Grease and flour a Bundt cake pan or 10-inch tube pan.
In a mixing bowl with an electric mixer, beat the butter and shortening until creamy. Add the sugar and continue beating until light and fluffy. Beat in the cream cheese.
In a small bowl, whisk the eggs.
Add flour to the butter and sugar mixture, alternating with the eggs, beginning and ending with flour. Stir the vanilla into the batter.
Bake for about 1 hour and 15 minutes until a toothpick or wooden skewer comes out clean when inserted into the center.
Let the cake cool in the pan for 10 minutes, then carefully remove it to a rack to cool completely.