In a large mixer bowl at medium speed, beat cream cheese and butter or margarine until creamy. At low speed, gradually beat in flour until moistened and begins to form a ball. Shape into forty-eight balls, about 2 tablespoons of dough each. Place balls in bowl, cover and chill at least 4 hours or overnight.
Preheat oven to 375°. On a lightly floured surface, roll each ball into a 4-inch circle. Place a rounded teaspoonful of filling or preserves in center ofeach fold, forming a crescent, and press edges together with tines of a fork. Place on an ungreased baking sheet. Bake for 12 to 15 minutes or until golden brown. Cool on wire racks. Dredge in powdered sugar. Just before serving, sprinkle with powdered sugar. Store loosely covered in a cool dry place.
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