1 (14 oz.) can Eagle Brand sweetened condensed milk (NOT evaporated milk)
1 1/2 c. water
1 (3 3/4 oz.) pkg. instant vanilla pudding & pie filling mix
2 c. (1 pt.) whipping cream, whipped
1/4 c. plus 1 tbsp. cocktail sherry or orange juice
1 (10 oz.) prepared angel food cake, torn into sm. pieces (about 8 c.)
1 1/2 lbs. fresh peaches, pared & sliced or 1 (29 oz.) can sliced peaches, drained
1/4 c. red raspberry preserves
Toasted almonds & additional preserves, opt.

In large bowl, combine Eagle Brand and water; mix well. Add pudding mix; beat until well blended. Chill 5 minutes. Fold in whipped cream and 1 tablespoon sherry. Place 4 cups cake pieces in a 2-quart glass serving bowl. Sprinkle with 2 tablespoons sherry. Top with half the peach slices, 1/4 cup preserves and half the pudding mixture. Repeat layering with remaining cake, sherry, peaches and pudding, chill. Garnish with almonds and additional preserves if desired. Refrigerate leftovers.