Make this BROOKSIDE Peanut Butter Party Mix recipe with HERSHEY'S CHIPITS! Try it here, now.
Place cereal in large mixing bowl; set aside. Line large tray or cookie sheet with wax paper.
Place peanut butter chips, peanut butter and butter in medium microwave-safe bowl. Microwave at MEDIUM (50%) 30 seconds; stir. If necessary, microwave at MEDIUM an additional 10 seconds at a time, stirring after each heating, until chips are melted and mixture is smooth when stirred. Stir in vanilla. Pour mixture over cereal; stir until cereal is evenly coated. Pour mixture into large resealable food storage plastic bag.
Add powdered sugar. Seal bag; shake until cereal is well coated. Spread cereal mixture on prepared tray. Cool completely.
Stir together cooled cereal, chocolate pieces, dried cranberries and peanuts. Store in a dry, cool place.