Preheat oven to 325 degrees F (165 degrees C). Grease one 10 inch tube pan.
Cream together the butter, cream cheese, and sugar until light. Stir in the vanilla and the almond extracts. Add the flour and the eggs alternately, beginning and ending with the flour. Pour batter into the prepared pan.
Bake at 325 degrees F (165 degrees C) for 1 hour and 15 minutes or until a toothpick inserted in the center comes out clean.