Cook apples in butter, covered, in a saucepan over medium heat, stirring occasionally, until slightly softened, approximately 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 the oven until knife inserted near center comes out clean, 45 to 55 minutes. Serve warm or refrigerate until cold.