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HEAT grill to medium-high heat.
THREAD meatballs and peppers alternately onto 8 skewers.
MICROWAVE jam in small microwaveable bowl on HIGH 15 sec. Stir in barbecue sauce; brush half onto kabobs.
GRILL 8 to 10 min. or until meatballs are heated through, turning occasionally and brushing with remaining jam mixture for the last 2 min.