1 deep dish pie crust shell
3 c. frozen unsweetened peaches, thawed, drained and chopped
1/4 c. sugar
1 (8 oz.) pkg. cream cheese, softened
1 c. powdered sugar
1 tsp. vanilla extract
2 c. whipped topping, thawed

Bake pie crust according to package directions for empty baked crust, cool. In small saucepan, combine 1 1/2 cups peaches and sugar. Bring to a boil, stirring occasionally and continue to cook 4 to 5 minutes until peaches are soft, cool. In a medium bowl, beat cream cheese, powdered sugar and vanilla, fold in whipped topping and remaining peaches. Spoon into baked pie crust. Arrange cooked peaches evenly over top of cream cheese. Chill several hours until set. Makes 8 servings.