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Grease and lightly flour 9 large muffin cups.
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In a mixing bowl, combine the flour and next 3 ingredients; set aside.
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In a large mixing bowl, beat the cream cheese, butter, and sugar together, using an electric mixer on medium speed, for 3 minutes.
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Add in the eggs; beat well.
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Add the dry ingredients in two parts, alternating with the milk and vanilla; mix to combine after each addition.
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Spoon batter into muffin cups, filling 2/3 full.
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Drop 3 small dollops (about a teaspoonful each) of raspberry preserves onto the top of each bun.
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Using the tip of a sharp knife, swirl the preserves into the batter, forming a decorative pattern.
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Bake in a 350° oven for 25-30 minutes or until pick comes out clean.
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Allow buns to cool for about 30 minutes before sprinkling with confectioners' sugar and serving.