In a large mixing bowl, cream together the softened butter and cream cheese until the texture is light and airy. Gradually incorporate the sugar, blending thoroughly. Begin adding the flour incrementally, mixing well after each addition to ensure a uniform dough. Seal the bowl tightly and chill in the refrigerator for 1 to 2 hours.

Set the oven to 375°F and prepare a baking sheet with parchment paper.

Scoop out the dough in tablespoon-sized portions, shaping into balls. Press the center of each with the back of a 1/2 teaspoon to form a small well. Spoon 1/2 teaspoon of raspberry preserves into each indentation.

Place the cookies in the oven and bake for 10 to 12 minutes, or until the edges develop a light golden hue. Cool on the baking sheet for 10 minutes before transferring to a wire rack to cool completely.