Step 1

Add cereal to large bowl.

Step 2

Microwave chocolate chips, peanut butter and butter uncovered on high for 1 minute in microwaveable bowl. Stir and continue to microwave in 30 second increments longer until mixture can be stirred smooth. Stir in vanilla.

Step 3

Pour mixture over cereal and stir until evenly coated. Add mixture to 2-gallon resealable food-storage plastic bag.

Step 4

Add powdered sugar. Seal bag and shake until well coated.

Step 5

Spread on waxed paper to cool. Sprinkle candy over mix.

Step 6

Store in airtight container in refrigerator.