Heat oven to 375ºF. Mix all ingredients except preserves with spoon until crumbly.
Press two-thirds of crumbly mixture on bottom of ungreased square pan, 9x9x2 inches. Spread with preserves. Sprinkle with remaining crumbly mixture; press gently into preserves.
Bake 20 to 25 minutes or until light golden brown. Cool completely, about 1 hour.
For 48 bars, cut into 8 rows by 6 rows bars. Or cut into squares or triangles.