Cook fresh asparagus in boiling water 1 minute (spears should be 4 inches long).
Cut puff pastry into four 5 inch squares. Brush lightly with some of the butter. Place one cheese slice atop 1 ham slice; top with 1/4 of asparagus. Wrap a pastry square around an asparagus bundle. Seal edges and seams well. Place seams side down in a shallow baking pan, so sides do not touch. Brush with remaining butter.
Bake, uncovered, at 425 degrees for 18-20 minutes, until golden.
Meanwhile, prepare sauce according to directions. Serve with bundles.