Rainbow Bread Pudding

10 slices stale bread
2 cups granulated sugar
1 cup raisins
1 (16 ounce) can fruit cocktail and its juice
1 cup water
3 eggs
1/2 cup butter
1 cup chopped nuts
1 (12 ounce) can evaporated milk
2 tablespoons vanilla butternut flavoring
Whipped cream (optional)
Butterscotch topping (optional)

Heat oven to 400 degrees F. Lightly grease a 13 x 9-inch baking pan.

Mix all ingredients except whipped cream and butterscotch topping in a large bowl. Pour into prepared pan. Bake for 1 hour and 20 minutes. Let cool.

Serve topped with whipped cream and/or butterscotch topping if desired.