1. Into large bowl, measure cereal. Set aside.
2. in 1 qt microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on High 1 min; 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 2 gal resealable food-storage plastic bag.
3. Add powered sugar. Seal bag; shake until well coated. Spread on wax paper to cool. Store in airtight container in fridge.
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