6 oz. pkg. semi - sweet chocolate morsels
1/2 c. peanut butter
1/2 c. butter
8 c. crispy rice cereal squares
1 c. sifted powdered sugar

Combine first 3 ingredients in a sauce pan; cook over low heat until morsels and butter melt, stirring occasionally. Remove from heat and stir until smooth. Pour mixture over cereal, stirring to coat evenly. Spread cereal mixture on two waxed paper lined 15 x 10 x 1 inch jelly roll pans; let cool 1 hour. Sprinkle mixture with powdered sugar; stir to coat evenly. Yields 8 cups.