Chex Muddy Buddies

9 cups corn Chex
1 cup semi-sweet chocolate chips
1/2 cup peanut butter
1/4 cup butter or margarine
1 tsp vanilla
1 1/2 cups powdered sugar

Measure cereal into a large bowl. Set aside.

Microwave chocolate chips, peanut butter and butter uncovered on High 1 minute; stir. Microwave 30 seconds longer or until mixture can be stirred smooth. Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Pour into 2-gallon resealable plastic bag.

Add powdered sugar. Seal bag and shake until well coated. Spread on waxed paper to cool. Store in an air tight container in the refrigerator.