GREASE 10-inch pie plate.
PLACE morsels and butter in uncovered, medium microwave-safe bowl. Microwave on MEDIUM-HIGH (70%) power for 1 minute; STIR. Morsels may retain some of their original shape. If necessary, microwave at additional 10- to 15-second intervals, stirring just until morsels are melted. Stir in cereal until coated. Press onto bottom and up sides of prepared pie plate.
COMBINE pudding mix, sugar, egg yolks and water in medium, heavy-duty saucepan. Cook over medium heat, stirring constantly, until mixture comes just to a boil. Boil for 1 minute. Remove from heat. Add morsels; stir until melted. Refrigerate for 1 hour or until cool.
BEAT cream cheese in large mixer bowl until smooth. Beat in pudding mixture. Fold in whipped topping. Spoon into crust. Refrigerate for 1 hour or until filling is set.
SPOON blueberry preserves over pie just before serving.