9 cups Rice Chex®, Corn Chex®, or Chocolate Chex® cereal (or combinbation)
1 cup semisweet chocolate chips
½ cup peanut butter
¼ cup butter or margarine
1 teaspoon vanilla
1 ½ cups powdered sugar
Into large bowl, measure cereal; set aside.
In 1-quart microwaveable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 1 minute; stir. Microwave about 30 seconds longer or until mixture can be stirred smooth. Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable food-storage plastic bag.
Add powdered sugar. Seal bag; shake until well coated. Spread on waxed paper to cool. Store in airtight container in refrigerator.
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