In a large mixing bowl break bread into small pieces. In a saucepan simmer milk, cream and butter until butter is melted. Add milk and mix until bread absorbs milk. In a bowl whip eggs until combined. Add eggs, fruit cocktail, sugar, cinnamon, nutmeg and vanilla extract to bread and mix until all combined and there is no dry or hard pieces of bread. Pour into a 12x10x2 1/2 inch pan. Put into a 350 degree oven, bake until top is brown and middle is done. About 1 1/2 hours give or take a little.