Mix water, yeast and sugar; let set until dissolved, about 3 minutes. Add milk. Add 3 beaten egg yolks. Set aside.
In a separate bowl, mix 4 cups of flour with 1 cup shortening or butter until crumbly like for a pie crust. Add milk mixture to flour mixture. Mix until just moist. Refrigerate overnight.
In the morning, divide dough into 2 pieces. Roll both pieces to fit a lightly greased jelly-roll-size pan, put one piece of dough in the bottom of pan. Brush with butter; sprinkle brown sugar over butter.
Beat 3 egg whites until stiff and spread on top of brown sugar. On top of egg whites, sprinkle raisins and nuts.
Fit top crust over to make a top and pinch to seal edges. Let rise about 2 hours in a warm place. Bake at 350 degrees for about 20 minutes, until golden brown. When cool, frost with white powdered sugar frosting and enjoy.