Preheat oven to 325°. Place first four ingredients in a large saucepan; bring to a boil over medium heat, stirring constantly. Transfer to a greased 1-1/2-qt. baking dish. , Bake, covered, 45 minutes, stirring every 15 minutes. Stir in raisins and vanilla; bake, covered, until rice is tender, about 15 minutes. If desired, sprinkle with cinnamon. Serve warm or refrigerate and serve cold.