Preheat oven to 350 degrees. Grease 12 cup bundt cake pan. Blend cake mix dry and instant pudding mix; blend until well mixed. Add eggs, water, and butter.
Mix on low speed, scraping constantly, until moistened, about 1/2 minute. Beat on medium speed, scraping bowl frequently for 2 minutes. Do not over beat. Add chopped nuts and raisins; mix well. Pour mixture into prepared pan.
Bake 40 to 45 minutes or until cake tester comes out clean. Cool 10 minutes. Invert on wire rack or heatproof serving plate. Remove pan and cool completely. Spread with powdered sugar glaze or sprinkle with powdered sugar.