Preheat the oven to 325°F. Liberally spray a 12-cup bundt pan with non-stick baking spray or grease with butter or shortening and flour it.

In a mixer bowl, add butter, oil or shortening, and cream cheese. Beat for 2 minutes on high speed. Slowly add in sugar and beat on high for an additional seven minutes until very pale yellow and fluffy.

Add eggs one at a time, combining well after each addition and scraping down the sides as needed.

Turn the mixer down to its lowest speed and slowly add flour into the batter in two increments, then add salt. Be careful not to overbeat.

Add vanilla extract, scrape down sides, and mix until just combined. Turn off the mixer.

Pour cake batter into the prepared bundt pan and bake for 1 hour and 15-20 minutes or until a toothpick inserted in the center comes out clean.

Cool in the pan on a wire rack for 10 minutes, then invert cake onto a serving plate for at least an hour or until cool to the touch.

Dust with powdered sugar and serve.