Cherry-Coconut-Cheese Coffee Cake

Preheat oven to 350°F. Grease and flour 9-inch springform pan. Combine flour and sugar in large bowl. Reserve 1/2 cup flour mixture; set aside. Stir baking powder and baking soda into remaining flour mixture. Cut in 1 package cream cheese with pastry blender or 2 knives until mixture resembles coarse crumbs; set aside.

Combine milk, oil and 1 egg in medium bowl. Add to cream cheese mixture; stir just until moistened. Spread batter on bottom and 1 inch up side of prepared pan. Combine remaining package cream cheese, remaining egg and vanilla in small bowl; stir until smooth. Pour over batter, spreading to within 1 inch of edge. Sprinkle coconut over cream cheese mixture. Spoon preserves evenly over coconut.

Cut margarine into reserved flour mixture with pastry blender or 2 knives until mixture resembles coarse crumbs. Sprinkle over preserves. Bake 55 to 60 minutes or until golden brown and toothpick inserted into crust comes out clean. Cool in pan on wire rack 15 minutes. Remove side of pan; serve warm.