Chex Muddy Buddies

9 cups Corn Chex, Rice Chex, Wheat Chex or Chocolate Chex cereal (or combination)
1 cup semisweet chocolate chips
½ cup peanut butter
¼ cup butter or margarine
1 tsp vanilla
1 ½ cups powdered sugar

1. Into large bowl, measure cereal, set aside.
2. In 1-quart microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 1 minute, stir. Microwave about 30 seconds longer or until mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable food-storage plastic bag.
3. Add powdered sugar. Seal bag, shake until well coated. Spread on waxed paper to cool. Store in airtight container in refrigerator.