Have all ingredients at room temperature.
Preheat oven to 350°.
Use an electric mixer to cream together cream cheese and butter. Beat in sugar and vanilla. Add eggs, one at a time, beating after each addition. Continue beating until mixture is almost doubled in volume.
Using lowest speed, fold in flour. Do not over beat,
Pour batter into an ungreased tube pan and bake at 350° for 45 minutes or until a toothpick inserted comes out clean. Remove from oven and immediately invert and cool. Cooled cake can be wrapped and frozen.
Serve at room temperature, sprinkled with confectioners sugar or cocoa powder.