Preheat oven to 350°F Butter a 13x9 inch glass baking dish.
Cut bread into 1-inch cubes. (you should have 10-12 cups); spread in baking dish. Add peaches and toss gently to combine. In a large bowl, whisk together eggs, sugar, flour and cinnamon; whisk in milk and vanilla and pour over the bread and peaches. Press bread down gently with spatula to coat in liquid. Let stand at room temperature for about 10 minutes ir until bread is soaked through.
Bake for about 55 minutes or until puffed, golden and a knife inserted in center comes out clean. Serve hot or warm.
COOKING TIP: Day-old bread works well for this recipe but make sure the bread is not stale. If using canned peaches, drain them well and pat dry before measuring.
FOR THE ADVENTUROUS: Add 1 cup chopped white chocolate or white baking chips with peaches. Serve topped with lemon-flavored whipped cream, vanilla ice cream or lemon yogurt.