Into a large bowl, measure cereal, set aside. In a 1 quart saucepan heat chocolate chips, peanut butter and butter over low heat, stirring frequently until melted. Remove from heat and stir in vanilla. Pour mixture over creal, stirring until evenly coated. Pour mixture into a 2 gallon resealable food storage bag and add powdered sugar. Seal bag and shake until well coated. Spread on wax paper to cool. Store in an airtight container inrefrigerator.
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