<SUBMISSION>
<ACCESSION-NUMBER>0001144204-12-004374
<TYPE>11-K
<PUBLIC-DOCUMENT-COUNT>2
<PERIOD>20110731
<FILING-DATE>20120127
<DATE-OF-FILING-DATE-CHANGE>20120127
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>Ascena Retail Group, Inc.
<CIK>0001498301
<ASSIGNED-SIC>5600
<IRS-NUMBER>300641353
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>11-K
<ACT>34
<FILE-NUMBER>333-168953
<FILM-NUMBER>12551274
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>30 DUNNIGAN DRIVE
<CITY>SUFFERN
<STATE>NY
<ZIP>10901
<PHONE>845.369.4500
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>30 DUNNIGAN DRIVE
<CITY>SUFFERN
<STATE>NY
<ZIP>10901
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>11-K
<SEQUENCE>1
<FILENAME>v300325_11k.htm
<DESCRIPTION>11-K
<TEXT>
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Washington, D.C. 20549</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center">FORM 11-K</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">(Mark One)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 4%; text-autospace: none; font-family: Wingdings; font-weight: bold"><FONT STYLE="font-family: Wingdings 2">&#83;</FONT></TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 90%; text-autospace: none; text-align: center">ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">SECURITIES EXCHANGE ACT OF 1934</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">For the fiscal year ended July 31, 2011</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">OR</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none; font-family: Wingdings; font-weight: bold"><FONT STYLE="font-family: Wingdings 2">&#163;</FONT></TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">SECURITIES EXCHANGE ACT OF 1934</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">For the transition period from __________ to __________</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; font-weight: bold; text-align: center">Commission file number 333-136061</TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TR>
    <TD STYLE="width: 4%; text-autospace: none">&nbsp;</TD>
    <TD STYLE="width: 1%; text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 90%; text-autospace: none; font-style: italic; text-align: center">A. (Full title of the Plan)</TD>
    <TD STYLE="width: 5%">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ascena Retail Group, Inc. 401(k)</B></P>
        <P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Savings Plan</B></P></TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: center">&nbsp;</TD>
    <TD>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>B. (Name of issuer of the securities held
        pursuant to the Plan)</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Ascena Retail Group, Inc.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><I>(Address of principal executive office)</I></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>30 Dunnigan Drive</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Suffern, NY 10901</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>845-369-4500</B></P></TD>
    <TD>&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-autospace: none; font-weight: bold">ASCENA RETAIL GROUP, INC. 401(k) SAVINGS PLAN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">TABLE OF CONTENTS</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 465.3pt; text-indent: -69.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 92%; vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="width: 8%; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">Page</TD></TR>
<TR>
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">1</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">FINANCIAL STATEMENTS</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">Statements of Assets Available for Benefits as of July 31, 2011 and 2010</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">2</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">Statement of Changes in Assets Available for Benefits for the Year Ended July 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">3</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">Notes to Financial Statements as of July 31, 2011 and 2010 and for the Year Ended July 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">4-11</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">SUPPLEMENTAL SCHEDULE:</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">Form 5500, Schedule H, Part IV, Line 4i-Schedule of Assets (Held at End of Year) as of July 31, 2011</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">12</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">SIGNATURE</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">13</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">EXHIBIT INDEX:</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 0.1in; text-autospace: none; text-indent: -0.1in">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 16.2pt; text-autospace: none; text-indent: -0.1in">Exhibit 23.1 Consent of Independent Registered Public Accounting Firm</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: center">14</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>All other supplemental schedules required by 29 CFR 2520.103-10
of the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement Income Security Act
of 1974 have been omitted because they are not applicable.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">To the Members of the Plan Committee and Participants
of</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 9.9pt; text-align: justify; text-indent: -9.9pt">Ascena Retail
Group, Inc. 401(k) Savings Plan:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We have audited the accompanying statements
of assets available for benefits of Ascena Retail Group, Inc. 401(k) Savings Plan (the &ldquo;Plan&rdquo;) as of July 31, 2011
and 2010, and the related statement of changes in assets available for benefits for the year ended July 31, 2011. These financial
statements are the responsibility of the Plan's management. Our responsibility is to express an opinion on these financial statements
based on our audits.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We conducted our audits in accordance with
the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform
the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes
examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes
assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial
statement presentation. We believe that our audits provide a reasonable basis for our opinion.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">In our opinion, the financial statements referred
to above present fairly, in all material respects, the assets available for benefits of the Plan as of July 31, 2011 and 2010,
and the changes in assets available for benefits for the year ended July 31, 2011, in conformity with accounting principles generally
accepted in the United States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">Our audits were conducted for the purpose of
forming an opinion on the basic financial statements taken as a whole. The supplemental schedule of assets (held at end of year)
is presented for the purpose of additional analysis and is not a required part of the 2011 basic financial statements, but is supplementary
information required by the Department of Labor's Rules and Regulations for Reporting and Disclosure under the Employee Retirement
Income Security Act of 1974. This schedule is the responsibility of the Plan's management. This schedule has been subjected to
the auditing procedures applied in our audit of the 2011 basic financial statements and, in our opinion, is fairly stated in all
material respects when considered in relation to the basic 2011 financial statements taken as a whole.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>/s/</I> J.H. Cohn LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Roseland, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-autospace: none; font-weight: bold">ASCENA RETAIL GROUP, INC. 401(k) SAVINGS PLAN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">STATEMENTS OF ASSETS AVAILABLE FOR BENEFITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold; border-bottom: Black 2px solid">JULY 31, 2011 AND 2010</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">ASSETS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Participant directed investments at fair value:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%; text-indent: -0.1in; padding-left: 16.2pt">Mutual funds</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">86,280,262</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">67,927,278</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Common collective trust</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,291,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,610,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Ascena Retail Group, Inc. Unitized stock fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">10,376,993</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">9,095,222</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">Total investments</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">111,948,633</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">92,633,442</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">Receivables:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Employer contributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">55,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 16.2pt">Participant contributions</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&mdash;&nbsp;&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">153,868</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 16.2pt">Notes receivable from participants</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,894,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,389,081</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 34.2pt">Total receivables</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,894,891</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,598,803</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">ASSETS AVAILABLE FOR BENEFITS AT FAIR VALUE</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">115,843,524</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">96,232,245</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Adjustment from fair value to contract value for fully benefit-responsive investment contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(543,153</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(2,342,863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-indent: -0.1in; padding-left: 0.1in">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; text-indent: -0.1in; padding-left: 0.1in">ASSETS AVAILABLE FOR BENEFITS</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,300,371</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">93,889,382</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See notes to financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-autospace: none; font-weight: bold">ASCENA RETAIL GROUP, INC. 401(k) SAVINGS PLAN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">STATEMENT OF CHANGES IN ASSETS AVAILABLE FOR BENEFITS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold; border-bottom: Black 2px solid">YEAR ENDED JULY 31, 2011</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>ADDITIONS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;&nbsp;Additions to assets attributed to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Contributions:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; padding-left: 0.25in">Participant</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">9,166,855</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.25in">Employer</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,280,759</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Participant rollovers</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,215,810</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Total contributions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">14,663,424</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt">Investment&nbsp; income:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0.25in">Net appreciation in fair value of investments</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,440,692</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Dividend income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">1,323,662</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Total investment income</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">13,764,354</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 9pt; padding-bottom: 1pt">Interest income from notes receivable from participants</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">483,351</TD><TD STYLE="text-align: left; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Total additions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">28,911,129</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>DEDUCTIONS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 9pt">Deductions from assets attributed to:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-left: 0.25in">Benefits paid to participants</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,441,303</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Administrative expenses</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">58,837</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.5in">Total deductions</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,500,140</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>NET INCREASE&nbsp; IN ASSETS AVAILABLE FOR BENEFITS</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">21,410,989</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>ASSETS AVAILABLE FOR BENEFITS:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.25in">Beginning of year</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">93,889,382</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0.25in">End of year</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,300,371</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See notes to financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; text-autospace: none; font-weight: bold">ASCENA RETAIL GROUP, INC. 401(k) SAVINGS PLAN</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">NOTES TO FINANCIAL STATEMENTS</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold; border-bottom: Black 2px solid">AS OF JULY 31, 2011 AND 2010, AND FOR THE YEAR ENDED JULY 31, 2011</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>1.</B>&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>REORGANIZATION&nbsp;</B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">On January 1, 2011, Ascena Retail
Group, Inc., a Delaware corporation (&ldquo;Ascena&rdquo;), completed its previously announced reorganization pursuant to the Agreement
and Plan of Reorganization dated as of August 20, 2010 (the &ldquo;Reorganization Agreement&rdquo;), by and among Ascena, The Dress
Barn, Inc., a Connecticut corporation (&ldquo;dressbarn&rdquo;), and DB Merger Corp., a Connecticut corporation (&ldquo;MergerCo&rdquo;).
The Reorganization Agreement was approved and adopted by dressbarn&rsquo;s shareholders at dressbarn&rsquo;s annual meeting of
shareholders, which was held on December 17, 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">The Reorganization Agreement provided
for the merger (the &ldquo;Merger&rdquo;) of dressbarn with MergerCo, with dressbarn surviving the Merger as a wholly-owned subsidiary
of Ascena, and the conversion of each share of common stock, par value $0.05 per share (&ldquo;dressbarn Common Stock&rdquo;),
of dressbarn, issued and outstanding immediately prior to the effective time of the Merger, into one duly issued, fully paid and
nonassessable share of common stock, par value $0.01 per share (&ldquo;Ascena Common Stock&rdquo;), of Ascena. In addition, each
outstanding option to purchase or other right to acquire shares of dressbarn Common Stock was automatically converted into an option
to purchase or right to acquire, upon the same terms and conditions, an identical number of shares of Ascena Common Stock. Pursuant
to a Stock Distribution Agreement, immediately following the Merger, dressbarn distributed the stock of its subsidiaries, Maurices
Incorporated, a Delaware corporation (&ldquo;maurices&rdquo;), and Tween Brands, Inc., a Delaware corporation, which operates the
Justice brand (&ldquo;Tween Brands&rdquo;), to Ascena (the Merger and such distribution, collectively, the &ldquo;Reorganization&rdquo;).
As a result of the Reorganization, Ascena now owns dressbarn, maurices and Tween Brands as sister subsidiaries.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: justify">Upon completion of the Reorganization,
Ascena, a Delaware corporation, replaced dressbarn, a Connecticut corporation, as the publicly held corporation, and the holders
of dressbarn Common Stock now hold the same number of shares and same ownership percentage of Ascena as they held of dressbarn
immediately prior to the Reorganization. As of January 3, 2011, shares of Ascena Common Stock commenced trading on the NASDAQ Global
Select Market under the symbol &ldquo;ASNA&rdquo;. The Reorganization did not have an impact on the Plan&rsquo;s financial statements
other than participants who previously held The Dress Barn, Inc. Unitized Portfolio shares now hold an equal amount of Ascena Retail
Group, Inc. Unitized Portfolio shares which commenced January 1, 2011.<FONT STYLE="color: black">&nbsp;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>2.</B>&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>DESCRIPTION
                                                                                          OF THE PLAN&nbsp;</B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The following description of Ascena
Retail Group, Inc. 401(k) Savings Plan (the &ldquo;Plan&rdquo;) is provided for general information purposes only. Participants
should refer to the Plan document for more complete information of the Plan&rsquo;s provisions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><FONT STYLE="color: black"><B><I>General</I>-</B>The
Plan is a defined contribution plan covering substantially all of the employees of Ascena Retail Group, Inc., and its participating
affiliates (the &ldquo;Company&rdquo;) who have one year of service and have attained the age of 21. CitiStreet was appointed as
the record keeper and State Street Bank was appointed as the trustee of the Plan, effective as of August 1, 2006. </FONT>On July
1, 2008, ING Group acquired CitiStreet from State Street Corporation and Citigroup, CitiStreet's former owners.&nbsp; Subsequently,
CitiStreet changed its name to ING.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: -27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The Plan is subject to the provisions
of the Employee Retirement Income Security Act of 1974 (&ldquo;ERISA&rdquo;).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Contributions</I>-</B>Each
year, participants may elect to contribute up to 75% of their annual pre-tax compensation, as defined in the Plan, subject to certain
Internal Revenue Code (&ldquo;IRC&rdquo;) limitations. Each year, the Company may make a discretionary matching contribution to
the Plan based on the quarterly compensation that a participant contributes to the Plan. The Company's discretionary matching contribution
was 5% of the participant's quarterly compensation. During the year ended July 31, 2011, the Company's matching contributions totaled
$3,280,759. Additional amounts may be contributed at the discretion of the Company's Board of Directors. No such additional discretionary
contributions were made for the year ended July 31, 2011. Participants may also rollover amounts representing distributions from
other qualified defined benefit and defined contribution plans.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Participant Accounts</I>-</B>Individual
accounts are maintained for each Plan participant. Each participant's account is credited with the participant's contribution,
the Company's matching contribution, and allocations of Company discretionary contributions and Plan earnings, and charged with
withdrawals and an allocation of Plan losses and administrative expenses. Allocations are based on participant earnings or account
balances, as defined. The benefit to which a participant is entitled is the benefit that can be provided from the participant's
vested account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Investments</I>-</B>Participants
direct the investment of their contributions into various investment options offered by the Plan. Company contributions are automatically
invested in accordance with the participants' allocation. The Plan currently offers sixteen mutual funds, a common collective trust,
and The Ascena Retail Group, Inc. Unitized stock fund as investment options for participants.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Vesting</I>-</B>Participants
are vested immediately in their contributions plus actual earnings thereon. Vesting in the Company's contribution portion of their
accounts is based on years of continuous service.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.7pt; text-align: center"><B><I>Matching Contributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">Years&nbsp;of&nbsp;Service</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">Percent&nbsp;Vested</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 25%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center">Less than 3</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">0</TD><TD STYLE="width: 2%; text-align: left">%</TD>
    <TD STYLE="width: 25%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">3 or more</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;<B><I>&nbsp;</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.7pt; text-align: center"><B><I>Discretionary Profit Sharing
Contributions</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">Years&nbsp;of&nbsp;Service</TD><TD STYLE="font-weight: bold; font-style: italic; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; font-style: italic; text-align: center; border-bottom: Black 1pt solid">Percent&nbsp;Vested</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold; font-style: italic">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 25%; background-color: White">&nbsp;</TD>
    <TD STYLE="width: 23%; text-align: center">1</TD><TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 2%; text-align: left">&nbsp;</TD><TD STYLE="width: 20%; text-align: right">20</TD><TD STYLE="width: 2%; text-align: left">%</TD>
    <TD STYLE="width: 25%; background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">2</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">40</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">3</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">60</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">4</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">80</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="background-color: White">&nbsp;</TD>
    <TD STYLE="text-align: center">5</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">100</TD><TD STYLE="text-align: left">%</TD>
    <TD STYLE="background-color: White">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Notes receivable from participants-</I></B>Participants
may borrow from their fund accounts up to a maximum of $50,000 (reduced by the excess of the highest outstanding balance of loans
over the last 12 months, over the outstanding balance of the loans on the date of the loan) or 50 percent of the present value
of non-forfeitable accrued benefit of the participant, whichever is less. Loans must be at least $1,000. Generally, the term of
the loan may not exceed five years. However, if the loan is for the purchase of a participant&rsquo;s principal residence, the
Plan administrator may permit a longer term. The loans are secured by the balance in the participant's account and bear interest
at rates commensurate with local prevailing rates at the time funds are borrowed as determined quarterly by the Plan administrator.
Principal and interest is repaid ratably through payroll deductions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Payment of Benefits</I>-</B>Upon
termination of service due to death, disability, retirement or for other reasons, a participant or a beneficiary of the deceased
may elect to receive a single lump-sum payment or partial withdraws of at least $500, equal to the value of the participant's vested
interest in his or her account.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Forfeited Accounts</I></B>-At
July 31, 2011 and 2010, forfeited nonvested accounts totaled $264,406 and $202,377<B>,</B> respectively. These accounts may be
used to reduce future employer contributions, pursuant to the Plan document. For the year ended July 31, 2011, no amounts were
used from forfeited nonvested amounts to reduce employer contributions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><I>&nbsp;</I></B>&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="margin-top: 0; margin-bottom: 6pt"><TR STYLE="vertical-align: top; text-align: justify">
<TD STYLE="width: 15pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>2.</B>&nbsp;</FONT></TD><TD STYLE="width: 5pt"></TD><TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt"><B>SUMMARY
                                                                                          OF SIGNIFICANT ACCOUNTING POLICIES&nbsp;</B></FONT></TD></TR></TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Basis of Accounting</I>-</B>The
accompanying financial statements have been prepared in accordance with accounting principles generally accepted in the United
States of America.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Use of Estimates</I>- </B>The
preparation of financial statements in conformity with accounting principles generally accepted in the United States of America
requires Plan management to make estimates and assumptions that affect the reported amounts of assets, liabilities and changes
therein and disclosure of contingent assets and liabilities. Actual results could differ from those estimates and assumptions.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><FONT STYLE="color: black"><B><I>Risks
and Uncertainties-</I></B>The Plan utilizes various investment instruments, including The Ascena Retail Group, Inc. Unitized stock
fund, mutual funds and a common/collective trust. Investment securities, in general, are exposed to various risks, such as interest
rate, credit, and overall market volatility. Due to the level of risk associated with certain investment securities, Plan management
believes it is reasonably possible that changes in the values of investment securities will occur in the near term and that such
changes could materially affect the amounts reported in the financial statements. Plan management also believe</FONT>s that, the
global financial crisis and distress in the financial markets has resulted in extreme volatility in security prices, which may
result in a decline in the Plan&rsquo;s investment valuation. It is difficult to predict how long the current economic, capital
and credit market conditions will continue and Plan management cannot estimate what impact they will have on the investment securities
of the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><FONT STYLE="color: black"><B><I>Investment
Valuation and Income Recognition</I>-</B></FONT>The Plan&rsquo;s investments are stated at fair value. Fair value of a financial
instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between
market participants at the measurement date. <FONT STYLE="color: black">The Plan's investments in mutual funds are valued based
on quoted market prices. The Ascena Retail Group, Inc. Unitized stock fund is valued </FONT>at unit values which are determined
by dividing the fund&rsquo;s net assets at fair value by its units outstanding at the valuation dates<FONT STYLE="color: black">.
</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.4in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><FONT STYLE="color: black">The
MetLife Stable Value Fund is a common collective trust (&ldquo;CCT&rdquo;) which is an investment fund of Metropolitan Life Insurance
Company. The CCT primarily owns investment contracts that invest in conventional, synthetic and separate account investment contracts
(collectively &ldquo;contracts&rdquo;) issued by life insurance companies, banks and other financial institutions. In addition,
the CCT invests in fixed income securities issued by banks, corporations and the U.S. Government. The contracts are valued at contract
value, which represents invested principal plus accrued interest thereon. In determining contract value, Metropolitan Life Insurance
Company considers such factors as the benefit responsiveness of the contracts, the ability of the parties to the contracts to perform
in accordance with the terms of the contracts and the likelihood of default by the issuer of an investment security (Note 7). </FONT>In
accordance with GAAP, the statements of assets available for benefits present The MetLife Stable Value Fund, which invests primarily
in benefit-responsive investment contracts, at fair value as well as an additional line showing an adjustment of the fully benefit-responsive
investment contracts from fair value to contract value. The statement of changes in assets available for benefits is presented
at contract basis. Contract value represents contributions made under the fund, plus earnings, less participant withdrawals. <FONT STYLE="color: black">The
fair value of the investments in common/collective trusts (pooled) funds is determined by each fund&rsquo;s trustee based on the
fair value of the underlying securities within the fund, which represent the Net Asset Value (&ldquo;NAV&rdquo;) of shares held
by the Plan at year end.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Participant loans are recorded
at cost plus accrued interest, which approximates fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Purchases and sales of securities
are recorded on a trade-date basis. Interest income is recorded on the accrual basis<B>.</B> Dividends are recorded on the ex-dividend
date. Net appreciation includes the plan&rsquo;s gains and losses on investments bought and sold as well as held during the year.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Management fees and operating expenses
charged to the Plan for investments in the mutual funds are deducted from income earned on a daily basis and are reflected as a
reduction on net appreciation in fair value of investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Administrative Expenses</I>-</B>Certain
administrative expenses are paid by the Plan or Plan sponsor as provided in the Plan document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Payment of Benefits</I>-</B>Benefit
payments to participants are recorded upon distribution. There were no amounts due to participants who elected to withdraw from
the Plan as of July 31, 2011 and 2010.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">During the year ended July 31,
2011 certain loans in the amount of $13,694 were distributed to participants for tax purposes in the form of deemed distributions.&nbsp;These
amounts were included in benefits paid to participants on the statement of changes in assets available for benefits.</P>



<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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<P STYLE="margin: 0"></P>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Notes Receivable from Participants-</I></B>Notes
receivable from participants are measured at their unpaid principal balance plus any accrued but unpaid interest. Delinquent participant
loans are reclassified as distributions based upon the terms of the plan document.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B><I>Reclassifications-</I></B>Certain
amounts in the 2010 financial statements have been reclassified to conform with the presentation at July 31, 2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Recent
Accounting Pronouncements</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><B>Updates to Fair Value Measurements
and Disclosures</B>&nbsp;&mdash; In 2009, FASB Staff Position&nbsp;157-4,&nbsp;<I>Disclosures Determining Fair Value When the Volume
and Level of Activity for the Asset or Liability Have Significantly Decreased and Identifying Transactions That Are Not Orderly</I>
(FSP), was issued prospectively and later codified into FASB Accounting Standards Codification (ASC&nbsp;820), which expanded disclosures
and required that major category for debt and equity securities in the fair value hierarchy table be determined on the basis of
the nature and risks of the investments. The adoption of this FSP did not have a material impact on the Plan&rsquo;s financial
statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify"><FONT STYLE="color: black">In August&nbsp;2009,
the FASB issued authoritative guidance for measuring liabilities at fair value that reaffirms the previously existing definition
of fair value and reintroduces the concept of entry value into the determination of fair value of liabilities. This guidance became
effective for the first reporting period, including interim periods, beginning after issuance. The guidance provides clarification
that in circumstances in which a quoted market price in an active market for an identical liability is not available, an entity
is required to measure fair value using a valuation technique that uses the quoted price of an identical liability when traded
as an asset or, if unavailable, quoted prices for similar liabilities or similar assets when traded as assets. If none of this
information is available, an entity should use a valuation technique in accordance with existing fair valuation principles. </FONT>The
adoption of this new guidance in 2010 did not have a material impact on the Plan&rsquo;s financial statements</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">In January&nbsp;2010, the FASB
issued ASU No.&nbsp;2010-06, <I>Fair Value Measurements and Disclosures</I> (ASU No.&nbsp;2010-06), which amends ASC&nbsp;820 (originally
issued as FASB Statement No.&nbsp;157, <I>Fair Value Measurements</I>), adding new disclosure requirements for Levels&nbsp;1 and
2, separate disclosures of purchases, sales, issuances, and settlements relating to Level&nbsp;3 measurements and clarification
of existing fair value disclosures. ASU No.&nbsp;2010-06 is effective for periods beginning after December&nbsp;15, 2009, except
for the requirement to provide Level&nbsp;3 activity of purchases, sales, issuances, and settlements on a gross basis, which will
be effective for fiscal years beginning after December&nbsp;15, 2010. The Plan is currently evaluating the impact ASU No.&nbsp;2010-06
will have on the financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">In September 2010, the FASB issued
an accounting standards update requiring that loans made by defined contribution pension plans to plan participants be accounted
for as notes receivable from participants rather than as an investment. This update requires that participant loans be segregated
from the plan investments and measured at their unpaid principal balance plus accrued but unpaid interest. It is effective retrospectively
for periods ending after December 15, 2010. The adoption of this new guidance did not have a material impact on the Plan&rsquo;s
financial statements.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.3in; text-align: justify; text-indent: -0.3in"><B>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fair
Value Measurements</B></P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">ASC 820, <I>Fair Value Measurements
and Disclosures</I>, defines fair value under U.S. generally accepted accounting principles, establishes a framework for measuring
fair value and enhances disclosures about fair value measurements. ASC 820 defines fair value as the exchange price that would
be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset
or liability in an orderly transaction value hierarchy which requires an entity to maximize the use of observable inputs when measuring
fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The following provides a description
of the three levels of inputs that may be used to measure fair value under ASC 820, the types of plan investments that fall under
each category, and the valuation methodologies used to measure these investments at fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Level 1 &ndash; Inputs to the valuation
methodology are quoted prices available in active markets for identical investments as of the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt"><I>Mutual Funds:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81.35pt; text-align: justify">These investments are public investment
securities valued using the NAV provided by State Street. The NAV is based on the value of the underlying assets owned by the fund,
minus its liabilities, and then divided by the number of shares outstanding. The NAV is quoted in an active market.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.25in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Level 2 &ndash; Inputs to the valuation
methodology are other than quoted prices in active markets, which are either directly or indirectly observable as of the reporting
date, and fair value can be determined through the use of models or other valuation methodologies.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in"><I>Common/Collective Trust, SSgA S&amp;P 500 Index Fund
and The Ascena Retail Group, Inc. Unitized stock fund:</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify"><FONT STYLE="color: black">The fair
value of the investments in common/collective trusts (pooled) funds is determined by each fund&rsquo;s trustee based on the fair
value of the underlying securities within the fund, which represent the net asset value of shares held by the Plan at year end.
</FONT>The investment in SSgA S&amp;P 500 Index Fund is a public investment security valued using the NAV provided by State Street.
The NAV is quoted on a private market that is not active; however, the unit price is based on the underlying investments which
are traded on an active market.<FONT STYLE="color: black"> </FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt; text-align: justify">The investment in The Ascena Retail
Group, Inc. Unitized stock fund is carried at fair value based primarily on the closing price of Ascena Retail Group, Inc. stock
on NASDAQ. Investments in Ascena Retail Group, Inc. Unitized stock fund are stated at estimated fair values, which have been determined
based on unit values. Unit values are determined by dividing the fund&rsquo;s net assets at fair value by its units outstanding
at the valuation dates. The unit values of Ascena Retail Group, Inc. Unitized stock fund were $12.68 and $11.67 on July 31, 2011
and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Level 3 &ndash; Inputs to the valuation
methodology are unobservable inputs in situations where there is little or no market activity for the asset or liability and the
reporting entity makes estimates and assumptions related to the pricing of the asset or liability including assumptions regarding
risk.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The table below segregates all
financial assets as of July 31, 2011 that are measured at fair value on a recurring basis (at least annually) into the most appropriate
level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. In accordance
with the update to ASC&nbsp;820 (originally issued as FSP&nbsp;157-4), the table below includes the major categorization for debt
and equity securities on the basis of the nature and risk of the investments at July 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 90%; margin-left: 0.4in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; text-align: left; padding-bottom: 1pt">Ascena Retail Group, Inc. Unitized stock fund</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">10,376,993</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">10,376,993</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">Mutual funds:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Target date funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">10,751,394</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,751,394</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Growth funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,311,789</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">20,311,789</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Index fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,228,480</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,228,480</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Bond fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,792,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,792,481</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Small cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,589</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">897,589</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">Mid cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,662,660</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,662,660</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">Large cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,273,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,273,024</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">Other funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,362,845</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">11,362,845</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 27pt">Total mutual funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">80,051,782</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">6,228,480</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">86,280,262</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in">Common/collective trust - <BR>
MetLife Stable Value Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,291,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,291,378</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt; padding-left: 27pt">Total assets at fair value</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">80,051,782</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">31,896,851</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">111,948,633</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 27pt; text-align: justify">The table below segregates all financial
assets as of July 31, 2010 that are measured at fair value on a recurring basis (at least annually) into the most appropriate level
with in the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. In accordance with
the update to ASC&nbsp;820 (originally issued as FSP&nbsp;157-4), the table below includes the major categorization for debt and
equity securities on the basis of the nature and risk of the investments at July 31, 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 90%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 1</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 2</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Level 3</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">Total</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 44%; text-align: left; padding-bottom: 1pt">&nbsp;&nbsp;&nbsp;&nbsp;Dress Barn Unitized stock fund</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right">&nbsp;</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">9,095,222</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 10%; text-align: right"></TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="width: 2%; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: Black 1pt solid; text-align: left">$</TD><TD STYLE="width: 10%; border-bottom: Black 1pt solid; text-align: right">9,095,222</TD><TD STYLE="width: 1%; padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left">&nbsp;&nbsp;&nbsp;&nbsp;Mutual funds:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Target date funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">$</TD><TD STYLE="text-align: right">5,890,664</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,890,664</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Growth funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,758,188</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">17,758,188</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Index fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,433,854</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">3,433,854</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Bond fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,491,915</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,491,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Small cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510,026</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">510,026</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Mid cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,935,909</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,935,909</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Large cap funds</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,546,022</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,546,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 9pt">&nbsp;&nbsp;&nbsp;&nbsp;Other funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,360,700</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">7,360,700</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.25in">&nbsp;&nbsp;&nbsp;&nbsp;Total mutual funds</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">64,493,424</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">3,433,854</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">67,927,278</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 1pt; padding-left: 0.2in; text-indent: -0.2in">&nbsp;&nbsp;&nbsp;&nbsp;Common/collective trust - <BR>
MetLife Stable Value Fund</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,610,942</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">15,610,942</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-align: left; padding-bottom: 2.5pt">Total assets at fair value</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">64,493,424</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">28,140,018</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">&nbsp;&nbsp;&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">92,633,442</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 23.75pt; text-align: justify">The valuation methods as described
in Note&nbsp;2 may produce a fair value calculation that may not be indicative of net realizable value or reflective of future
fair values. Furthermore, although the Plan believes its valuation methods are appropriate and consistent with other market participants,
the use of different methodologies or assumptions to determine the fair value of certain financial instruments could result in
a different fair value measurement at the reporting date.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 81pt">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENTS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The Plan's investments that represented
five percent or more of the Plan's assets available for benefits as of July 31, 2011 and 2010 are as follows:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD><TD STYLE="font-weight: bold; padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font-weight: bold; text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt; font-weight: bold">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD><TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD><TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 72%">SSgA S&amp;P 500 Index Fund, 559,612 and 15,542 shares, respectively</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">6,228,480</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">3,433,650</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>American Funds Bond Fund of America, 625,902 and 608,604 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,792,481</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,491,915</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>American Funds Growth Fund of America, 215,274 and 199,526 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,701,471</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,285,442</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Columbia Acorn Fund Class Z, 341,272 and 301,974 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,555,534</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,718,458</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>American Funds EuroPacific Growth Fund, 219,119 and 185,339 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,137,268</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,763,021</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>T. Rowe Price Retirement Income R, 545,483 and 580,414 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,314,927</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">7,185,526</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>MetLife Stable Value Fund, 929,484 and 855,878 shares, respectively (1)</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,291,378</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">15,610,942</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goldman Sachs Mid Cap Value Fund, 173,475 and 173,807 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">6,295,391</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">5,287,221</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Ascena Retail Group, Inc. Unitized Stock Fund, 686,412 and 779,575 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">10,376,993</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">9,095,222</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Eaton Vance Large Cap Value A, 788,565 and 891,847 shares, respectively</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,273,024</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">14,546,022</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: 0">(1) The investment
in the MetLife Stable Value Fund at contract value amounted to $14,748,225 and $13,268,079 as of July 31, 2011 and 2010, respectively.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: 0.5in">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">During the year ended July 31,
2011, the Plan's investments (including gains and losses on investments bought and sold, as well as held during the year) appreciated
(depreciated) in value as follows<B>:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif; margin-left: 0.5in">
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="width: 86%">Ascena Retail Group, Inc. Unitized Portfolio</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">2,654,644</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>SSgA S&amp;P 500 Flagship Securities Lending Series Fund Class F</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">671,122</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>American Funds Bond Fund of America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">83,173</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Eaton Vance Large Cap Value A</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,586,101</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>American Funds Growth Fund of America</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">947,927</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Goldman Sachs Mid Cap Value Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,049,604</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>ING MidCap Opportunities Port S</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">975,079</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>Allianz NJF Small Cap Value Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">112,817</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Columbia Acorn Fund Class Z</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">1,632,767</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>American Funds EuroPacific Growth Fund</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">984,274</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Columbia US Treasury Index Z</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">12,994</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>T. Rowe Price Retirement Income R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">590,624</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>T. Rowe Price Retirement 2010 R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">43,929</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>T. Rowe Price Retirement 2020 R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">242,386</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>T. Rowe Price Retirement 2030 R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">332,977</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD>T. Rowe Price Retirement 2040 R</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">520,373</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt">T. Rowe Price Retirement 2050 R</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(99</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Net appreciation in fair value of investments</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">12,440,692</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.55in; text-align: center">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>6.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;EXEMPT
PARTY-IN-INTEREST TRANSACTIONS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Certain Plan investments are shares
of mutual funds managed by State Street Bank, the trustee of the Plan and ING, the record keeper of the Plan. Fees paid by the
Plan for investment management services were included as a reduction of the return earned on each fund.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">At July 31, 2011 and 2010, the
Plan held 512,282 and 779,575 shares, respectively, of unitized stock of the Company, the sponsoring employer, with a cost basis
of $6,497,381 and $4,531,104, respectively. During the year ended July 31, 2011, the Plan recorded no dividend income.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Certain employees and officers
of the Company, who may also be participants in the Plan, perform administrative services to the Plan at no cost to the Plan.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 29.7pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;INVESTMENT IN THE METLIFE STABLE VALUE FUND</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The Plan includes an investment
option to participants in a MetLife Stable Value Fund, a common/collective trust, which simulates the performance of a guaranteed
investment contract through an issuer&rsquo;s guarantee of a specific interest rate and a portfolio of financial instruments that
are owed by the issuer, MetLife. The group annuity contract (&ldquo;GAC&rdquo;) includes underlying assets which are held in a
trust owned by MetLife, through the Plan&rsquo;s investment in a MetLife separate group annuity contract. The contract provides
that participants execute Plan transactions at contract value. Contract value represents contributions made to the fund, plus earnings,
less participant withdrawals. The investment is stated at fair value as reported by MetLife and adjusted to contract value on the
statement of assets available for benefits. The GAC&lsquo;s fair value equals the fluctuating value of the separate account of
the assets backing the contract. The Plan&rsquo;s fair value of the investment equals the Plan&rsquo;s guaranteed value times the
ratio of the GAC&rsquo;s guaranteed value to the GAC&rsquo;s fair value.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The crediting interest rate was
3.01% and 3.20% at July 31, 2011 and 2010, respectively. The average yield was 4.25% and 9.40% for the years ended July 31, 2011
and 2010, respectively. Participants may ordinarily direct the withdrawal or transfer of all or a portion of their investment at
contract value. There are no reserves against contract value for credit risk or the contract issuer or otherwise. MetLife will
guarantee principal and accrued interest, based on crediting interest rates, for participant-initiated withdrawals as long as the
contract remains active. Interest is credited to the contract at interest rates that reflect the performance of the underlying
portfolio. MetLife will reset the rate quarterly, by amortizing the difference between the market value of the portfolio and the
guaranteed value over the weighted average duration of the fund&rsquo;s investments.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Participants will receive the principal
and accrued earnings credited to their accounts on withdrawal for allowed events. These events include transfers to other Plan
investment options, and payments because of retirement, termination of employment, disability, death and in-service withdrawals
as permitted by the Plan. Certain events, such as Plan termination or a Plan merger initiated by the Plan sponsor, may limit the
ability of the Plan to transact at contract value. The Plan sponsor does not believe any events that may limit the ability of the
Plan to transact at contract value are probable.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PLAN
TERMINATION</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Although it has not expressed any
intention to do so, the Company has the right under the Plan to discontinue its contributions at any time and to terminate the
Plan subject to the provisions set forth in ERISA. In the event that the Plan is terminated, participants would become 100 percent
vested in their accounts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>9. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;FEDERAL
INCOME TAX STATUS</B></P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The Plan uses a prototype plan
document sponsored by ING. ING received an opinion letter from the Internal Revenue Service (&ldquo;IRS&rdquo;), dated March 31,
2008, which states that the prototype document satisfies the applicable provisions of the IRC. The Plan itself has not received
a determination letter from the IRS. <FONT STYLE="color: black">However, the Company and the Plan administrator believe that the
Plan is currently designed and operated in compliance with the applicable requirements of the IRC and the Plan and related trust
continue to be tax-exempt. Therefore, no provision for income taxes has been included in the Plan&rsquo;s financial statements.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">Accounting principles generally
accepted in the United States of America require plan management to evaluate tax positions taken by the plan and recognize a tax
liability (or asset) if the plan has taken an uncertain tax position that more likely than not would not be sustained upon examination
by the IRS.<FONT STYLE="color: black"> The plan administrator has analyzed the tax positions taken by the Plan and has concluded
that as of July 31, 2011, there are no uncertain positions taken or expected to be taken that would require recognition of a liability
(or asset) or disclosure in the financial statements. The Plan is subject to routine audits by taxing jurisdictions; however, there
are currently no audits for any tax periods in progress. The plan administrator believes it is no longer subject to income tax
examination for years prior to 2008.</FONT></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 0in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify; text-indent: 0in">10. &nbsp;&nbsp;&nbsp;&nbsp;RECONCILIATION TO FORM 5500</P>


<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: 0in">&nbsp;</P>

<P STYLE="font: normal 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify; text-indent: 0in">The following
is a reconciliation of the assets available for benefits per the financial statements to Form 5500 as of July 31, 2011 and 2010:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" ALIGN="CENTER" STYLE="width: 80%; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2010</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD>Statement of assets available for benefits:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 72%">Assets available for benefits per financial statements</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">115,300,371</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">93,889,382</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; text-indent: -0.1in; padding-left: 0.1in">Adjustment from contract value to fair value for fully benefit-responsive investment contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">543,153</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">2,342,863</TD><TD STYLE="padding-bottom: 1pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt">Assets available for benefits per Form 5500</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">115,843,524</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">96,232,245</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">The following is a reconciliation
of the Plan&rsquo;s net investment income reported per the financial statements to the investment income per Form 5500 for the
year ended July 31, 2011:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 30.95pt; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 70%; margin-left: 1in">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: center; padding-left: 0">&nbsp;</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; border-bottom: Black 1pt solid">2011</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-left: 0">Statement of changes in assets available for benefits:</TD><TD>&nbsp;</TD>
    <TD STYLE="text-align: left">&nbsp;</TD><TD STYLE="text-align: right">&nbsp;</TD><TD STYLE="text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="width: 86%; padding-left: 0">Net increase in assets per the financial statements</TD><TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: left">$</TD><TD STYLE="width: 10%; text-align: right">21,410,989</TD><TD STYLE="width: 1%; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: rgb(204,255,204)">
    <TD STYLE="padding-bottom: 1pt; padding-left: 0.1in; text-indent: -0.1in">Change in adjustment from contract value to fair value for fully benefit-responsive investment contracts</TD><TD STYLE="padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: left">&nbsp;</TD><TD STYLE="border-bottom: Black 1pt solid; text-align: right">(1,799,710</TD><TD STYLE="padding-bottom: 1pt; text-align: left">)</TD></TR>
<TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="padding-bottom: 2.5pt; padding-left: 0">Net investment income per Form 5500</TD><TD STYLE="padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 2.5pt double; text-align: left">$</TD><TD STYLE="border-bottom: Black 2.5pt double; text-align: right">19,611,279</TD><TD STYLE="padding-bottom: 2.5pt; text-align: left">&nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: center">** * * * *</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 31.5pt; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold; width: 70%">ASCENA RETAIL GROUP, INC. 401(k) SAVINGS PLAN</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: right; width: 30%">EIN # 06-0812960</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; font-weight: bold">&nbsp;</TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-autospace: none; font-weight: bold; text-align: right">PLAN NO: 002</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>FORM 5500, SCHEDULE H, PART IV, LINE 4i</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SCHEDULE OF ASSETS (HELD AT END OF YEAR)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>AS OF JULY 31, 2011</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD STYLE="width: 38%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(b)&nbsp;Identity&nbsp;of&nbsp;Issue,&nbsp;Borrower,</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Lessor&nbsp;or&nbsp;Similar&nbsp;Party</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 36%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(c)&nbsp;Description&nbsp;of&nbsp;Investment,&nbsp;Including</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Maturity&nbsp;Date,&nbsp;Rate&nbsp;of&nbsp;Interest,&nbsp;</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Collateral,&nbsp;Par&nbsp;or&nbsp;Maturity&nbsp;Value</B>&nbsp;&nbsp;</P></TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 9%; vertical-align: bottom; text-autospace: none; font-weight: bold; text-align: center">(d)&nbsp;Cost**</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 1%; vertical-align: top; text-autospace: none; font-weight: bold; text-align: center">&nbsp;</TD>
    <TD STYLE="width: 12%; vertical-align: bottom">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>(e)&nbsp;Current</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Value</B></P></TD>
    <TD STYLE="width: 1%; vertical-align: bottom; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none; font-weight: bold">(a)</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-autospace: none">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none; padding-left: 0.1in; text-indent: -0.1in">* Ascena Retail Group, Inc. Unitized Stock Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Unitized Stock</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: left; text-autospace: none; vertical-align: bottom">$</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">10,376,993</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-autospace: none">MetLife Stable Value Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Common/Collective Trust</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">15,291,378</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;* SSgA S&amp;P 500 Index Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">6,228,480</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">American Funds Bond Fund of America</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,792,481</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">Eaton Vance Large Cap Value A</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">14,273,024</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">American Funds Growth Fund of America</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">6,701,471</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">Goldman Sachs Mid Cap Value Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">6,295,391</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;* ING MidCap Opportunities Port S</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">4,107,126</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">Allianz NJF Small Cap Value Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">897,589</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">Columbia Acorn Fund Class Z</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">10,555,534</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">American Funds EuroPacific Growth Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">9,137,268</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">Columbia US Treasury Index Z</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,225,578</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">T. Rowe Price Retirement Income R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">7,314,927</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">T. Rowe Price Retirement 2010 R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">452,235</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">T. Rowe Price Retirement 2020 R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">2,165,013</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">T. Rowe Price Retirement 2030 R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">3,110,226</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none">T. Rowe Price Retirement 2040 R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">4,986,539</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9pt; text-autospace: none">T. Rowe Price Retirement 2050 R</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">Mutual Fund</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-align: right">37,380</TD>
    <TD STYLE="vertical-align: top; text-autospace: none">&nbsp;</TD></TR>
<TR STYLE="background-color: rgb(204,255,204)">
    <TD STYLE="vertical-align: top; text-autospace: none; padding-bottom: 1pt">&nbsp;* Notes receivable from participants</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; padding-bottom: 1pt">Interest rates ranging from 4.25% to 12% with maturity dates from periods after July 31, 2011 to November 9, 2035.</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 1pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; border-bottom: Black 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-decoration: none; text-align: right; border-bottom: Black 1pt solid">3,894,891</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; padding-bottom: 1pt">&nbsp;</TD></TR>
<TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-left: 9.9pt; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; text-align: right; padding-bottom: 2.5pt">&nbsp;</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; border-bottom: Black 2.5pt double">$</TD>
    <TD STYLE="vertical-align: bottom; text-autospace: none; text-decoration: none; text-underline-style: double; text-align: right; border-bottom: Black 2.5pt double">115,843,524</TD>
    <TD STYLE="vertical-align: top; text-autospace: none; padding-bottom: 2.5pt">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">See Report of Independent Registered Public Accounting Firm.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 11pt; text-indent: 0pt; text-align: justify">*Party-in-interest&nbsp;&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; margin-left: 11pt; text-indent: 0pt; text-align: justify">**Cost
basis is not required for participant directed investments and therefore is not included.&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>ASCENA RETAIL GROUP, INC. 401(k) SAVINGS
PLAN</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Plan</I>. Pursuant to the requirements
of the Securities Exchange Act of 1934, the trustees (or other persons who administer the employee benefit plan) have duly caused
this Annual Report to be signed on its behalf by the undersigned hereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><U>Ascena Retail Group, Inc. 401(k) Savings Plan</U></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">(Name of the Plan)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 30%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none; border-bottom: Black thin solid; width: 100%">/S/ Armand Correia</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-right: 0; padding-left: 0; text-autospace: none">Armand Correia</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Executive Vice President, Chief Financial Officer and Member of
the Plan Committee</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Ascena Retail Group, Inc.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: left">&nbsp;</P>

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<DOCUMENT>
<TYPE>EX-23.1
<SEQUENCE>2
<FILENAME>v300325_ex23-1.htm
<DESCRIPTION>EXHIBIT 23.1
<TEXT>
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<HEAD>
     <TITLE></TITLE>
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<BODY STYLE="font: 11pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>Exhibit 23.1</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">We consent to the incorporation by reference
in Post-Effective Amendment No. 1 to Registration Statement No. 333-136061 on Form S-8 of Ascena Retail Group, Inc., of our report
dated January 27, 2012, relating to the financial statements and supplemental schedule of Ascena Retail Group, Inc. 401(k) Savings
Plan, appearing in this Annual Report on Form 11-K of Ascena Retail Group, Inc. 401(k) Savings Plan for the year ended July 31,
2011.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">/s/ J.H. Cohn LLP</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Roseland, New Jersey</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">January 27, 2012</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: left">&nbsp;</P>

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