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 frozen whipped topping, thawed
2 baked 9 inch pastry shells
1 (12 oz.) jar caramel ice cream topping

Melt butter in a large skillet. Add coconut and chopped pecans. Cook until golden brown, stirring frequently. Set the mixture aside.

Combine cream cheese and sweetened condensed milk; beat until smooth. Fold in whipped topping.

Layer one-fourth of cream cheese mixture in each pastry shell. Drizzle one- fourth of caramel topping on each pie. Sprinkle one-fourth of coconut mixture evenly over each pie. Repeat layers with remaining ingredients. Cover and freeze until firm. Let frozen pies stand at room temperature 5 minutes before slicing.