Strawberries and Cream Trifle

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1 (14 oz.) can Eagle Brand® Sweetened Condensed Milk

1 1/2 cups cold water

1 (4-serving size) package instant vanilla flavor pudding and pie filling mix

1 (8 oz.) container frozen whipped topping, thawed

4 cups sliced fresh strawberries

1 cup Smucker's® Strawberry Preserves

1 large (9-inch) prepared angel food cake, cut into 3/4-inch cubes (about 8 cups)

Additional fresh strawberries for garnish

2 tablespoons sliced almonds (optional)