WHISK sweetened condensed milk and water in large bowl. Add pudding mix. Whisk 2 minutes until well blended. Refrigerate 5 minutes. Fold in whipped topping.
STIR together sliced strawberries and preserves. Spoon 2 cups pudding mixture into bottom of 4-quart clear glass trifle bowl or round glass serving bowl. Top with half the cake cubes, half the strawberries and half the remaining pudding mix. Repeat layers, ending with pudding.
REFRIGERATE 3 to 4 hours or until set. Garnish top of trifle with additional sliced strawberries and almonds just before serving.