Cut bread slices into Christmas tree shapes using a large cookie cutter.
Spread each tree with the cream cheese spread.
Decorate with red and green bell pepper pieces and the pepperoni.
Place on a perforated baking sheet or screen. This will help the bread toast on both sides.
Broil on low heat (3rd position down from top) for 4 minutes or until toasted and bubbling. Watch closely! Food can burn quickly under the broiler. Check at 3 minutes, but ours took 4 minutes.
Serve warm.
Notes
*I used a hearty artisan sourdough bread. The slices were thick and held up to the toppings.