1 stick butter
1 1/2 c. milk chocolate bits (use 1 lg. bag)
1/2 c. peanut butter
1 (13 oz.) box Rice Chex
Powdered sugar

Combine first 3 ingredients, melt, pour over Rice Chex, make sure they are all coated.

Put some powdered sugar in bottom of bag, put in coated cereal, put more sugar on top. Turn slowly until all is coated with sugar.