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Preheat oven to 375 degrees.
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Pour melted butter into a 8 by 8 casserole dish.
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Whisk together milk, bisquick, and vanilla. Pour over top the butter. Stir gently to distribute. Don't stir completely together.
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In a mixing bowl, mix together peaches, sugars, cinnamon, and nutmeg. Spoon peaches over the batter.
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Bake 55-65 minutes, or until golden brown and set.
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Serve warm or at room temperature.