In Dutch oven, saute onion and carrots in margarine until tender.
Stir in flour. Gradually add milk and water, stirring with whisk until well blended.
Bring to a boil; cook and stir for 2 minutes or until thickened.
Add potatoes, corn, and bouillon granules. Reduce heat; simmer for 15 minutes or until potatoes are tender.
Add cheese and ham; heat until cheese is melted.