Blend butter, cheese and flour until a ball forms. Divide into 4 parts; cover with plastic wrap or wax paper and refrigerate overnight.

Combine sugar, cinnamon, chopped raisins and nuts. Roll out each ball of dough on a lightly floured surface to about the thickness of a pie crust. Sprinkle on filling. Cut into 12 wedges. Roll each wedge toward the center. Shape to form a crescent. Preheat oven to 375 degrees. Place rugelach on greased cookie sheet, 1 inch apart. Bake 25 minutes.