In large bowl, beat cream cheese, condensed milk, mayonnaise and lemon juice with electric mixer on low speed until smooth and fluffy.
Add cranberry sauce; beat on low speed until blended. Fold in cherries and pineapple. Spoon evenly into ungreased 13x9-inch (3-quart) glass baking dish. Sprinkle with nuts. Cover; freeze 6 hours or until firm.
To serve, let stand at room temperature 30 minutes or until slightly softened. Cut into squares.