Spray 9 x 13-inch pan with non-stick cooking spray. Place bread in sprayed pan. Pour butter over bread cubes and toss lightly. Toast in oven until light brown.
Add sugar, salt, nutmeg, and vanilla to eggs, blend thoroughly.
Reconstitute milk; combine with egg mixture. Pour over bread cubes in each pan.
Add 1 ½ cups raisins to pan.
Bake at 350 F. for 15 minutes: stir to distribute the raisins. Bake 45 minutes or until firm.
Cover; refrigerate until ready to serve.