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1. Preheat oven to 350 degrees F. Line a 13x9x2-inch baking pan with foil; grease foil. Set aside. In a small saucepan, combine cherry preserves, dried cranberries, and the 1/3 cup butter. Bring to boiling, stirring constantly. Remove from heat. Pour mixture into the prepared baking pan, spreading evenly. Set aside.
2. In a medium bowl, stir together flour, baking powder, pumpkin pie spice, and baking soda; set aside. In a large bowl, combine the 1/4 cup butter and the shortening. Beat with an electric mixer on medium to high speed for 30 seconds. Add sugar and vanilla; beat until combined. Add eggs one at a time, beating well after each addition. Beat in pumpkin. Alternately add flour mixture and buttermilk to butter mixture, beating on low speed after each addition just until combined. Carefully spread batter over preserve mixture in pan.
3. Bake for 30 to 35 minutes or until a toothpick inserted near the center comes out clean. Cool in pan on a wire rack for 5 minutes.
4. Carefully invert onto a large serving platter; remove foil. Spoon any preserves mixture remaining on the foil onto cake. Serve warm. Makes 12 servings.