BRING water to boil in medium saucepan on medium-high heat. Add carrots; cover. Cook 1 min. Add zucchini; cook, covered, 3 min. Use slotted spoon to transfer vegetables to bowl; reserve water in pan.
WHISK cream cheese spread into reserved water; cook on medium heat 2 to 3 min. or until cream cheese is melted and sauce is well blended, whisking constantly.
SPOON vegetables onto platter; top with sauce.