In a large bowl combine cereal, pretzels and nuts. Set aside.
In a small saucepan, melt butter and stir in honey until well blended. Pour over cereal mixture and stir to coat.
Spread into two greased 15 x 10 baking pans. Bake at 350° for 12-15 minutes or until mixture is lightly glazed, stirring occasionally. Cool in pan for 3 minutes. Remove from pan and spread on waxed paper to cool completely. Store in airtight container.