Combine cereal, pretzels and peanuts in 13 x 9 x 2-inch baking pan. Set aside.
In small saucepan, combine margarine and peanut butter. Stir over low heat until melted and smooth. Pour over cereal mixture, stirring to coat evenly.
Bake at 350°F about 8 minutes, stirring occasionally. Remove from oven. Stir in raisins. Spread on paper towel to cool. Store in airtight container