Heat oven to 375°F. Cut 30x18-inch sheet of heavy-duty foil. Cut French bread in half horizontally. Spread cut sides of bread halves with honey mustard. Place bottom half of bread on foil.
Layer Swiss and Cheddar cheeses, and ham evenly on bottom half of bread. Cover with top half of bread. Wrap tightly in foil using double-fold seals.
Bake 30 to 35 minutes or until cheeses are melted and loaf is thoroughly heated.
Carefully unwrap loaf to allow steam to escape. Cut loaf into 6 pieces; serve with preserves for dipping.