1In small saucepan, bring the brown sugar, butter & water to a boil. Reduce heat; simmer for 10 minutes, stirring frequently.
2Pour into a greased 9x13 pan; top with peaches. Pour into a greased 9x13 pan; top with peaches.
3In a large bowl, whisk the eggs, milk & vanilla; slowly pour over bread. Cover & refrigerate overnight.
4Remove from refrigerator 30 minutes before baking. Sprinkle with cinnamon. Cover & bake at 350 degrees for 20 minutes. Uncover; bake 25-30 minutes longer or until knife inserted near the center of French toast comes out clean. Serve with a spoon.