Preheat oven to 350 degrees F. Spread coconut in shallow baking pan. Bake for 10 minutes or until toasted, stirring two or three times (watch closely toward end of baking to prevent coconut from burning). Set aside to cool.
In a medium microwave-safe bowl place chocolate pieces and shortening. Microwave on 50 percent power (medium) for 1 to 2 minutes or until chocolate is melted and smooth, stirring after each minute. Stir in cinnamon.
Arrange doughnut holes on tray or baking sheet lined with parchment or waxed paper. Spoon chocolate over each doughnut hole and sprinkle with coconut. Let stand until set, about 30 minutes. To serve, arrange doughnut holes on a platter. (If desired, thread 2 doughnut holes on bamboo skewer; arrange spoke fashion on a platter. Decorate skewer ends with curling ribbon, choosing colors to fit the occasion.) Makes 24 doughnut holes.