Preheat oven to 350 degrees F.
Grease and flour a tube pan or bundt pan.
iIn a separte bowl mix all dry ingredients except walnuts and raisins.
With a mixer fitted with a whisk, cream shortening, butter and sugar until fluffy. Add eggs one at a time, add vanilla, mix until well blended.
Add applesauce and dry ingredients after blended ( about 2 minutes) fold in walnuts and raisin. Pour into prepared pan. Bake for 1 hour.