Peaches and Cream Cake

1 pkg yellow cake mix
1 pkg vanilla instant pudding
4 eggs
1 c vegetable oil
1 c sugar
1 c water
1 15-oz can sliced peaches
8 oz cream cheese

Preheat oven to 350.
Beat cake mix, pudding mix, eggs, oil and water on medium speed for three minutes.
Pour into greased and floured 9x13 pan.
Drain peaches, reserving liquid. Cut peaches into thin slices and arrange over cake batter.
Beat cream cheese, sugar and peach liquid until smooth.  Pour evenly over peaches.
Bake 45 minutes or until top srpings back. Cool, store covered in refrigerator.