Beat the butter and cream cheese in a bowl with a mixer until light and creamy. Slowly add the flour, mixing just until a dough forms (do not overmix). Divide the dough into 2 balls, then flatten each into a disk. Wrap in plastic wrap and refrigerate until firm, at least 1 hour.
Preheat the oven to 375 degrees F. Roll out 1 disk of dough on a floured surface with a floured rolling pin to 1/8 inch thick. Cut out as many rounds as you can using a 3-inch-round fluted cutter. Top each with a heaping half-teaspoonful of orange marmalade. Brush the edge of the dough with water, then fold the dough over to make a half-moon and press to seal. Place on an ungreased baking sheet. Reroll the dough scraps and repeat, then repeat with the remaining disk of dough, filling with the raspberry jam.
Bake the cookies until golden, 20 to 22 minutes. Transfer to a rack to cool completely. Dust generously with confectioners' sugar.
Photograph by Yunhee Kim
Recipe courtesy of Melissa D'Arabian for Food Network Magazine