Place 2 cups sliced peaches and water into a blender, process until smooth. Pour pureed mixture into saucepan.
Combine sugar and cornstarch, stir well. Add sugar mixture to the pureed mixture. Stir well.
Cook over medium-high heat for 5 minutes or until thick and clear. Stir constantly. Remove from heat. Add butter and almond extract, stir until butter melts. Let cool.
Arrange the remaining 3 cups of peaches in the baked pastry shell, then pour glaze over the peaches. Chill.
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