Line cookie sheet with cooking parchment paper. In large bowl, mix together cereal, pretzels, candies and peanuts.
In small microwavable bowl, microwave peanut butter chips and penaut butter uncovered on high for 1 min., stirring once, until softened and chips can be stirred smooth. Pour over cereal mixture and stir to evenly coat. Spread mixture in a single layer on cookie sheet; cool. Break into pieces. Store in a tightly covered container at room temp.
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