In a small bowl stir together cream cheese and the 2 tablespoons of preserves. Using a serrated knife, cut a pocket in each bread slice by making a cut in the crust top of each slice from the top almost to the bottom. Fill each pocket with some of the cream cheese mixture.
In a shallow bowl beat together the egg whites, whole egg, milk, vanilla, and apple pie spice. Coat an unheated nonstick griddle or large skillet with cooking spray. Preheat over medium heat.
Dip bread slices into egg mixture, coating both sides. Cook bread slices on hot griddle about 3 minutes or until golden brown, turning once to cook second sides.
Meanwhile, in a small saucepan heat the 1/2 cup fruit preserves of your choice (if using) until melted, stirring frequently. If desired, sift with powdered sugar. Serve melted preserves or honey with French toast.