Beat sugar, margarine/butter and cream cheese in a large bowl with an electric mixer until fluffy.
Beat in eggs and vanilla, beat in dry ingredients. Then stir in zucchini, carrots, and raisins and spoon into a greased 9 x 13 pan.
Bake at 350 F for approximately 38 minutes.
Cool.
Prepare frosting: Beat all ingredients together until fluffy.