Mix cream cheese, vanilla and sweetened condensed milk in a mixer until smooth. Fold in whipped cream. Stir in apricots, reserving a few for the top. Pour cream cheese into a graham cracker crust (a 9 inch springform works well)
Heat apricot preserves until spreadable. Pour on top of cake and swirl into decorative pattern with a knife. Add a couple chopped apricots to the top. Freeze until firm, and enjoy!