Peaches and Cream French Toast

8 slices French or Italian bread,
    cut diagonally 3/4-inch thick
3 eggs
1 cup light cream
2 tablespoons peach preserves
1/2 teaspoon nutmeg
3 tablespoons melted butter
3 cups fresh, peeled, sliced peaches
Confectioners' sugar

Arrange bread in a single layer in a baking pan. Beat eggs, cream, preserves and nutmeg until smooth. Pour over bread. Turn once. Cover and refrigerate overnight.

Melt butter on grill and saute until golden brown, about 5 minutes on each side. Top with fresh peaches and sprinkle with confectioners' sugar.

Serves 8.