In a small mixing bowl beat together cream cheese, 2 tablespoons of the apricot preserves, and the 1 teaspoon vanilla until fluffy. Stir in nuts; set aside. Cut bread into ten to twelve 1-1/2-inch-thick slices; cut a pocket in the top of each. Fill each pocket with about 1-1/2 tablespoons of the cheese mixture.

Beat together eggs, whipping cream, nutmeg, and the 1/2 teaspoon vanilla. Using tongs, dip the filled bread slices in the egg mixture, being careful not to squeeze out the filling. Cook on a lightly greased griddle over medium heat about 2 minutes on each side or until golden brown. Keep warm in a 300 degree F oven while cooking remaining slices.

Meanwhile, in a small saucepan heat together the remaining apricot preserves and the orange juice. To serve, drizzle the apricot preserves mixture over hot French toast. If desired, top with raspberries. Makes 10 to 12 slices.

Use reduced-fat cream cheese (Neufchatel); substitute 1 cup refrigerated or frozen egg product, thawed, for the whole eggs; and use fat-free milk instead of the whipping cream.

Nutrition facts for lower-fat version: 353 Calories, 11 g total fat, 4 g saturated fat, 18 mg cholesterol, 428 mg sodium, 52 g carbohydrate, 1 g fiber, 11 g protein.