In a saucepan or microwave-safe bowl, combine the first five ingredients; heat until the butter is melted. Stir until the sugar is dissolved.
In a large bowl, combine cereal, oats and nuts. Drizzle with butter mixture and mix well. Place in a greased 15 x 10-inch baking pan. Bake, uncovered, at 275° F for 45 minutes, stirring every 15 minutes.
Cool for 15 minutes, stirring occasionally.
Stir in cranberries and chocolate-covered raisins. Store in an airtight container.
Servings: 6 cups