Instructions

1. Heat oven to 350 degrees F, and butter and flour a 10-inch (3-quart) Bundt pan.
2. Spread coconut in a shallow baking pan and toast in middle of oven, stirring occasionally and watching carefully to avoid burning, until golden, 10 to 12 minutes.
3. Transfer coconut to a bowl and cool.
4. Spread nuts in pan and toast in middle of oven until pale golden, 8 to 10 minutes.
5. Cool nuts and chop coarse.
6. In a bowl with an electric mixer beat together butter and brown sugar until light and fluffy.
7. Beat in cream cheese.
8. Add eggs, one at a time, beating well after each addition, and beat in vanilla extract.
9. Sift flour, baking powder and salt into bowl and beat just until combined well.
10. Stir in coconut and chopped nuts.
11. Spread batter evenly in pan and bake in middle of oven for 1 hour to 1 hour and 10 minutes, or until tester comes out clean.
12. Cool cake in pan on a rack 5 minutes and invert onto rack.
13. Make glaze: In a small heavy saucepan bring water with sugar to a boil, stirring until sugar is dissolved.
14. Stir in rum.
15. Brush hot glaze evenly over outside of warm cake until absorbed. Cool cake completely.

Source: Gourmet November 1995