Preheat oven to 325°F Grease and flour 12-cup Bundt pan.
Beat butter and sugar in large bowl with electric mixer until light and fluffy. Add eggs, one at a time, beating well after each addition. Beat in vanilla.
Toss berries and peaches in 1/4 cup flour; set aside. Mix remaining flour, baking powder and cinnamon. Gradually add to butter mixture, beating until well mixed after each addition. Gently stir in fruit. Pour batter into prepared pan.
Bake 1 hour and 15 minutes or until toothpick inserted comes out clean. Cool in pan 30 minutes. Remove from pan; cool completely on wire rack. Sprinkle with confectioners' sugar before serving.