PREHEAT oven to 350° F. Grease and flour 12-cup Bundt® pan.
COMBINE sugar, cream cheese, egg and vanilla extract in small mixer bowl for 2 to 3 minutes. Beat at low speed for 2 to 3 minutes, scraping bowl often, until smooth.
COMBINE flour, sugar, water, cocoa, butter, egg, baking powder, baking soda, and vanilla extract in large mixer bowl. Beat on low speed, scraping bowl often, until ingredients are moistened. Beat on high speed for 2 to 3 minutes scraping bowl often, until smooth. Pour 3 cups batter into prepared pan. Spoon filling over batter without touching sides of pan; cover with remaining batter.
BAKE for 50 to 60 minutes or until toothpick inserted in center comes out clean. Cool in pan for 30 minutes, invert onto wire rack to cool completely. Drizzle with Glaze.
MELT baking bar and 1 teaspoon shortening in 1-quart saucepan over low heat, stirring constantly, until melted. Drizzle over cooled cake. Let stand until firm. Repeat with remaining shortening and morsels. Store refrigerated.