Maui's Christmas Morning Coffee Cake

Cut cream cheese and butter into Bisquick till crumbly with pastry blender. Blend in the ⅓ cup of milk with wooden spoon. Turn onto floured surface. Knead 8 to 10 strokes. Roll dough onto wax paper to a 12 x 9-inch rectangle. Turn onto greased baking sheet or cookie sheet; remove wax paper. Spread preserves down center of dough. Make 2-½ inch cuts at 1-inch intervals on long sides. Fold strips over filling. Bake in 425-degree oven for 12 to 15 minutes.