pieces. Combine asparagus and 1 cup broth in medium saucepan; cook 12 to 15 minutes or until tender.
2. Remove 1 cup asparagus pieces; set aside. Purée remaining asparagus pieces with broth in blender or food processor.
3. Melt butter in large saucepan. Stir in flour. Gradually add remaining 2-1/2 cups broth; cook, stirring occasionally, until slightly thickened. Stir in cream, salt, pepper, puréed asparagus mixture and asparagus pieces; heat through.