a small saucepan over medium heat melt butter. Stir in chopped apples. Cover and cook over medium heat, stirring occasionally, until slightly soft, about 5 to 7 minutes. In shallow 1 1/2-quart casserole, lightly toss together apples, bread cubes and raisins. In medium bowl, beat together eggs, milk, sugar, vanilla and spice until sugar is dissolved. Pour over apple mixture. Cover and refrigerate several hours or overnight.

Bake in preheated 350°F oven until knife inserted near center comes out clean, about 45 to 55 minutes. Serve hot, warm, or chilled garnished with whipped cream and/or apple wedges, if desired.