Peach Melba Trifle

1 (14 ounce) can sweetened condensed milk
1 1/2 cup water
1 small box instant vanilla pudding
1/4 cup plus 1 tablespoon sherry or orange juice
2 cups Cool Whip
1 angel food cake, torn into small pieces (about 8 cup)
1 1/2 pounds fresh peaches or 1 (29 ounce) can sliced peaches, drained
1/4 cup raspberry preserves

In large bowl combine condensed milk and water; mix well. Add pudding. Beat until blended. Chill 5 minutes.

Fold in Cool Whip and 1 tablespoon sherry or orange juice.

Place 4 cups cake pieces in 2 quart glass serving bowl. Sprinkle with 2 tablespoons sherry or orange juice. Top with half the peach slices, 1/4 cup preserves and 1/2 pudding mix. Repeat layering with remaining cake, sherry, peaches and pudding. Chill.

Garnish with almonds and additional raspberry preserves if desired.