BEAT cream cheese and butter in large bowl with electric mixer on medium speed until creamy. Gradually add flour, mixing until blended. (Dough will be very soft.) 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 several hours or 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 jam; sprinkle with nut mixture.

CUT each circle into 16 wedges. Roll up each wedge, starting from short end. 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.