In a large bowl, whisk eggs, milk, mascarpone and vanilla extract. Stir in cubed cinnamon-raisin swirl bread. Transfer to a buttered 3-qt. baking dish.
Saute apples in a pan with butter, cranberries and cinnamon.
Top bread mixture with sauteed apples and cranberry mixture. Cover; refrigerate overnight. Brush top cream; sprinkle with sugar. Bake at 350 degrees until just set, about 1 hour.