1/4 c. butter
1 (7 oz.) pkg. flaked coconut
1/2 c. chopped pecans
1 (8 oz.) pkg. cream cheese, softened
1 (14 oz.) can sweetened condensed milk
1 (16 oz.) container whipped topping, thawed
Caramel topping for drizzling
2 (9 inch) cooked pie shells

Melt butter in large skillet. Add coconut and pecans. Cook until golden brown, stirring frequently. Cool. Combine cream cheese, condensed milk and beat until smooth. Fold in whipped topping. Layer 1/4 of cream cheese mixture in each pie shell. Sprinkle 1/4 of coconut mixture evenly over each pie.

Drizzle caramel topping on each pie. Repeat layers with remaining ingredients. Cover and freeze until firm. Let frozen pie stand at room temperature 5 minutes before slicing. Yield: two 9 inch pies.