1. Combine preserves and mustard in small bowl. Cut bread in half horizontally. Pull out and discard center from bread top, leaving 1-inch shell. Spread preserves mixture on bottom half of bread. Layer with cheese and ham; close sandwich with top half of bread. Brush outsides of sandwich lightly with oil.
2. Heat large nonstick skillet over medium heat. Add sandwich; press down lightly with spatula. Cook sandwich 4 to 5 minutes per side or until cheese melts and sandwich is golden brown. Cut into wedges; garnish with olives.
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