In a large saucepan, combine the milk, rice, sugar, and salt. Bring to a boil over medium heat, stirring constantly. Pour into a greased 1-1/2-qt. baking dish.

Cover and bake at 325° for 45 minutes, stirring every 15 minutes. Add raisins and vanilla; cover and bake for 15 minutes longer or until rice is tender. Sprinkle with cinnamon if desired. Serve warm or chilled. Store in the refrigerator. Yield: 6 servings.