Cut butter into baking mix until mixture resembles small peas.
Stir in milk until dough forms.
Turn dough onto surface dusted with baking mix, roll in baking mix to coat. Shape into ball, knead 10 times.
Roll dough into rectangle, 13 x 9 inch on surface dusted with baking mix, fold in half. Gently transfer dough to ungreased cookie sheet, unfold. Spoon cream cheese mixture lengthwide down, center third of rectangle. Make 2 1/2 inch cuts at 1 inch intervals on long sides of rectangle. Fold strips over cream cheese filling, overlaping about 3/4 inch.
Bake 12 minutes or until golden brown. Cool 15 minutes. Spoon additional preserves down center of coffee cake, drizzle with your favorite glaze. Serve warm.