EXHIBIT 99.1



INDEPENDENT ACCOUNTANTS'REPORT

Mr. Paul F. Gibbons                          Salomon Smith Barney, 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
Credit Suisse First Boston Corporation       New York, NY  10007
11 Madison Avenue, 5th Floor
New York, NY  10011
           and

Annual Servicing Report

We have examined management's assertion, included in its representation letter
to Deloitte & Touche LLP, dated August 31, 1999, that The Neiman Marcus Group,
Inc. ("NMG") maintained  an effective internal control structure  as of July
31, 1999,  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.





In our  opinion,  management's  assertion  that NMG  maintained  an  effective
internal  control structure as  of July 31, 1999, 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 definition  of an entity's internal
control structure  as defined  in  Statements on  Auditing  Standards No. 78,
"Consideration  of the  Internal Control  in a  Financial Statement  Audit: An
Amendment to SAS No. 55."

We have also  examined management's assertion, included in  its representation
letter  to Deloitte  & Touche LLP  dated August 31, 1999,  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 July 31, 1999.    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 July 31, 1999, 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,
Credit Suisse First Boston Corporation, Salomon Smith Barney, Inc., Standard &
Poor's Ratings Group, Moody's Investors Services and Investor Certificateholders
and is not intended to be and should not be used by anyone other than these
specified parties.



/s/ DELOITTE & TOUCHE LLP
August 31, 1999








                                       - 2 -