1/4 c. butter
1 7 oz. pkg. coconut
1/2 c. chopped pecans
1 8 oz. pkg. cream cheese
1 14 oz. can sweetened condensed milk
1 16 oz. container frozen whipped topping
2 baked 9-inch pastry shells
1 12 oz. jar caramel ice cream topping

Melt butter in a large skillet. Add coconut and 1/2 cup pecans. Cook until golden, stirring frequently. Set mixture aside and cool slightly. Combine cream cheese and condensed milk and beat at medium speed until smooth. Fold in topping. Layer 1/4 cream cheese mixture in each pastry shell. Drizzle 1/4 caramel over each pie. Repeat layers with remaining cream cheese mixture, caramel topping, and coconut mixture. Cover and freeze pies for at least 8 hours. Let frozen pies stand at room temperature for 5 minutes before slicing.