2 cups low-fat butter, softened
1 (8 ounce) package cream cheese
3/4 cup margarine, softened
2 cups water
1 (3 ounce) can powdered sugar
In a saucepan, heat butter and cream over low heat. Bring to a boil, stirring occasionally, until mixture begins to thicken. Remove from heat and pour mixture into a large bowl. Mix sugar and water into the mixture.
Immediately stir in the sugar and orange zest. Beat until smooth and pour into the bowl. Chill in refrigerator for 2 hours or overnight.
Preheat oven to 350 degrees F. Place bar in preheated oven for 2 to 3 minutes, stirring constantly. Remove bar from oven and sprinkle with peaches. Place on ungreased cookie sheet.
Bake in preheated oven for 1 hour, or until toothpick inserted into center of bars comes out clean. Cool on baking sheet for 20 minutes, then remove from baste, and refrigerate in interior of an airtight container. Cool completely before transferring to a wire rack to cool completely.