Step 1

Whisk together flour and salt in a medium bowl. With an electric mixer on medium speed, beat butter and cream cheese until combined. Reduce speed to low. Add flour mixture; beat to combine. Turn out dough onto a lightly floured surface. Roll into a ball; wrap in plastic. Chill until firm, about 6 hours or up to overnight.

Step 2

Preheat oven to 325 degrees. Whisk together sugar, cinnamon, and nutmeg. Divide dough into quarters. Working with one piece at a time, roll out dough on a lightly floured surface to an 8-by-12-inch rectangle. With long side facing you, spread with 3 tablespoons preserves, leaving a 1/4-inch border. Sprinkle with 1/4 cup each walnuts and currants, 2 tablespoons raisins, and about 2 tablespoons sugar mixture. Starting with a long side, tightly roll dough into a log; place, seam side down, on a parchment-lined baking sheet. Repeat with remaining dough.

Step 3

Brush each log with cream, dividing evenly; sprinkle with 1 teaspoon sugar mixture. Bake until golden brown, about 45 minutes. Transfer to wire rack to cool 15 minutes. Slice into 1-inch-thick slices. Rugelach can be stored at room temperature in an airtight container up to 2 days.