Heat oven to 350°F. Combine all ingredients except raspberry preserves in large bowl. Beat at low speed, scraping bowl often, until well mixed.
half the dough and wrap each piece, refrigerate for 1 hour.
Roll out dough on well-floured surface, one-half at a time (keeping remaining dough refrigerated), to 1/8-inch thickness. Cut with 2 1/2-inch round cookie cutter.
Place half of cookies, 2 inches apart, onto greased cookie sheets; place 1 teaspoon preserves in center of each cookie. Make cut-out with very small cookie cutter in tops of remaining cookies. Place on top of preserves; press edges together with fork. Bake for 12 to 15 minutes or until edges are very lightly browned.