Mix together the first 5 ingredients in a large bowl and beat well.
In a small bowl mix the nuts, sugar and cinnamon.
In a lightly greased bundt pan, pour 1/3 batter and 1/2 nut mixture. Repeat ending with the last of the batter. You should have batter, nuts, batter, nuts, batter. And don't worry if layers are not even, it will all work out in the end.
Bake for 50 minutes to 1 hour in a 350° oven. Cool completely before removing from pan.
Serve as is or simply dust with confectioners' sugar.