MIX graham crumbs, margarine and 1/4 cup sugar; press onto bottom of 13x9-inch pan. Refrigerate while preparing filling.
BEAT Neufchatel and 3/4 cup of the remaining sugar in large bowl with mixer until blended. Add preserves; mix well.
MASH strawberries with remaining sugar until blended. Add to Neufchatel mixture along with the COOL WHIP; stir just until blended. Spread over crust.
REFRIGERATE 4 hours or until firm.