Toast waffles as directed on package.
Meanwhile, divide ham evenly into 2 stacks; place side by side on microwavable plate. Top each stack with 1 cheese slice. Microwave on High 20 to 30 seconds or until warm.
Spread preserves on 2 of the waffles. Place ham and cheese stacks on top of preserves. Top with remaining 2 waffles; press together gently.