In medium skillet melt butter or margarine over medium-low heat; add rice.
Cook and stir till rice is coated and light golden brown.
Remove from heat.
Stir in chicken broth, cheese, parsley, salt, and pepper.
Turn mixture into a 1-quart casserole.
Bake, covered, in 350° oven for 50 minutes; stir after 30 minutes.