Pour cereal into a large bowl In small pot, heat chocolate chips, peanut butter and butter over low heat stirring frequently until melted.
Remove from heat, stir in vanilla. Pour mixture over cereal, stirring until evenly coated.
Pour powdered sugar into two gallon resealable plastic bags and add cereal to the bags.
Seal bag and shake until well coated.
Spread over waxed paper to cool.
Once cool pour into a large bowl and add the remaining ingredients and mix until well combined.