Combine cream cheese and butter or margarine. Mix until well blended. Add flour;
On a lightly floured surface, roll out dough to 1/8-inch thickness. Cut with
a 2 1/2-inch round cookie cutter. Place on a cookie sheet. Place 1/4 teaspoon of
preserves in the center of each circle. Moisten edges with cold water. Fold in half,
then seal edges.
Bake at 375 degrees F for 14 to 16 minutes, or until lightly browned.