2 (9 inch) deep dish pie shells, baked
1/4 c. butter, melted
7 oz. coconut
1 c. chopped pecans
1 can Eagle Brand condensed milk
8 oz. cream cheese, softened
16 oz. container Cool Whip, thawed
1 jar caramel ice cream topping

Melt butter in saucepan over low heat. Add pecans and coconut; stir together 15-20 minutes. Set aside.

Combine Eagle Brand milk and softened cream cheese. Beat until smooth. Fold in Cool Whip. Cover bottom of each pie shell with Cool Whip mixture. Drizzle caramel topping over Cool Whip mixture, then cover with coconut mixture. Repeat layers and freeze.