PREHEAT oven to 350° F.

HEAT sugar in small, heavy-duty saucepan over medium-low heat, stirring constantly, for 3 to 4 minutes or until dissolved and caramel colored. Quickly pour into bottom of 2-quart casserole dish.

PLACE evaporated milk, sweetened condensed milk, cream cheese, eggs and vanilla extract in blender; cover. Blend until smooth. Pour mixture into prepared casserole dish. Place casserole in 13 x 9-inch baking dish; fill baking dish with warm water to 1-inch depth.

BAKE for l hour and 20 to 30 minutes or until knife inserted near center comes out clean. Remove flan from hot water; cool to room temperature in casserole on wire rack. Refrigerate for several hours or overnight. Run knife around rim; gently shake to loosen. Invert onto serving dish.