PREHEAT oven to 350°F. Drain peaches, reserving 1/4 cup of the juice. Chop peaches; place in greased 2-qt. shallow casserole dish. Add chopped biscuits and the raisins; mix lightly. Set aside.
BEAT eggs, reserved peach juice, the milk and sugar with wire whisk until well blended; pour over peach mixture.
BAKE 30 min. or until knife inserted in center comes out clean. Serve warm topped with the jam.
