1In large microwavable bowl, mix cereal and peanuts.
2In 2-cup microwavable measuring cup, microwave butter, brown sugar and corn syrup uncovered on High 1 minute 30 seconds, stirring after 1 minute or until mixture is boiling; stir. Pour over cereal mixture, stirring until evenly coated. Microwave uncovered on High 3 minutes, stirring every minute. Stir in peaches; microwave uncovered on High 2 minutes, stirring after 1 minute.
3Spread on waxed paper to cool. Cool 5 minutes. Stir in raisins. Store loosely covered.