Toasted Coconut, Pecan and Caramel Pie

2 baked 9-inch pie shells
1/4 cup (1/2 stick) butter
1 (8 ounce) package flaked coconut
1/2 cup chopped pecans
8 ounces cream cheese, room temperature
1 (14 ounce) can sweetened condensed milk
1 (12 ounce) container frozen whipped topping, thawed
1 (12 ounce) jar caramel ice cream topping

In a medium skillet, melt butter or margarine over medium heat. Add coconut and pecans. Toss well, and saut