Into large bowl, measure cereal; set aside. In 1 quart microwavable bowl, microwave chocolate chips, peanut butter and butter uncovered on high for 1 minute; stir. Microwave about 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 food storage plastic bag.
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