Cube bread. Spread bread cubes out on a cookie sheet and bake 10 minutes. Remove from oven and cool.
In a large bowl, combine half and half, sweetened condensed milk, and sugar. Add bread cubes to milk mixture; allow to sit 15 minutes stirring occasionally.
In a small bowl, combine eggs and vanilla; whisk. Pour over bread and stir until everything is combined.
In another small bowl, stir together strawberries and strawberry preserves. Set aside.
Spray an 8x8 inch casserole dish with non-stick spray. Pour half of the bread into casserole dish. (Use the same method if serving individual ramekin portions.)
Top with cream cheese cubes. Drop spoonfuls of strawberry mixture over bread. Top with remaining bread mixture.
Pour melted butter over bread.
Place casserole dish on a cookie sheet to catch drips.
Bake 30 minutes at 375 degrees. Turn oven to 400 degrees and bake another 10 minutes until top is golden brown and 'crusty'. (For ramekins, bake at 375 for 25 to 20 minutes)