The code that converts between Import / Export in the Edit Search dialog needs some bug fixes. It will botch many phrases when trying to place them back into the wizard form.
In this case, an OR needs an extra set or parens. You have essentially:
(A and B) or (C and D)
Instead use:
((A and B) or (C and D))
Alternatively, you can build the AND and OR groupings using the little brackets to the left and right of a search rule set in the Edit Search box. Hover your mouse just left or right of a beginning/end of a rule.