1In bowl, mix together cream cheese and 2 tbsp preserves. Using a knife, make a pocket in each bread slice, but don't cut all the way through.
2Fill each pocket w/ 1 tbsp cream cheese mix. In another bowl, combine egg whites, egg, milk, vanilla, cinnamon and nutmeg.
3Spray a lg skillet w/ cooking spray. Place over medium heat. Dip bread slices into egg mix, coating both sides. Place bread in skillet. Cook about 3-4 min, turning once until golden brown. In microwaveable bowl, microwave 1/2 cup preserves until melted. Spoon preserves over french toast.