Muddy Buddies (Chex)

$5.77 w/tax; $0.12/cup
9 c Chex cereal (corn, rice, wheat, chocolate or combo)
1 c semisweet chocolate chips
½ c peanut butter
¼ c butter or margarine
1 tsp vanilla
1 ½ c powdered sugar

Pour cereal into large bowl. In a separate bowl, microwave chocolate chips, peanut butter and butter uncovered on high 1 min; stir. Microwave 30 seconds longer or until mixture can be stirred smooth. Stir in vanilla. Pour mixture over cereal, stirring until evenly coated. Carefully stir in powdered sugar until well coated. Store in airtight container in refrigerator.