Preheat your oven to 350°F (175°C).
Cream together the butter and powdered sugar until light and fluffy.
Add vanilla and mix well.
Gradually incorporate flour and ground nuts until a dough forms.
Chill the dough for at least 30 minutes.
Roll out the dough to 1/8 inch thickness and cut out shapes.
Cut out the centers of half the cookies.
Place cookies on a baking sheet and bake for 12-15 minutes.
Cool completely before assembling.
Spread preserves on whole cookies and top with cut-out cookies.
Dust with powdered sugar before serving.