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Mutiple Nested NL Functions

Will Jet allow multiple nested filters? I'm getting a #VALUE! error with this formula:

NL("Rows","forecast","forecgrp","readydate",$C$2,"pcatalog",NL("Filter","pcatalog","pcatalog","item_no",NL("Filter","scatalog","item_no","item_desc",$C7,"category","<>SECO*","category","<>W*","category","<>X*","category","<>Z*")))

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