1/4 c. butter
1 (7 oz.) pkg. coconut
1/2 c. pecans
1 (8 oz.) pkg. cream cheese
1 (12 oz.) can evaporated milk
1 (16 oz.) carton whipped topping
2 (9-inch) regular pie crusts, baked
1 (12 oz.) jar caramel topping

Melt butter; add coconut and pecans. Cook until brown. Set aside. Combine cream cheese and evaporated milk. Beat until smooth. Fold in whipped topping. Layer half of cheese mixture, half of caramel topping and half of coconut mixture. Repeat layers for other pie. Cover and freeze.