Cut cream cheese and butter into bisquick until crumbly. Blend in the 1/3 cup milk with wooden spoon.
Turn onto floured surface. Knead 8-10 strokes. Roll dough on wax paper (or floured surface) to 12"x8" rectangel. Turn onto greased baking sheet or cookie sheet--remove wax paper.
Spread preserves down center of dough. Make 2 1/2 inch cuts at 1 inch intervals on long sides. Fold strips over filling.
Bake in 425° oven for 12-15 minutes.