PREHEAT oven to 350°F. Place all ingredients except powdered sugar in large bowl. Beat with electric mixer on low speed 1 minute. Beat on medium speed 4 minutes.
POUR into greased and floured 10-inch fluted tube or tube pan.
BAKE 50 to 55 minutes or until toothpick inserted near center comes out clean. Cool in pan on wire rack 15 minutes; remove from pan. Cool completely. Sprinkle with powdered sugar just before serving.