1. Cut sliced bread into 1/2 inch cubes; toss with raisins and cinnamon in a large bowl.
2. Beat together milk, applesauce, egg whites, sugar and vanilla. Pour mixture over bread cubes; let stand 25 minutes.
3. Heat oven to 350 degrees. Spray an 8 x 8 inch baking pan with non-stick cooking spray.
4. Pour bread mixture into prepared pan and bake 35-40 minutes or until knife inserted in center comes out clean.
5. Remove from oven and let stand 15-20 minutes before serving.