Place beans in a steamer basket; place in a large saucepan over 1 in. of water. Bring to a boil; cover and steam for 8-10 minutes or until crisp-tender.
In a small microwave-safe bowl, combine preserves and cayenne. Cook, uncovered, on high for 30 seconds or until preserves are melted. Transfer beans to a serving bowl; add peach mixture and toss to coat.