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PREHEAT oven to 350°F. Place milk, caramels and cinnamon in medium saucepan; cook on medium heat until caramels are completely melted and mixture is well blended, stirring frequently. Remove from heat; set aside. Beat eggs in medium bowl with wire whisk until foamy. Gradually add caramel mixture, beating until well blended.
TOSS bread cubes with raisins in greased 2-qt. casserole dish. Add caramel mixture; stir gently until bread cubes are evenly coated. Place casserole dish in larger baking pan filled with 1-1/2 inches hot water.
BAKE 40 to 45 min. or until knife inserted in center comes out clean. Serve warm topped with the whipped topping and almonds.