1 can (12-oz) evaporated milk
1 1/2 cups granulated sugar
3/4 cup butter
4 large egg yolks, lightly beaten
2 1/2 cups flaked coconut
1 1/2 cups chopped pecans
2 tsp vanilla extract
Using a 3-quart heavy saucepan, combine the evaporated milk, sugar, butter, and egg yolks; bring to a simmer over medium heat. Cook mixture approximately 10 minutes or until thickened. Stir occasionally during cooking.
Remove the mixture from the heat and stir in the coconut, pecans, and vanilla extract.
Allow to cool some then use to fill and frost your favorite cake.
Yield: About 4 1/4 cups of frosting; enough for a 2-layer cake.