Butterscotch Party Mix

2 cups oven toasted cereal squares
2 cups small pretzel twists
1 cup dry roasted peanuts
1 cup caramels, coarse chopped
11 ounces butterscotch morsels

COAT 13 x 9-inch baking pan with nonstick cooking spray. COMBINE cereal, pretzels, peanuts and caramels in large bowl. Place morsels in medium, microwave-safe bowl.

Microwave on MEDIUM-HIGH (70%) power for 1 minute; stir. Microwave at additional 10- to 20-second intervals, stirring until smooth.

Pour over cereal mixture; stir to coat evenly. SPREAD mixture into prepared baking pan; let stand for 20 to 30 minutes or until firm.

Break into small pieces.