This annual report provides a statement of the mission of the New Mexico Commission on Higher Education and an overview of its major initiatives and accomplishments, reflecting the Commission's emphasis on achieving the policy goals set forth in a 1988 strategic plan and a 1990 management plan. It analyzes, via text and tables, the following issues: (1) financing of postsecondary education (budget information, student financial assistance, and capital investment); (2) planning (enrollments, articulation, and future directions); (3) accountability (participation of historically underrepresented groups, transfer from two-year institutions, student persistence, student outcome assessment, student placement, measures of educational process, and numbers and sources of graduate students); and (4) research (the Course Transfer Activity Study, participation of minorities and women in undergraduate and graduate education, child care needs assessment, and 2-year funding). The report also includes a map and list of institutions, a list of mandates to the Commission, funding formulas, a list of grantees of the Eisenhower Mathematics and Science Education program, a description of Cooperative Education Network activities, and a description of the Educational Options Information Campaign. (JDD)