9 c. Rice Chex
1 c. chocolate morsels
1/2 c. peanut butter
1/4 c. butter
1/4 tsp. vanilla
1 1/2 c. powdered sugar

Put cereal in large bowl. In a small pan, over low heat, melt chocolate, peanut butter and butter until smooth, stirring often. Remove from heat. Add vanilla. Pour over cereal and stir until evenly coated. Put in bag with the powdered sugar and shake. Spread on wax paper to cool.