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

Combine cream cheese and 1/2 cup milk, mixing at medium speed on electric mixer until well blended. Add pudding mix and rest of milk. Beat at low speed 1 minute. In 1 1/2 quart bowl, layer cake, preserves, peaches and pudding mixture. Repeat layers. Cover and chill about 1 1/2 hours.

NOTE: Have everything prepared before mixing pudding. Before serving cover with Cool Whip or similar topping.