1 cup brown sugar, firmly packed
1/2 cup butter or margarine
2 tablespoons water
1 (29 ounce) can sliced peaches
5 eggs
1 1/2 cups milk
1 tablespoon vanilla extract
1 loaf French bread, sliced

Drain peaches and excess syrup, reserving syrup.

In a saucepan, heat butter and sugar on medium-low heat until butter is melted. Add water and continue cooking until sauce becomes thick and foamy. Pour into a 13 x 9-inch dish and cool 10 minutes.

Place peaches on top of cooled sauce and cover with slices of bread placed close together. Blend eggs, milk and vanilla extract until well mixed. Pour over bread; cover pan and refrigerate overnight.

Bake in 350 degree F oven for 40 minutes. Loosely cover with foil for the last 10 to 15 minutes if browning too quickly.

Serve with warmed remaining peach syrup or syrup of choice.