To prepare custard whisk together sugar, cornstarch, egg yolks, milk, light cream and vanilla in heavy saucepan; bring to boiling over medium heat, whisking constantly 1 minute or until thickened. Remove from heat. Place pan in ice water; whisk until cool. Cover; chill in freezer 1 hour.
To assemble trifle arrange 2 cups blueberries on bottom of 3-quart trifle bowl. Place half of cake cubes in trifle bowl. Drizzle with 2 tablespoons blueberry syrup. Top with 2 cups blueberries. Drizzle with 2 tablespoons syrup.
Spoon 1 cup custard over syrup. Top with remaining cake cubes. Spoon remaining 2 cups blueberries over cake cubes. Spread preserves over blueberries. Spoon remaining 1 cup custard over preserves.
Beat heavy cream with electric mixer until foamy; gradually add powdered sugar, beating until soft peaks form. Spread over trifle. Garnish as desired. Serve immediately.
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