In a large bowl with mixer at medium speed, beat butter or margarine and sugar until light and fluffy. At low speed, beat in flour and remaining ingredients except for preserves; beat until well mixed, constantly scraping the bowl with a rubber spatula. With hands, shape dough into a ball; wrap with plastic wrap; refrigerate until easy to handle, about I hour.

Preheat oven to 350°F. On lightly floured surface with a floured rolling pin, roll half of the dough 'I• inch thick, keeping remaining dough refrigerated. With a floured 21/2-inch round cookie cutter, cut dough into rounds. With a floured ¼-inch round cookie cutter, cut out centers from half of rounds.

With pancake turner, place rounds, 1/2 inch apart, on ungreased cookie sheets. Bake IO to 12 minutes until lightly browned. With pancake turner, remove cookies to wire racks to cool. Repeat with remaining dough and trimmings.

To assemble cookies, spoon about ¼ teaspoon apricot or raspberry preserves in center of each cookie without cutout center; top each with a cookie with a cutout center, gently pressing cookies together.