Grease and flour a 10" tube pan.......in a large bowl mix dry cake mix, water and eggs blending well. Pour about 1/4 of this batter into the tube pan.
In a small bowl blend the cream cheese and evaporated milk. Spoon 1/2 of this over the batter and then 1/4 of the cherry pie filling..now spoon 1/4 more batter and the rest of the cream cheese mix and 1/4 of the cherry pie filling followed by the rest of the batter. Save 1/2 can of the cherries for the top of the cake after it has cooled.
Bake at 350 degrees in a preheated oven for 55 minutes and cool completely before inverting. After inverting use last 1/2 can of cherries on top and refrigerate after serving.