PREHEAT oven to 350ºF. Beat butter in large bowl with electric mixer on medium speed 1 min. Gradually add sugar, beating well after each addition. Beat an additional 5 min. or until very light and fluffy. Add cream cheese and vanilla; beat 1 min. Add eggs, one at a time, beating well after each addition.
COMBINE flour, baking powder and salt. Add to butter mixture. Beat 1 min or until well blended. Pour batter into greased and floured 12-cup fluted tube pan or 10-inch tube pan.
BAKE 1 hour or until golden brown. Cool 10 min.; loosen from sides of pan with spatula or knife and gently remove cake. Cool completely on wire rack.