In a small bowl, cream butter and sugar until light and fluffy. Beat in vanilla. Combine flour and coconut; gradually beat into creamed mixture.
Press into a lightly greased 13-in. x 9-in. baking dish. Bake at 350° for 10-12 minutes or until lightly browned. Cool on a wire rack.
For filling, in a large bowl, beat cream cheese and ricotta until blended. Add sugar and flour and mix well. Combine cream and vanilla; gradually beat into cream cheese mixture. Add eggs; beat on low speed just until combined.
Spread filling over crust. Drizzle with caramel topping; gently cut through filling with a knife to swirl.
Bake at 350° for 40-45 minutes or until center is almost set. Cool on a wire rack for 1-1/2 hours. Cover and refrigerate for at least 6 hours before serving.