Place half of bread cubes in a greased 11x7 baking dish. Cover with all of the cream cheese cubes, distributing evenly. Sprinkle with apple slices. Top with remaining bread cubes and almonds. Beat together eggs, milk and cinnamon until well blended. Pour over bread mixture in dish. Cover and refrigerate overnight.
Bake in pre-heated 375 degree oven about 35 minutes or until set. Sprinkle with powdered sugar. Serve with syrup.