Beat butter and cream cheese in large bowl of electric mixer until light. Beat in flour and cream until well mixed. Divide dough into 4 portions. Wrap each in plastic wrap and refrigerate overnight.
Heat oven to 350 degrees. Have ungreased baking sheets ready.
Sprinkle the work surface and the rolling pin generously with confectioner’s sugar. Roll out 1 dough portion at a time to about ¼ inch thickness. Use a small (2-inch diameter) round cutter or glass to cut out cookies.
Transfer to ungreased baking sheets, leaving 1 or 2 inches between each cookie. Make a small depression in the center of the cookies with your fingertip. Fill scantly with jam, jelly preserves, cheese or nut filling. (If you use too much filling it will run out onto the baking sheet.)
Bake until bottoms are lightly browned, 12 to 15 minutes. Cool on wire racks. Sprinkle generously with confectioner’s sugar while still warm.
For cream cheese filling: beat together 1 package softened cream cheese, 1 egg yolk, ½ cup confectioner’s sugar and 1 teaspoon pure vanilla extract until well mixed.
For nut filling: Cook 1 cup coarsely ground walnuts in 1 tablespoons butter with 1/3 cup granulated sugar and 1 teaspoon pure vanilla extract until nuts turn golden. Cool.
