Unroll pie crust on foil-covered baking sheet sprayed with cooking spray.
Combine sugar and cinnamon; mix 1 Tbsp. with cream cheese.
Spread onto crust to within 2 inches of edge.
Reserve 1 Tbsp. of the remaining sugar mixture. Toss peaches with remaining sugar mixture; spoon over cream cheese mixture. Fold edge of crust over peaches, leaving center uncovered; sprinkle with reserved sugar mixture.
Bake 25 min. or until crust is golden brown and fruit juices are bubbly. Cool slightly before removing tart from baking sheet.