1 (8 oz.) pkg. cream cheese, softened
2 c. cold milk
1 (3 1/2 oz.) pkg. vanilla instant pudding
2 1/2 c. cubed pound cake
1/2 c. raspberry preserves
1 (16 oz.) can peach slices, drained

Combine cream cheese and 1/2 cup cold milk, mixing at medium speed until smooth. Add pudding mix and remaining milk; beat at low speed 1 minute.

In 1 1/2 quart bowl, layer half of cake, preserves, peaches and pudding mixture; repeat layers. Cover surface with wax paper or plastic wrap. Chill. 6 servings.