Grease a baking sheet; set aside. Unfold pastry on a lightly floured surface; roll into a 16x10-inch rectangle. Cut into two 8-inch circles; reserve trimmings.
Spread jelly over top of each cheese round; sprinkle with nuts. Lightly press nuts into jelly. Combine egg and water; set aside.
Place cheese, jelly side down, in center of pastry. Brush edges of circles with egg mixture; gently bring the edges of the pastry up and over the cheese round, pleat and pinch edges to cover and seal. Trim excess pastry so it is not too thick. Using hors d'oeuvre cutters, cut shapes from reserved pastry. Place rounds, smooth sides up, on prepared baking sheet. Brush egg mixture over tops and sides. Cut small slits for steam to escape. Place cutouts atop rounds. Brush with egg mixture.
Bake in a 400 degree F. oven 20 to 25 minutes or until pastry is deep golden brown. Let stand 10 to 20 minutes before serving. Serve with apple and/or pear slices. Makes 2 rounds (12 appetizer servings).