1 (14 oz.) sweetened condensed milk
1 1/2 c. cold water
1 pkg. (3 1/2 oz.) instant vanilla pudding
2 c. (1 pt.) whipping cream, whipped
1 (12 oz.) pound cake, cubed
4 c. sliced fresh strawberries
1/2 to 1 cup strawberry preserves
Toasted slivered almonds

Combine milk and water in large mixing bowl, mix well. Add pudding beat until well blended. Chill 5 minutes. Fold in whipped cream. Spoon 2 cups pudding mixture into a 4 quart glass serving bowl. Top with half of cake cubes, half of strawberries, half of preserves, and half of remaining pudding mixture. Repeat laying ending with pudding mixture. Garnish with strawberries and almonds. Chill 4 hours or until set.