Grease 9x13 baking dish. Arrange enough bread to cover bottom of dish. Spread tops of bread with cream cheese. Place more sliced bread on top. Combine eggnog, butter, eggs and beat. Pour over bread. Press down. Refrigerate a minimum of 8 hours. Bake at 350 degrees, uncovered for 40 minutes or until golden brown.
Serve warm. Pour raspberry sauce over individual servings.