1.Into large bowl, measure cereal; set aside.
2.In 1quart microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 1 minute; stir. Microwave about 30 seconds longer or until mixture can be stirred smooth. Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Pour into 2gallon resealable foodstorage plastic bag.
3.Add powdered sugar. Seal bag; shake until well coated. Spread on waxed paper to cool. Store in airtight container in refrigerator.
High Altitude (35006500 ft): No change.
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