COOK apples in butter, covered, in medium saucepan over medium heat, stirring occasionally, until slightly softened, 5 to 7 minutes.

COMBINE bread and raisins in greased shallow 1-1/2-quart baking dish. ADD apples; toss to mix.

BEAT eggs, milk, sugar, vanilla and spice in medium bowl until blended. POUR over bread mixture. REFRIGERATE, covered, several hours or overnight.

HEAT oven to 350°F. REMOVE bread pudding from refrigerator; uncover and let stand while oven heats. BAKE, uncovered, in center of 350°F oven until knife inserted near center comes out clean, 45 to 55 minutes. SERVE warm or cold.