Beat first 5 ingredients in large bowl with mixer until well blended. Stir in apples.Pour into greased and floured 12-cup fluted tube pan or 10- inch tube pan
Bake 50 min. to 1 hour or until toothpick 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 and sauce is smooth, stirring every 30 sec. Cool 10 min.or until slightly thickened. Drizzle over cake.