Cake:

1/2 cup butter, softened
1/2 cup shortening
2 cups sugar
5 egg yolks
2 cups flour
1 tsp. baking soda
1 cup buttermilk
1 tsp. vanilla
1 (3 oz.) can coconut
1 cup chopped walnuts
5 egg whites, stiffly beaten

Cream butter, shortening and sugar in a mixing bowl until light and fluffy. Add egg yolks; beat well. Mix flour and baking soda together. Add to batter mixture alternately with buttermilk and 1 tsp. vanilla, beating well after each addition. Stir in coconut and 1 cup chopped walnuts. Fold in egg whites. Pour into 3 greased and floured 9 inch cake pans.

Bake at 350°F for 25 minutes or until layers test done. Cool in pans for several minutes, remove to wire racks to cool completely.

Icing:

8 oz. cream cheese, softened
1/2 cup butter, softened
1 lb. powdered sugar
1 tsp. vanilla
1/2 cup chopped walnuts

Combine cream cheese and 1/2 cup butter in mixing bowl, beat well. Add powdered sugar and 1 tsp. vanilla; mix well. Stir in 1/2 cup chopped walnuts. Spread between layers and over cooled cake. Chill in refrigerator. Cake will be easier to cut if stored for 24 hours.