1 c. semi-sweet chocolate chips (6 oz.) or 4 (1 oz.) sq. semi-sweet chocolate
2 tbsp. butter
1 (14 oz.) can Eagle Brand sweetened condensed milk (not evaporated milk)
2 tbsp. water
1 tsp. vanilla extract

In heavy saucepan, over medium heat, melt chips and butter with sweetened condensed milk and water. Cook and stir constantly until thickened, about 5 minutes. Add vanilla. Serve warm over ice cream or as a fruit dipping sauce. Refrigerate leftovers.