Preheat oven to 350 degrees F.
Warm evaporated milk in a large saucepan over low heat. Add bread and soak for 2 minutes.
Meanwhile, combine heavy cream, melted butter, sugar, cinnamon, nutmeg and vanilla with eggs in a large bowl. Lightly beat all ingredients together. Add bread, apples and raisins and mix together gently.
Grease a large deep baking dish. Pour bread mixture into dish. Bake for 45 minutes or until browned.
Recipe courtesy of Rhea P. Smith, Soul Cafe, New York City, NY