PREHEAT oven to 350°F. Toss peaches, raisins and 1/4 tsp. of the cinnamon in 9-inch pie plate. Bake 15 minutes.
MIX graham snacks, nutmeg, remaining 1/2 tsp. cinnamon and margarine; toss to coat. Spoon over fruit mixture.
BAKE an additional 10 minutes or until heated through.