Cut the bread diagonally into 1/2 to 3/4-inch slices. (Do not cut off the crust.) In a medium-sized bowl, blend together both cheeses with a fork until smooth. Spread the cheese mixture on one side of each slice of bread, but do not spread to the edges. Top cheese side of one slice of bread with 1 teaspoon preserves and press the second slice of bread on top, cheese sides together. Cover with plastic wrap and refrigerate for several hours or overnight.

Place the chilled bread slices in a single layer in a shallow baking pan. In a blender, blend together the milk, eggs, vanilla, salt, and nutmeg for 5 seconds on medium speed. Pour the milk mixture over the bread slices. Let the bread soak for 5 to 10 minutes, then turn to coat both sides.

In a large skillet, heat 1/4-inch of the oil and sauté the bread slices on both sides until golden brown (3 slices per serving). Serve immediately with raspberry jam or other fruit syrup.