In a large bowl, beat eggs on high speed until frothy. Add milk and sugar and continue beating. Add vanilla, nutmeg, cinnamon and melted butter and beat again. Gently fold in bread cubes, raisins and pecans. Pour mixture into a sprayed 9-inch square pan. Cover and refrigerate for 40- 60 minutes.
Remove from refrigerator, uncover and bake at 325°F 45-60 minutes or until firm and brown.
Cool slightly and cut into squares. Serve warm with ice cream or whipping cream if desired.