Preheat oven to 325°F.
Grease a (10-inch, 12-cup) bundt or tube pan with solid vegetable shortening and sprinkle inside with sugar.
Beat butter, shortening, and sugar in mixer, scraping sides as needed.
Add cream cheese and blend until fluffy, again scraping sides as necessary.
Add eggs alternately with flour, beginning and ending with flour.
Blend in coconut and almond extracts.
Stir in flaked coconut, and pour into prepared baking pan.
Place pan on baking sheet and bake at 325°F for 85-90 minutes, until dry crumbs or no crumbs show on toothpick inserted into thickest part of cake.
Cool on wire rack for 20 minutes before inverting onto serving plate.
Frost if desired, and serve.