Tis the season for peaches. I make this dessert every year during peach harvest. I've tweaked it a little over the years, but I'll post the origional recipe and add my two bits in.
1 angel food cake loaf (I sometimes make my own pound cake depending on how much time and care I want to put into it, Mary now you know how much I care. I use Martha Stewart's recipe http://www.marthastewart.com/274847/pound-cake-recipes/@center/276954/great-cake-recipes)'
1 can sweetened condensed milk
1 C cold water
1 3.4 oz pkg vanilla pudding
1 tsp vanilla
1 pint whipping cream whipped (I don't add sugar to whipped cream, I think the swt cond milk and pudding adds enough sweetness and I like to add sugar to peaches to get the juices flowing)
4 C sliced fresh peaches (I add sugar, see above)
In a large bowl combine swt cond milk and water, mix well. Add pudding mix, beat well. Chill 5 min. Stir in vanilla. Fold in whipped cream.
Cut angel food cake (or pound cake) into cubes. Arrange 1/3 of cake on bottom of trifle bowl. Put 1/3 sliced peaches on top of cake then add pudding mixture on top of peaches. Repeat 2 more times.
*If you don't have a trifle bowl you can use a 9x13 pan and just do two layers.