In a large bowl whisk eggs, milk, vanilla, and cinnamon together and set aside.
In a greased 8x8 casserole dish, tear up ⅓ French bread loaf and place in bottom of pan. It should be enough bread to make a complete layer on the bottom of baking dish.
Pour a small amount of egg mixture on top, just enough to soak all the bread.
Sprinkle a handful of shredded carrot, raisins, and ⅓ cup coconut on top of bread.
Put another ⅓ French bread pieces on top, then egg mixture and the rest of the carrots, raisins, and ⅓ cup coconut.
Tear up the remaining bread and put on top. Pour the rest of the egg mixture so all the bread will be soaked. Top with remaining coconut, cover and refrigerate overnight.
In the morning, preheat oven to 350 °F and baked covered for 1 hour.
Make cream cheese glaze by mixing cream cheese, powdered sugar and milk together until smooth. Heat up if you desire a warm creamier look and consistency.
After an hour, take off cover on French toast and broil for only a minute or so. Until the coconut turns a light brown on top. Add more coconut if desired.
Let dish cool once it is taken out of the oven for about 5 minutes and serve with sweet cream cheese glaze.