1 (12 oz.) box Rice Chex
1 (8 oz.) pkg. chocolate chips
1 c. peanut butter
1 stick butter
1/2 tsp. vanilla
2 c. powdered sugar

Pour cereal in large bowl. In a separate bowl, combine chocolate chips, peanut butter and butter. Microwave on High for 1 1/2 minute or until melted smooth. Stir for 1 minute. Stir in vanilla. Pour chocolate mixture, stirring constantly and carefully so all pieces are covered but not broken. Pour cereal in Ziploc bag containing powdered sugar and shake. Spread on waxed paper to cool. Store in Ziploc bag.