COMBINE cream cheese and preserves in small bowl until well blended.
SPREAD tortillas with peanut butter to within 1/2-inch of edges. Top peanut butter with cream cheese mixture, to within 1/2-inch of edges. Carefully roll up tortillas.
WRAP each rolled tortilla securely in plastic wrap. Refrigerate for several hours or overnight. To serve, remove from refrigerator and unwrap. Slice each tortilla into 4 to 8 angled slices.