Coconut-Caramel Pie

1/4 cup butter
1 (7 oz.) pkg. flaked coconut
1/2 cup pecans (chopped)
1 (8 oz.) pkg. cream cheese
1 (14 oz.) can eagle brand milk
1 (16 oz) cool whip (thawed)
1 (12 oz) caramel topping
2 (9-inch) baked pie shells (deep dish)

Melt butter in large skillet. Add coconut and pecans and cook until golden brown, (stirring frequently) set aside. Combine cream cheese and milk, beat until smooth. Fold in cool whip. Layer 1/4 of cream cheese mixture in each pie shell. Drizzle 1/4 of caramel topping on each pie. Sprinkle 1/4 of coconut mixture over each pie. Repeat layers with remaining ingredients. Cover; freeze. Let frozen pie stand at room temperature 5 minutes before slicing.