In large bowl, beat shortening and butter with electric mixer until light and fluffy. Add vanilla; mix well. Gradually add sugar, one cup at a time, beating well on medium speed. Scrape sides and bottom of bowl often. When all sugar has been mixed in, icing will appear dry. Add raspberry preserves and beat at medium speed until light and fluffy.
If desired, add a drop of Wilton Rose Icing Color to deepen the pink color. Ice cooled cupcakes. Garnish, if desired, with a fresh raspberry.