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1. In a medium skillet, melt butter or margarine over medium heat. Add coconut and pecans. Toss well, and saute until coconut is lightly browned. Set aside to cool.
2. In a large mixing bowl, beat cream cheese until fluffy. Add condensed milk and mix until smooth. Fold in whiped topping. Spread 1/4 of cream cheese mixture into each pastry shell. Sprinkle 1/4 of coconut mixture over each pie. Drizzle 1/2 of caramel topping over each coconut layer. Follow with remaining cream cheese mixture, then remaining coconut mixture.
3. Pies may be served chilled or frozen.
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