In 1-quart saucepan, heat chocolate chips, peanut butter and butter over low heat, stirring frequently until melted. Remove from heat; stir in vanilla. Pour mixture slowly over cereal while stirring with a spatula to evenly coat. Pour into a 2-gallon resealable plastic storage bag or grocery bag. Add powdered sugar slowly. Shake until well coated. Spread onto wax paper to cool. Store in airtight container in refrigerator.

Serves about 12.

Submitted by: Erin Wheeler