Preheat the oven to 350 degrees F. Combine the raisins and nuts in a small bowl.
Lightly spray every other sheet of phyllo with cooking spray, stacking all the sheets. Spread the raisin-nut mixture over the phyllo, leaving a 1-inch border on all sides. Drizzle with honey and sprinkle with cinnamon.
Starting on a long side, roll lengthwise, jelly-roll fashion. Place the roll with seam side down on a nonstick baking sheet, tucking the ends of the roll under.
Brush the top lightly with the margarine, then cut shallow slashes through the pastry to the raisin-nut mixture at 1½-inch intervals so steam can escape.
Bake for 20-30 minutes, or until light golden-brown. Slice the pastry, using the vent lines as guides.