Step 1: In a medium bowl, beat softened cream cheese with an electric mixer until smooth and creamy.
Step 2: Gradually add powdered sugar while continuing to mix until fully incorporated.
Step 3: Mix in vanilla extract until combined.
Step 4: In a separate bowl, whip heavy cream until stiff peaks form.
Step 5: Gently fold whipped cream into cream cheese mixture until smooth and fluffy.
Step 6: Transfer dip to a serving bowl and refrigerate for at least 30 minutes before serving.
Step 7: Serve chilled with assorted fresh fruit slices for dipping.