EXHIBIT 99.1


INDEPENDENT ACCOUNTANTS' REPORT


Mr. Paul F. Gibbons              Salomon Brothers, Inc
Vice President and Treasurer     Seven World Trade Center
The Neiman Marcus Group, Inc.    New York, NY  10048
27 Boylston Street                       and
Chestnut Hill, MA  02167         Standard & Poor's Ratings Group               
          and                    25 Broadway
The Chase Manhattan Bank, N.A.   New York, NY  10004-1064
4 Chase Metro Tech Center                and
Brooklyn, NY  11245              Moody's Investors Services                    
          and                    99 Church Street
CS First Boston Corporation      New York, NY  10007
Park Avenue Plaza
55 East 52nd Street

New York, NY  10055                                                            
          and


Annual Servicing Report

We have examined management's assertion, included in its representation letter
to Deloitte & Touche LLP, dated August 28, 1997, that The Neiman Marcus Group,
Inc. ("NMG") maintained an  effective internal control structure as  of August
2,  1997,  insofar  as such  structure  relates  to  the servicing  procedures
performed by NMG,  to prevent or  detect errors or  irregularities in  amounts
that would  be material in relation to  the assets of The  Neiman Marcus Group
Credit Card Master  Trust Series 1995-1 (the  "Trust") formed pursuant  to the
Pooling  and  Servicing  Agreement  (the  "Agreement")  dated  March 1,  1995.

Our  examination was  made in  accordance  with standards  established by  the
American Institute of Certified  Public Accountants and, accordingly, included
obtaining an  understanding of the internal control structure as it relates to
servicing procedures performed  by NMG, testing and evaluating  the design and
operating effectiveness  of  the internal  control structure,  and such  other
procedures as we considered necessary  in the circumstances.  We believe  that
our examination provides a reasonable basis for our opinion.

Because  of the inherent limitations in any internal control structure, errors
or  irregularities may occur  and not be  detected.  Also,  projections of any
evaluation of the internal control structure  to future periods are subject to
the risk that the internal control structure may  become inadequate because of
changes in conditions, or that  the degree of compliance with the  policies or
procedures may deteriorate.

                                       <PAGE>

In our  opinion,  management's  assertion that  NMG  maintained  an  effective
internal control structure  as of  August 2, 1997,  insofar as such  structure
relates to  the servicing procedures  performed by  NMG, to prevent  or detect
errors or irregularities in  amounts that would be material in relation to the
assets of the Trust  under the Agreement, taken as a whole,  is fairly stated,
in  all material  respects, based  upon the elements  of an  entity's internal
control  structure  as defined  in  Statements on  Auditing  Standards No. 55,
"Consideration  of the  Internal  Control Structure  in a  Financial Statement
Audit."

We have also examined management's  assertion, included in its  representation
letter to  Deloitte &  Touche LLP dated  August 28,  1997, that the  servicing
procedures  performed by NMG have been conducted  in compliance with the terms
and conditions set forth in Article III and Article IV and Section 8.08 of the
Agreement during  the  year  ended August  2,  1997.   As  discussed  in  that
representation  letter, management  is responsible  for NMG's  compliance with
those  requirements.     Our  responsibility  is  to  express  an  opinion  on
management's  assertion  about NMG's  compliance  based  on  our  examination.

Our examination  was  made in  accordance with  standards  established by  the
American Institute of Certified  Public Accountants and, accordingly, included
examining, on a test basis, evidence about  compliance with those requirements
and  performing  such  other  procedures as  we  considered  necessary  in the
circumstances. We believe that our examination provides a reasonable basis for
our opinion.  Our examination does not provide a legal  determination on NMG's
compliance  with  specified requirements.

In our opinion, management's assertion that the servicing procedures performed
by NMG have  been conducted in  compliance with the  terms and conditions  set
forth in Article III and Article IV  and Section 8.08 of the Agreement for the
year  ended  August 2,  1997,  is  fairly stated,  in  all  material respects.
This report is  intended solely for  the information and  use of the Board  of
Directors and management  of NMG, The Chase Manhattan  Bank, N.A., as Trustee,
CS First Boston Corporation, Salomon Brothers, Inc., Standard & Poor's Ratings
Group, Moody's Investors Services  and Investor Certificateholders and  should
not be used for any other purpose.


/s/ Deloitte & Touche LLP
Deloitte & Touche LLP

August 28, 1997

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