BEAT cream cheese and butter in large bowl with electric mixer on medium speed until well blended. Gradually add flour, mixing well after each addition. (Dough will be very soft and sticky.) Divide dough into 4 portions; place each on sheet of plastic wrap. Pat each portion into 1-inch-thick circle, using floured hands. Wrap plastic wrap around each circle to enclose. Refrigerate overnight.

PREHEAT oven to 325°F. Cover baking sheets with foil or parchment paper. Mix walnuts, 1/2 cup of the sugar and 2 tsp. of the cinnamon; set aside. Roll each portion of dough to 11-inch circle on lightly floured surface, lifting dough occasionally to add more flour to work surface as necessary. Spread each circle evenly with 1 Tbsp. of the preserves.

SPRINKLE nut mixture over preserves. Cut each circle into 16 wedges. Roll up each wedge, starting from wide side. Place, point sides down, on prepared baking sheets; shape into crescents. Sprinkle with combined remaining 1 tsp. cinnamon and 2 Tbsp. sugar.

BAKE 25 minutes or until lightly browned. Immediately remove from baking sheets. Cool on wire rack.