Beat peanut butter and butter at medium speed with an electric mixer until blended. Gradually add powdered sugar, beating until blended.
Shape into 1-inch balls, and chill 10 minutes or until firm.
Microwave chocolate morsels and shortening in a 2-quart glass bowl at HIGH 1 1/2 minutes or until melted, stirring twice.
Dip each peanut butter ball in melted chocolate mixture until partially coated, and place on wax paper to harden. Store candy in an airtight container.