1. In a mixing bowl, combine warm milk, sugar, and yeast. Let sit for 5 minutes until foamy.

2. Add eggs, melted butter, and vanilla to the yeast mixture. Mix in flour and salt gradually.

3. Knead until dough is smooth and elastic, then let rise for 1 to 1.5 hours until doubled.

4. While the dough rises, beat cream cheese with powdered sugar and vanilla until smooth. Refrigerate the filling.

5. In a skillet, melt butter and add brown sugar, cinnamon, nutmeg, and peach slices. Cook until peaches are tender and syrupy. Cool completely.

6. Roll out risen dough to 1/2 inch thickness and cut into donut shapes. Let rest 15–20 minutes.

7. Heat oil to 350°F (175°C) and fry donuts in batches until golden brown. Drain on paper towels.

8. While warm, roll each donut in a cinnamon-sugar mixture to coat evenly.

9. Slice cooled donuts in half horizontally.

10. Pipe or spoon cheesecake filling on the bottom half.

11. Layer caramelized peaches over the filling.

12. Place the top half of the donut back on and serve immediately or chill slightly before serving.