Into large bowl, measure cereal and set aside.
In microwavable bowl, microwave chocolate chips and peanut butter for one minute and stir. Microwave about 30 seconds longer or until mixture can be stirred smooth.
Pour mixture over cereal, stirring gently to evenly coat.
Place powdered sugar in a large resealable plastic bag, add cereal mix, seal bag and shake until evenly coated. Add m&m's and marshmallows.
Spread out mixture over waxed paper on large baking sheet or counter to cool.
Allow mixture to cool and dry completely before sealing in an airtight container.
