1 c. evaporated milk
1 1/2 c. sugar
1/4 c. plus 2 tbsp. butter
4 egg yolks
1 1/2 c. flaked coconut
1 1/2 c. chopped pecans
1 1/2 tsp. vanilla extract

Combine milk, sugar, butter, and egg yolks in a heavy saucepan; bring to a boil and cook over medium heat 12 minutes, stirring constantly. Add coconut, pecans, and vanilla; stir until frosting is cool and of spreading consistency. Yields enough for one 3-layer cake.