SECURITIES AND EXCHANGE COMMISSION
                     Washington, D.C. 20549


                            FORM 10-K


          ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d)
             OF THE SECURITIES EXCHANGE ACT OF 1934

     For the fiscal year ended:            Commission file number:
               July 31, 1999                      33-88098

                NEIMAN MARCUS FUNDING CORPORATION
     (Exact name of registrant as specified in its charter)


            Delaware                             04-2354838
     (State or other jurisdiction of    (IRS Employer Identification No.)
     incorporation or organization)


                NEIMAN MARCUS FUNDING CORPORATION
                         1201 Elm Street
                       Dallas, Texas 75201
                         (214) 761-2300

   (Address of principal executive offices, including Zip Code
            and Telephone Number, including Area Code)


   Securities registered pursuant to Section 12(b) of the Act:
                              NONE

   Securities registered pursuant to Section 12(g) of the Act:
          Neiman Marcus Group Credit Card Master Trust
     7.60% Class A Asset Backed Certificates, Series 1995-1
     7.75% Class B Asset Backed Certificates, Series 1995-1

Indicate by check mark whether the Registrant has (1) filed all
reports required to be filed by Section 13 or 15(d) of the
Securities Exchange Act of 1934 during the preceding 12 months
(or for such shorter period that the Registrant was required to
file such reports) and (2) has been subject to such filing
requirements for the past 90 days.

               Yes    X       No ___



State the aggregate market value of the voting stock held by non-
affiliates of the Registrant:  NONE - all of the voting stock of
the Registrant is held by The Neiman Marcus Group, Inc., and
there is no public market for such stock.




                             PART I

Item 1:   Business

          The Neiman Marcus Group Credit Card Master Trust (the
          "Trust") was formed pursuant to the Pooling and
          Servicing Agreement dated as of March 1, 1995 (the
          "Pooling and Servicing Agreement") among The Neiman
          Marcus Group, Inc. ("NMG") as Servicer, its wholly
          owned subsidiary, Neiman Marcus Funding Corporation
          ("NMFC") as Seller, and The Chase Manhattan Bank, N.A.,
          as Trustee (the "Trustee").  On March 15, 1995, the
          Trust issued $225,000,000 aggregate principle amount of
          Class A 7.60% Asset Backed Certificates, Series 1995-1
          (the "Class A Certificates"); $21,000,000 aggregate
          principal amount of Class B 7.75% Asset Backed
          Certificates, Series 1995-1 (the "Class B
          Certificates"); and $54,000,000 aggregate principal
          amount of Class C Asset Backed Certificates, Series
          1995-1 (the "Class C Certificates"), pursuant to the
          Pooling and Servicing Agreement.  The property of the
          Trust includes a pool of receivables arising under
          consumer revolving credit accounts originated by NMG.
          The receivables were sold by NMG to NMFC pursuant to a
          Receivables Purchase Agreement dated as of March 1,
          1995 between NMG and NMFC, and the receivables were
          sold by NMFC to the Trust pursuant to the Pooling and
          Servicing Agreement.  The only business of NMFC is to
          perform its obligations as Seller in connection with
          the issuance by the Trust of the Class A, Class B and
          Class C Certificates pursuant to the Receivables
          Purchase Agreement, the Pooling and Servicing
          Agreement, and the Series 1995-1 Supplement to the
          Pooling and Servicing Agreement.

Item 2.   Properties

          See item 1 for a description of the property of the Trust.

Item 3.   Legal Proceedings

          None

Item 4.   Submission of Matters to a Vote of Security Holders

          None.





                             PART II


Item 5.   Market For Registrant's Common Equity and Related
          Stockholder Matters

          The Class A and Class B Certificates are held and
          delivered in book entry form through the facilities of
          The Depository Trust Company ("DTC"), a "clearing
          agency" registered pursuant to the provisions of
          Section 17A of the Securities Exchange Act of 1934 as
          amended.  The Certificates representing investors'
          interests in the Trust are registered in the name of
          Cede & Co., the nominee of DTC.

          To the best knowledge of the Registrant, there is no
          established public trading market for the Certificates.

          The Class C Certificate is held by NMFC, and all of the
          common stock of NMFC is owned by NMG.  There is no
          public market for the common stock of NMFC.

Item 6.   Selected Financial Data

          Not Applicable.

Item 7.   Management's Discussion and Analysis of Financial
          Condition and Results of Operations

          Not Applicable.

Item 7A.  Quantitative and Qualitative Disclosures about Market
          Risk

          Not Applicable.

Item 8.   Financial Statements and Supplementary Data

          Not Applicable.

Item 9.   Changes in and Disagreements with Accountants
          on Accounting and Financial Disclosure

          None.

Item 10.  Directors and Executive Officers of the Registrant

          Not Applicable.

Item 11.  Executive Compensation

          Not Applicable.


                            PART III

Item 12.  Security Ownership of Certain Beneficial Owners and
          Management

          (a)  The Class A Certificates and the Class B
          Certificate, which represent investors' interests in
          the Trust, are registered in the name of Cede & Co.,
          the nominee of the Depository Trust Company ("DTC"),
          and an investor holding an interest in the Trust is not
          entitled to receive a Certificate representing such
          interest except in certain limited circumstances.
          Accordingly, Cede & Co. is the sole holder of record of
          the Class A and Class B Certificates, which it held on
          behalf of brokers, dealers, banks and other direct
          participants in the DTC system at July 31, 1999.  Such
          direct participants may hold Certificates for their own
          accounts or for the accounts of their customers.  At
          December 9, 1999, the following direct DTC participants
          held positions in Certificates representing interests
          in the Trust equal to or exceeding 5% of the total
          principal amount of the Certificates of each Class
          outstanding on that date:


Title of                           Aggregate Amount       Percentage
Class        Name                  of Certificates Held   of Ownership

Series 1995-1

Class A
        Chase Manhattan Bank            $51,280,000            22.8
        State Street Bank and Trust Co. $47,960,000            21.3
        Bank of New York                $46,615,000            20.7
        Bankers Trust Company           $28,600,000            12.7
        Citibank                        $12,180,000             5.4

Class B Chase Manhattan Bank            $21,000,000             100

The address of each of the above participants is:

   c/o  The Depository Trust Company
        7 Hanover Square
        New York, NY 10004

   NMFC, as of December 9, 1999, owned 100% of the Class C
Certificate, which represented beneficial ownership of a residual
interest in the assets of the Trust as provided in the Pooling
and Servicing Agreement.

   The Neiman Marcus Group, Inc. is the owner of 100% of the
issued and outstanding common stock of the Registrant, which is
not traded in any market.

Item 13.     Certain Relationships and Related Transactions

        None.


                             PART IV

Item 14. Exhibits, Financial Statement Schedules, and Reports on
         Form 8-K

        (a)  The following Exhibits are filed as part of this
             Report:

             20.1 1999 Annual Servicer's Certificate

             99.1 Annual Servicing Report of Independent Public
                  Accounts pursuant to Section 3.06 of the
                  Pooling and Servicing Agreement

        (b)  Reports on Form 8-K

             Current Reports on Form 8-K are filed on or before
             the Distribution Date each month (on, or the first
             business day after, the 15th of each month).  The
             reports include as an Exhibit the Monthly
             Servicer's Certificate.  Current Reports on Form
             8-K were filed with the Securities and Exchange
             Commission on:  August 12, 1998, September 11,
             1998, October 14, 1998 (as amended by Form 8-K/A
             filed October 19, 1998), November 13, 1998,
             December 11, 1998, January 13, 1999, February 11,
             1999, March 12, 1999, April 12, 1999, May 11,
             1999, June 11, 1999 and July 12, 1999 (as amended
             by Form 8-K/A filed July 13, 1999).



                           SIGNATURES

   Pursuant to the requirements of Section 13 or 15(d) of the
Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned
thereunto duly authorized.

                       NEIMAN MARCUS FUNDING CORPORATION


                       By:  s/ Paul F. Gibbons
                            Paul F. Gibbons
                            Vice President and Treasurer


Date:   December 9, 1999



                          EXHIBIT INDEX

                                                     Sequentially
Exhibit Number    Description                        Numbered Page

   20.1           1999 Annual Servicer's Certificate

   99.1           Annual Servicing Report of
                  Independent Public Accountants
                  pursuant to Section 3.06 of the
                  Pooling and Servicing Agreement