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<PAGE> PAGE 2
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<PAGE> PAGE 3
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<PAGE> PAGE 4
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<PAGE> PAGE 6
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<PAGE> PAGE 7
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<PAGE> PAGE 12
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<PAGE> PAGE 13
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<PAGE> PAGE 14
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<PAGE> PAGE 18
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<PAGE> PAGE 19
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025 C000401 D
025 D000401 5023
025 A000402 GOLDMAN SACHS
025 C000402 D
025 D000402 5051
025 A000403 LEHMAN BROTHERS HOLDINGS
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<PAGE> PAGE 21
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<PAGE> PAGE 22
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067 000400 N
068 A000400 N
068 B000400 N
069 000400 N
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070 A020400 Y
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070 D020400 N
070 E010400 Y
070 E020400 N
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070 F020400 N
070 G010400 N
070 G020400 N
070 H010400 N
070 H020400 N
070 I010400 N
070 I020400 N
070 J010400 Y
070 J020400 Y
070 K010400 Y
070 K020400 Y
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<PAGE> PAGE 23
070 M020400 N
070 N010400 Y
070 N020400 N
070 O010400 Y
070 O020400 N
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070 Q020400 N
070 R010400 N
070 R020400 N
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<PAGE> PAGE 24
073 C000400 0.0000
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024 000500 Y
025 A000501 MORGAN STANLEY
025 B000501 13-2655998
025 C000501 E
025 D000501 3279
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<PAGE> PAGE 25
028 B020500 0
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<PAGE> PAGE 26
050 000500 N
051 000500 N
052 000500 N
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<PAGE> PAGE 27
070 F020500 N
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<PAGE> PAGE 28
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<PAGE> PAGE 29
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<PAGE> PAGE 30
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<PAGE> PAGE 31
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<PAGE> PAGE 32
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<PAGE> PAGE 33
075 B000600 172644
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<PAGE> PAGE 34
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<PAGE> PAGE 35
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<PAGE> PAGE 36
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<PAGE> PAGE 37
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<PAGE> PAGE 38
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<PAGE> PAGE 39
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<PAGE> PAGE 40
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<PAGE> PAGE 41
074 Y000900 0
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024 001000 N
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045 001000 Y
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<PAGE> PAGE 42
048 G021000 0.000
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<PAGE> PAGE 43
070 B021000 N
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070 H011000 N
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070 M011000 N
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<PAGE> PAGE 44
072 O001000 0
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<PAGE> PAGE 45
074 X001000 308
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<PAGE> PAGE 46
062 R001100 0.0
024 001200 Y
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<PAGE> PAGE 47
048 C021200 0.000
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<PAGE> PAGE 48
066 E001200 N
066 F001200 N
066 G001200 N
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<PAGE> PAGE 49
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<PAGE> PAGE 50
074 R021200 0
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<PAGE> PAGE 51
062 H001300 0.0
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<PAGE> PAGE 52
048 D011400 0
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<PAGE> PAGE 53
066 F001400 N
066 G001400 N
067 001400 N
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070 A011400 Y
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070 I021400 N
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<PAGE> PAGE 54
072 F001400 362
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<PAGE> PAGE 55
074 R031400 0
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<PAGE> PAGE 56
062 I001500 0.0
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<PAGE> PAGE 57
024 001700 N
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<PAGE> PAGE 58
048 I021700 0.000
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<PAGE> PAGE 59
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<PAGE> PAGE 60
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<PAGE> PAGE 61
075 A001700 0
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<PAGE> PAGE 62
068 B001800 N
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<PAGE> PAGE 63
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<PAGE> PAGE 64
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<PAGE> PAGE 65
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<PAGE> PAGE 66
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<PAGE> PAGE 67
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<PAGE> PAGE 68
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<PAGE> PAGE 69
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<PAGE> PAGE 70
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<PAGE> PAGE 71
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<PAGE> PAGE 72
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<PAGE> PAGE 73
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<PAGE> PAGE 74
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<PAGE> PAGE 75
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<PAGE> PAGE 76
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<PAGE> PAGE 77
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<PAGE> PAGE 78
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<PAGE> PAGE 79
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<PAGE> PAGE 80
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<PAGE> PAGE 81
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<PAGE> PAGE 82
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<PAGE> PAGE 83
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<PAGE> PAGE 84
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SIGNATURE JOHN CORCORAN
TITLE ASSISTANT SECRETARY
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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WARNING: THE EDGAR SYSTEM ENCOUNTERED ERROR(S) WHILE PROCESSING THIS SCHEDULE.
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<NAME> EXCELSIOR FUNDS, INC.
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<NAME> VALUE AND RESTRUCTURING FUND
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