In a medium sized sauce pan, stir together the raisins, apricots, sugar, and water. Turn the temperature to medium and bring to a slight boil. Reduce the heat to simmer and allow the mixture to simmer for 30 minutes. Remove the sauce pan from the heat and allow mixture to completely cool. Do not drain the liquid!!
Preheat your oven to 350 degrees. Prepare a bundt pan by lightly coating the interior with non-stick cooking spray.
In a large mixing bowl, use a hand-held mixer to blend together the butter, sugar, vanilla, and cream cheese until fluffy.
Add each egg one at a time and fully incorporate into the cream cheese mixture.
Replace the hand-held mixer with a spatula. Add the flour and baking powder and fold into the batter.
Add the apricots and raisins along with any liquid/syrup from the sauce pan. Continue to fold the ingredients together until just mixed through.
Transfer the batter to the bundt pan. Tap the pan firmly on your kitchen counter to settle the batter into the folds of the pan.
Bake the bundt for 50 minutes. Check for doneness by inserting a toothpick into the cake. If the toothpick comes out clean, the cake is ready. If not, place back in the oven for 3-5 minutes and perform the toothpick test again.
Allow the cake to cool for five minutes and then transfer to a wire cooling rack to cool completely. Dust with confectioner’s sugar before serving. (Optional)