PREHEAT oven to 350° F. Grease and flour 10-inch, 12-cup fluted tube pan.
BEAT cream cheese and eggs in large mixer bowl until smooth. Beat in cake mix alternately with milk. Beat on high speed for 2 minutes (batter will be thick). Remove 2 cups batter and place in separate bowl; stir in chocolate Nesquik. Remove 2 more cups white cake batter and place in separate bowl; stir in strawberry Nesquik.
SPOON strawberry batter into prepared pan; tap pan on counter lightly. Spoon white batter over strawberry batter covering it completely; spoon chocolate batter over white batter.
BAKE on center oven rack for 55 to 65 minutes or until wooden pick inserted in cake comes out clean. Cool in pan on wire rack for 45 minutes. Loosen edges with butter knife if needed; invert onto wire rack to cool completely. Sprinkle with powdered sugar.