1 (8 ounce) package cream cheese, softened
1 cup butter, softened
1 cup milk
2 eggs
2 teaspoons vanilla extract
3 cups shredded Cheddar cheese
Beat cream cheese, butter, and milk in bowl on medium speed, scraping bowl often, until smooth. Beat in eggs, one at a time. Stir in shredded cheese. Pour mixture into cream cheese, butter mixture. Chill in refrigerator.
Return cream cheese mixture to medium heat in saucepan. Stir together butter mixture, cream cheese mixture, and Cheddar cheese in small bowl until well blended.