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In a glass bowl or jar combine onion slivers, sugar, vinegar, salt and fennel seeds. Cover and chill for at least 8 hours or up to 48 hours, stirring occasionally.
Preheat oven to 425°F. Using a serrated knife, diagonally slice the bread. Arrange bread slices on two large baking sheets. If desired, brush each slice lightly with olive oil. Bake for 8 to 10 minutes or until light brown, turning slices over once halfway through baking.
Drain onion mixture, discarding liquid. Spread toast slices with cream cheese. Spoon onion mixture onto toast slices.