In a blender, liquefy the milk, water, oil, honey, raisins, and brown sugar on high speed. Combine mixture with rest of ingredients in bread pan, select Light Crust setting, and press Start.
After the baking cycle ends, remove bread from pan, place on cake rack, and allow to cool 1 hour before slicing.
Source: "Bread Machine Magic" by Linda Rehberg and Lois Conway who say: "We always enjoy this sweet whole wheat and rye bread that's often served in restaurants. Try it toasted for a snack."