Tear each slice of bread into about 5 or 6 pieces and place in a large bowl. In a separate bowl, place the milk, sugar, butter, vanilla, cinnamon, nutmeg, and eggs. Mix well, until the sugar dissolves. Add the fruit cocktail, pineapple, pecans, and raisins, and then gently fold in the torn bread, making sure it soaks up the liquid ingredients. Pour equal amounts of the mixture into 2 greased 9 by 13-inch baking pans. Bake for 40 minutes, stirring once after 15 or 20 minutes. Stirring helps rich bread pudding bake evenly. Serve cold or hot, depending on the season and your mood.