Combine cream cheese sugar and egg, mixing until well blended. Set aside. Combine dry ingredients. Add combined oil and eggs, mixing just until moistened. Fold in carrots and nuts. Reserve 2 cups batter. Pour remaining batter into a greased and floured 9-inch Bundt pan. Pour cream cheese mixture over batter; carefully spoon reserved batter over cream cheese mixture, spreading to cover. Bake at 350~ for 55 minutes or until wooden pick inserted in center comes out clean. Cool 10 minutes; remove from pan. Cool thoroughly. Sprinkle with powdered sugar, if desired. Variation. Substitute light Philadelphia Brand Neufchatel cheese for cream cheese. ----