SAUCE Combine ingredients in a large heavy saucepan.

Place over medium heat and cook without stirring until mixture boils, 15 to 20 minutes.

Briefly remove from heat.

Reduce heat to low and cook, stirring frequently with a wooden spoon, 45 minutes to 1 hour.

When mixture becomes a caramel color and is think enough that you can see the bottom of the pan as you stir, remove it from heat.

Use at room temperature or cover and refrigerate.

Yield: 2 cups CHEESECAKE Preheat oven to 325 degrees.

Place cream cheese in food processor and process until soft.

With Machine running, drop in eggs, followed by heavy cream, vanilla then dulce de leche.

Place mixture in 9 inch pie dish.

Put dish in a large pan and add hot water until it comes halfway up the side of pie dish.

Place in oven and bake about an hour or until cake tester comes out clean and top is fairly firm.

Let rest one hour, then serve at once, or refrigerate, but remove from refrigerator one half- hour before serving.