1Spray bottom and sides of 13x9-inch (3-quart) glass baking dish with cooking spray. Cut bread into 24 (3/4-inch-thick) slices. Spread 12 slices with cream cheese. Spread remaining bread slices with preserves; place over cream cheese to make 12 sandwiches. Arrange in baking dish, pressing together if necessary to fit.
2In medium bowl, beat egg product, milk, 1 tablespoon sugar and the salt with wire whisk until blended. Pour over bread in dish. Let stand 15 minutes or until liquid is absorbed.
3Heat oven to 400°F. Cover dish with foil; bake 10 minutes. Uncover; bake 15 to 20 minutes longer or until golden brown.
4Meanwhile, in 2-quart saucepan, mix sauce ingredients until blended. Heat to boiling over medium heat, stirring frequently. Boil 30 seconds to 1 minute or just until thickened. Place strainer over medium bowl; pour raspberry mixture into strainer. Press mixture with back of spoon through strainer to remove seeds; discard seeds. Serve sauce over French toast.