1/2 c. butter
1 can Eagle Brand condensed milk
1 pkg. Kraft caramels
1 (10 oz.) pkg. lg. marshmallows
Chopped nuts
Coconut or Krispies

In double boiler, add 3 top ingredients and cook until caramels are melted. Remove pan from heat, but keep caramel mixture warm. Coat each marshmallow with caramel and roll each in either the nuts, coconut, or Krispies.