Spray a large glass bowl with non-stick spray.
In a large mixing bowl, beat together condensed milk, lemon juice and whipped topping. Mix until smooth and add red food coloring until desired color is reached.
In another bowl, combine fruits, marshmallows and nuts. Mix until well blended. Add to whipped topping mixture. Turn into glass bowl. Sprinkle coconut evenly over surface. Refrigerate for one hour or until served.
Recipe can be made up to six weeks ahead. Freeze in covered container. Thaw in refrigerator before serving.