MELT 1/2 cup butter and 3/4 cup Kraft Smooth Peanut Butter in large microwaveable bowl on MEDIUM-HIGH heat for 1-1/2 min., stir until smooth.
ADD 1 pkg. (250 g) Jet-Puffed Miniature Marshmallows and mix to coat. Microwave 1-1/2 min. longer or until marshmallows puff, stirring after 45 sec.
STIR in 5 cups letter-shaped sweetened oat and corn cereal and 2 cups each peanuts and raisins; mix lightly.
PRESS onto a lightly greased 10x17-inch baking pan and refrigerate 1 hr., or until firm enough to cut into bars for snacking. Store bars in airtight container.