HEAT oven to 350°F.
GREASE and flour 12-cup fluted tube pan or 10-inch tube pan. Beat first 5 ingredients in large bowl with mixer on low speed until blended. Beat on high speed 2 min. Stir in apples. Pour into prepared pan.
BAKE 50 min. to 1 hour or until toothpick inserted near centre comes out clean. Cool cake in pan 15 min. Loosen cake from side of pan; invert onto wire rack. Gently remove pan. Cool cake completely. Transfer to plate.
MICROWAVE caramels and milk in microwaveable bowl on HIGH 1-1/2 min. or until caramels are completely melted, stirring every 30 sec. Stir until blended. Cool 10 min. or until slightly thickened. Drizzle over cake.