HEAT oven to 350ºF.
REMOVE Cinnamon Rolls from cans; cut each into quarters. Reserve 1 Icing packet for later use; discard remaining packet or reserve for another use.
MELT 3 Tbsp. butter; reserve for later use. Melt remaining butter in large skillet on medium heat. Add apples and cinnamon; cook and stir 4 min. or until apples are crisp-tender.
SPRAY 10-cup fluted pan generously with cooking spray. Place 1/3 of the cinnamon roll pieces in prepared pan; cover with layers of half each of the dry pudding mix, reserved butter and apples. Repeat layers. Top with remaining cinnamon roll pieces.
BAKE 40 min. or until golden brown. Carefully run knife around edges of pan to loosen bread; cool 5 min. Invert bread onto heatproof plate; remove pan. Cool bread 10 min.
WHISK cream cheese, water and reserved icing until blended; drizzle over bread.
Apple Preparation Tips: Because apples turn brown after they are cut, do not cut them up until just before using. For added color and texture, leave the peels on
Note: This recipe is equally delicious when prepared with any other variety of all-purpose apple. For variety, prepare using a combination of red and green apples
Total Fat 9g
Saturated Fat 5g
Total Carbohydrate 30g