Combine all the ingredients except for the raisins and nuts in a medium saucepan and bring to a boil. Reduce the heat to low and simmer for 30 to 45 minutes, until fruit is very tender and the liquid has thickened, stirring frequently.
Remove the pan from the heat, stirring in the raisins and nuts.
Allow to cool to room temperature. Remove and discard the bay leaves. Serve immediately or store in an airtight container for up to two weeks.