Combine 1 1/4 cups flour, sugar, salt, and yeast in a large bowl. Heat milk, water, and 1/4 cup butter in a saucepan to 120° to 130°. Add to dry ingredients; beat 2 minutes at medium speed of an electric mixer, scraping bowl often. Add eggs, one at a time, beating well after each addition. Add 3/4 cup flour and vanilla; beat 2 minutes at high speed. Dredge raisins in 1/4 cup flour; stir into dough. Add enough remaining flour to make a soft dough.
Turn dough out onto a lightly floured surface; knead 5 minutes or until smooth and elastic. Place in a greased bowl, turning to grease top. Cover; let rise in a warm place (85°), free from drafts, 1 1/2 hours or until doubled in bulk. Punch dough down; let rest 15 minutes.
Divide dough in half; shape each half into a loaf. Place in 2 greased 8 1/2- x 4 1/2- x 3-inch loafpans. Cover and repeat rising procedure 30 minutes or until doubled in bulk.
Bake at 375° for 25 minutes or until loaves sound hollow when tapped. Cool in pans 10 minutes; transfer bread to wire racks. Brush with butter; drizzle glaze over top. Slice when cool.