Preparation - Lightly grease a 9" x 13" baking pan. Core, slice, and cut the apples into thin wedges. Melt the butter in a large skillet. Stir in the brown sugar and water. Add the sliced apples and cook over medium heat for 2 to 3 minutes. Place the apples in the prepared baking dish; set aside to cool. Slice the cream cheese into small pieces and cubes. Arrange the cream cheese evenly over the apples. Cut the slices of bread in half, diagonally. Lay the bread on top of the apples and cream cheese. The bread slices should completely cover the pan. Whisk the eggs, milk and vanilla together. Pour egg mixture over the bread... soaking all the bread. Sprinkle lightly with cinnamon. Let stand for about 30 minutes, then bake in a preheated oven at 350º for 40 to 50 minutes, or until puffy and light golden brown. Let cool for about 10 minutes before serving.