This annual report describes the operations of the Manitoba Universities Grants Commission for the fiscal year 1994-95 with an audited balance sheet and statement of operating revenues and expenditures. The Commission advises the government on how much financial assistance should be given universities. It is also responsible for allocating funds received to the universities. Chapters of the report describe the duties, members, and staff of the Commission; six degree programs approved by the Commission in 1994-95; the status of the Inter-Universities North Program (IUN), a three-university consortium established to deliver university degree credit courses and related services in communities north of the 53rd parallel; enrollment data; data on numbers of graduates; the Commission finances; statistics on numbers of university staff; and progress on various capital projects at three institutions. Extensive appendixes contain a list of academic programs by institution, institutes, research units, and other administrative units; a list of courses offered through the IUN, enrollment statistics, degrees granted statistics, operating and capital grant expenditures for 1994-95; information on allocation of grants; and the audited balance sheet and statement of revenues and expenditures. (JB)