COMBINE 3 cups whole wheat cereal squares with 2 cups popped popcorn in a large mixing bowl.
MICROWAVE 1/4 cup each: KRAFT Smooth Peanut Butter and KRAFT Strawberry Jelly on MEDIUM until melted. Pour peanut butter and jelly over cereal mixture and stir to coat.
SPREAD evenly over a baking sheet and let dry. Store in airtight container.