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 29, 1996, that The Neiman Marcus Group,
Inc. ("NMG") maintained an  effective internal control structure as  of August
3,  1996,  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.









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In our  opinion,  management's  assertion that  NMG  maintained  an  effective
internal control structure  as of August  3, 1996,  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 29, 1996,  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  3, 1996.    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 3, 1996, 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 29, 1996














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