Bring carrots and water to a boil in a saucepan over high heat. Reduce heat to medium, cover, and steam until the carrots are just tender, about 5 minutes.
Meanwhile, stir together the apricot preserves, cornstarch, dried apricots, and raisins in a saucepan. Place over medium heat, and cook until the mixture bubbles, thickens, and turns clear, 2 to 3 minutes.
Once the carrots have cooked, drain, and stir into the apricot preserves. Pour into a baking dish, and bake in preheated oven until the sauce has thickened further, and turned light brown, about 15 minutes.
