MERRILL LYNCH
FUND FOR
TOMORROW, INC.
[GRAPHIC OMITTED]
Strategic
Performance
Quarterly Report
April 30, 1998
<PAGE>
MERRILL LYNCH FUND FOR TOMORROW, INC.
Concept Sectors
As a Percentage of Net Assets
As of April 30, 1998
[The following table was depicted as a pie chart in the printed material.]
Computer Technologies 10.8%
Demographic Trends 8.3%
Developing Foreign Economies 3.7%
Future Retailing 0.9%
Global Market Expansion 12.1%
Healthcare Cost Containment 13.9%
Industrial Outsourcing 4.2%
Industrial Renaissance 8.4%
Multimedia 9.2%
Next Generation Technology 4.2%
Strategic Growth Opportunities 8.4%
Telecommunications 11.3%
Cash* 4.6%
*Net of other assets less liabilities.
Growth Stock Characteristics as of April 30, 1998
% of
Equity
Holdings:
[The following table was depicted as a bar chart in the printed material.]
Emerging Growth 3.7% 7.2%
Established Growth 26.9% 16.0%
Stable Growth 25.2% 21.0%
1
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
TO OUR SHAREHOLDERS
The quarter ended April 30, 1998 was positive for most capital markets
worldwide, despite periods of volatility. In the United States, sentiment
fluctuated between a variety of outlooks. At times, US stock and bond prices
reflected expectations that the slowdown in Asian economic growth would lead to
a sharp decline in US business activity and, ultimately, a deflationary
environment. The deterioration of economic conditions in Japan was of particular
concern. During other periods, US investors appeared to expect that the positive
trends of a moderately expanding economy, declining unemployment, enhanced
productivity and corporate profits growth would continue, unimpeded by the
developments in Asia. To date, there have been only a few signs that Asia's
troubles are influencing US economic activity. In Europe, the major event was
greater progress toward achieving European Monetary Union, although concerns
have arisen that interest rates will have to be increased to curtail
inflationary pressures. As 1998 progresses, it is likely that investor focus
will remain on developments in Asia. For those economies that continue to
expand, investors will watch for signs that inflation is still not a threat.
Evidence of ongoing, noninflationary gross domestic product growth should
continue to exert a positive influence on the capital markets worldwide.
Portfolio Matters
Despite considerable apprehension surrounding the potential after-effects of the
Asian financial crisis and ongoing concerns about an increase in interest rates,
US equity markets continued their advance during the quarter ended April 30,
1998. In addition, while the previous quarter and most of 1997 witnessed a
pronounced performance disparity between smaller-capitalization and
larger-capitalization stocks, the April quarter showed broad-based gains among
various stock market benchmarks. Both the unmanaged Standard & Poor's 500 (S&P
500) and NASDAQ Industrial Indexes were significantly higher for the period,
posting total returns of +13.84% and +14.56%, respectively. Foreign stock
markets were also strong for the April quarter, but the +10.56% total return for
the Morgan Stanley Capital International Europe Australasia Far East Index was
tempered somewhat by continued weakness in Asia. Merrill Lynch Fund for
Tomorrow, Inc.'s total returns for Class A, Class B, Class C and Class D Shares
were +13.39%, +13.12%, +13.12% and +13.34%, respectively, for the quarter ended
April 30, 1998.
During the April quarter, the stock market appeared to reflect the predominantly
favorable developments in the economy, with little room in stock valuations for
interim disappointments. Moreover, as domestic economic activity continued to
demonstrate negligible fallout from weakness in Asia, US investors were willing
to dismiss the potential for future problems. For the most part, our investment
activity during the quarter was driven by three objectives: seek to reduce
market risk; take profits among strong-performing stocks; and add new positions
with attractive growth-to-valuation characteristics.
Among the higher-risk holdings that we sold or reduced during the April quarter
were companies that, despite favorable long-term fundamentals, had limited
near-term earnings visibility. These included Thermotrex Corp., Kubota Corp.,
Physician Computer Network, Inc., Sequus Pharmaceuticals, Inc. and SK Telecom
Co. Most other partial sales and eliminations were based primarily on
outstanding price appreciation which presented profit-taking opportunities.
Examples included Merck & Co., Inc., Avon Products, Inc., Tele-Communications
Liberty Media Group, OfficeMax, Inc., Triumph Group, Inc. and World Color Press
Inc.
Buying activity during the April quarter comprised a cross-section of several
industries, but concentrated on companies that exemplify both growth and value.
The Chubb Corporation, primarily a personal lines insurance company, targets the
affluent market. GenRad, Inc. is a producer of testing and diagnostic
2
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
systems for the computer, electronics and transpor tation industries. Royal
Olympic Cruise Lines Inc. represents our entry into the rapidly growing
shipboard vacation market and enjoys a dominant position in the Mediterranean.
Shaw Industries, Inc. is one of the world's largest carpet producers that we
believe is in the process of a strong recovery in earnings growth. Finally, Sony
Corp., a world leader in consumer electronics and a potentially strong
participant in the emerg ing market of TV/computer convergence, was selling at a
histor ically low price/earnings ratio. We believe this company's large global
market share limits its exposure to the currently weak Japanese economy.
Over the past six months-nine months, a major concern among investors has been
the historically high level of stock prices. Valuation levels of the S&P 500
reached a recent high price/earnings ratio of 22 times-23 times consensus
earnings per share estimates for 1998. We are concerned about this valuation
level and therefore are sensitive to adverse developments. Consequently, our
investment strategy throughout this period has been to focus on stocks that we
believe to be valuation anomalies. Although this approach typically yields
relatively few opportunities in an efficient stock market, and inherently
requires more critical fundamental analysis, we purchased several new positions
that meet the criteria of unusually low valuations and excellent, but not
readily apparent, earnings potential. During the last six months, these holdings
have performed well, and included Gucci Group N.V., Gateway 2000, Inc., Networks
Associates, Inc., American Woodmark Corporation and Alcatel Alsthom Cie Generale
d'Electricite S.A. These companies are representative of opportunities created
by periodic adjustments in our investment strategy which supplement our
longer-term, thematic approach to investing.
Looking ahead, both the economic backdrop and continuous cash flows into the
equity market sug gest a favorable investment environment for 1998. Accordingly,
we expect to continue our pursuit of attractive opportunities that offer strong
fundamental growth potentials at reasonable valuations. We believe these
opportunities exist both in the US and foreign stock markets, especially in
Europe with the advent of the European Monetary Union. Correspondingly, we are
mindful of the risks associated with record highs in the stock market, the
constant threat of higher interest rates, and the uncertainties surrounding
global economic developments caused by the Asian financial crisis. We believe it
is appropriate to strive to ensure that Merrill Lynch Fund for Tomorrow, Inc. is
appropriately structured for the risks and opportunities that lie ahead.
In Conclusion
We appreciate your ongoing interest in Merrill Lynch Fund For Tomorrow, Inc.,
and we look forward to assisting you with your financial needs in the months and
years ahead.
Sincerely,
/s/ Arthur Zeikel
Arthur Zeikel
President
/s/ Vincent P. Dileo
Vincent P. Dileo
Senior Vice President and Portfolio Manager
June 1, 1998
3
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
PERFORMANCE DATA
About Fund Performance
Investors are able to purchase shares of the Fund through the Merrill
Lynch Select PricingSM System, which offers four pricing alternatives:
o Class A Shares incur a maximum initial sales charge (front-end load) of
5.25% and bear no ongoing distri bution or account maintenance fees. Class
A Shares are available only to eligible investors.
o Class B Shares are subject to a maximum contingent deferred sales charge
of 4% if redeemed during the first year, decreasing 1% each year
thereafter to 0% after the fourth year. In addition, Class B Shares are
subject to a distribution fee of 0.75% and an account maintenance fee of
0.25%. These shares automatically convert to Class D Shares after
approximately 8 years. (There is no initial sales charge for automatic
share conversions.)
o Class C Shares are subject to a distribution fee of 0.75% and an account
maintenance fee of 0.25%. In addition, Class C Shares are subject to a 1%
contingent deferred sales charge if redeemed within one year of purchase.
o Class D Shares incur a maximum initial sales charge of 5.25% and an
account maintenance fee of 0.25% (but no dis tribution fee).
None of the past results shown should be considered a rep resentation of
future performance. Figures shown in the "Average Annual Total Return"
tables assume reinvestment of all dividends and capital gains
distributions at net asset value on the ex-dividend date. Investment
return and principal value of shares will fluctuate so that shares, when
redeemed, may be worth more or less than their original cost. Dividends
paid to each class of shares will vary because of the different levels of
account maintenance, distribution and transfer agency fees applicable to
each class, which are deducted from the income available to be paid to
shareholders.
Recent Performance Results
<TABLE>
<CAPTION>
Ten Years/
12 Month 3 Month Since Inception
Total Return Total Return Total Return
================================================================================================
<S> <C> <C> <C>
ML Fund For Tomorrow, Inc. Class A Shares* +31.39% +13.39% +242.52%
- ------------------------------------------------------------------------------------------------
ML Fund For Tomorrow, Inc. Class B Shares* +30.03 +13.12 +248.62
- ------------------------------------------------------------------------------------------------
ML Fund For Tomorrow, Inc. Class C Shares* +29.99 +13.12 + 86.65
- ------------------------------------------------------------------------------------------------
ML Fund For Tomorrow, Inc. Class D Shares* +31.00 +13.34 + 92.95
- ------------------------------------------------------------------------------------------------
Standard & Poor's 500 Index** +41.07 +13.84 +414.62/+466.16/+157.86
- ------------------------------------------------------------------------------------------------
NASDAQ Industrial Index** +39.36 +14.56 +268.27/+255.18/+ 76.36
================================================================================================
</TABLE>
* Investment results shown do not reflect sales charges; results would be
lower if a sales charge was included. Total investment returns are based
on changes in net asset values for the periods shown, and assume
reinvestment of all dividends and capital gains distributions at net asset
value on the ex-dividend date. The Fund's ten-year/inception dates are:
Class A Shares, 10/26/88; Class B Shares, ten years ended 4/30/98; and
Class C and Class D Shares, 10/21/94.
** An unmanaged broad-based Index comprised of common stocks. Standard &
Poor's 500 Index ten years/since inception total returns are: from
10/26/88 to 4/30/98; for the ten years ended 4/30/98; and from 10/21/94 to
4/30/98, respectively. NASDAQ Industrial Index ten years/since inception
total returns are: from 10/31/88 to 4/30/98; for the ten years ended
4/30/98; and from 10/31/94 to 4/30/98, respectively.
4
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
PERFORMANCE DATA (concluded)
Average Annual Total Return
% Return Without % Return With
Sales Charge Sales Charge**
================================================================================
Class A Shares*
================================================================================
Year Ended 3/31/98 +35.04% +27.95%
- --------------------------------------------------------------------------------
Five Years Ended 3/31/98 +15.18 +13.94
- --------------------------------------------------------------------------------
Inception (10/26/88)
through 3/31/98 +13.79 +13.14
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
================================================================================
================================================================================
% Return % Return
Without CDSC With CDSC**
================================================================================
Class B Shares*
================================================================================
Year Ended 3/31/98 +33.58% +29.58%
- --------------------------------------------------------------------------------
Five Years Ended 3/31/98 +13.96 +13.96
- --------------------------------------------------------------------------------
Ten Years Ended 3/31/98 +13.16 +13.16
- --------------------------------------------------------------------------------
* Maximum contingent deferred sales charge is 4% and is reduced to 0% after
4 years.
** Assuming payment of applicable contingent deferred sales charge.
% Return % Return
Without CDSC With CDSC**
================================================================================
Class C Shares*
================================================================================
Year Ended 3/31/98 +33.49% +32.49%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/98 +19.45 +19.45
- --------------------------------------------------------------------------------
* Maximum contingent deferred sales charge is 1% and is reduced to 0% after
1 year.
** Assuming payment of applicable contingent deferred sales charge.
================================================================================
% Return Without % Return With
Sales Charge Sales Charge**
================================================================================
Class D Shares*
================================================================================
Year Ended 3/31/98 +34.65% +27.58%
- --------------------------------------------------------------------------------
Inception (10/21/94)
through 3/31/98 +20.60 +18.73
- --------------------------------------------------------------------------------
* Maximum sales charge is 5.25%.
** Assuming maximum sales charge.
5
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
SCHEDULE OF INVESTMENTS
<TABLE>
<CAPTION>
Shares Percent of
Concept Tomorrow Held Stocks Cost Value Net Assets
- ---------------------------------------------------------------------------------------------------------------------------------
Computer Technologies
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Personal Computers 400,000 COMPAQ Computer Corp. $ 3,045,990 $ 11,225,000 3.5%
Personal Computers 100,000 Gateway 2000, Inc. 3,347,740 5,868,750 1.8
Systems 100,000 GenRad, Inc. 2,891,093 2,006,250 0.6
Systems 50,000 Networks Associates, Inc. 2,524,250 3,425,000 1.1
Systems 300,000 Silicon Graphics, Inc. 11,151,240 3,918,750 1.2
Systems 200,000 Sun Microsystems, Inc. 5,396,880 8,225,000 2.6
------------ ----------- ------
28,357,193 34,668,750 10.8
- ---------------------------------------------------------------------------------------------------------------------------------
Demographic Trends
- ---------------------------------------------------------------------------------------------------------------------------------
Home Furnishings 50,000 American Woodmark Corporation 1,037,187 1,487,500 0.5
Insurance 50,000 The Chubb Corporation 4,123,238 3,946,875 1.2
Healthcare 200,000 HEALTHSOUTH Corp. 3,537,000 6,037,500 1.9
Pollution Technology 550,000 Philip Services Corp. 5,122,752 4,159,375 1.3
Leisure & Entertainment 100,000 Royal Olympic Cruise Lines Inc. 1,500,000 1,825,000 0.6
Insurance 200,000 Torchmark Corp. 4,206,236 8,912,500 2.8
------------ ----------- ------
19,526,413 26,368,750 8.3
------------ ----------- ------
Developing Foreign Economies
- ---------------------------------------------------------------------------------------------------------------------------------
Food & Beverage 980,000,000 Avipal S.A.--Avicultura e Agropecuaria 4,130,033 2,227,467 0.7
Telecommunications 105,000 Compania Anonima Nacional Telefonos de
Venezuela (ADR)* 2,415,000 3,517,500 1.1
Specialty Services 1,000,000 National Mutual Asia Ltd. 940,132 800,382 0.3
Conglomerate 200,000 Quinenco S.A. (ADR)* 3,755,087 2,062,500 0.6
Building Materials 100,000 Royal Group Technologies Ltd. 1,047,206 3,086,981 1.0
------------ ----------- ------
12,287,458 11,694,830 3.7
- ---------------------------------------------------------------------------------------------------------------------------------
Future Retailing
- ---------------------------------------------------------------------------------------------------------------------------------
Retail Apparel 40,000 The Children's Place Retail Stores, Inc. 560,000 380,000 0.1
Specialty Retail 138,900 OfficeMax, Inc. 1,605,433 2,613,056 0.8
------------ ----------- ------
2,165,433 2,993,056 0.9
- ---------------------------------------------------------------------------------------------------------------------------------
Global Market Expansion
- ---------------------------------------------------------------------------------------------------------------------------------
Cosmetics 124,400 Avon Products, Inc. 4,441,715 10,224,125 3.2
Electrical Equipment 74,760 General Electric Company 2,278,626 6,363,945 2.0
Specialty Retailing 50,000 Gucci Group N.V. (NY Registered Shares) 1,896,750 2,328,125 0.7
Food & Beverage 160,000 PepsiCo, Inc. 2,438,212 6,350,000 2.0
Electronics 100,000 Philips Electronics N.V. (NY Registered Shares) 4,983,486 9,000,000 2.8
Electronics 50,000 Sony Corp. (ADR)* 4,327,630 4,246,875 1.4
------------ ----------- ------
20,366,419 38,513,070 12.1
=================================================================================================================================
</TABLE>
6
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
SCHEDULE OF INVESTMENTS (continued)
<TABLE>
<CAPTION>
Shares Percent of
Concept Tomorrow Held Stocks Cost Value Net Assets
- ---------------------------------------------------------------------------------------------------------------------------------
Healthcare Cost Containment
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pharmaceuticals 133,333 Astra AB (ADR)* $ 1,781,250 $ 2,741,660 0.9%
Pharmaceuticals 100,000 Bristol-Myers Squibb Co. 3,953,500 10,587,500 3.3
Miscellaneous 7,888 Coram Healthcare Corporation (Warrants)(a) 0 0 0.0
Pharmaceuticals 100,000 Lilly (Eli) and Company 2,286,050 6,956,250 2.2
Pharmaceuticals 50,900 Merck & Co., Inc. 2,535,791 6,133,450 1.9
Pharmaceuticals 50,000 Novartis AG (ADR)* 1,942,188 4,118,750 1.3
Pharmaceuticals 100,800 Schering-Plough Corp. 580,167 8,076,600 2.5
Medical Devices 100,000 United States Surgical Corp. 6,799,013 3,150,000 1.0
Medical Services 100,000 Vencor, Inc. 3,194,630 2,712,500 0.8
------------ ----------- ------
23,072,589 44,476,710 13.9
- ---------------------------------------------------------------------------------------------------------------------------------
Industrial Outsourcing
- ---------------------------------------------------------------------------------------------------------------------------------
Information Services 50,000 Ceridian Corp. 1,959,250 2,828,125 0.9
Systems 100,000 Computer Sciences Corporation 3,878,500 5,275,000 1.7
Specialty Services 250,000 Sitel Corporation 3,939,288 2,937,500 0.9
Computer Software 50,000 Sterling Commerce, Inc. 1,838,339 2,128,125 0.7
------------ ----------- ------
11,615,377 13,168,750 4.2
- ---------------------------------------------------------------------------------------------------------------------------------
Industrial Renaissance
- ---------------------------------------------------------------------------------------------------------------------------------
Transportation 75,000 Delta Air Lines, Inc. 5,782,613 8,718,750 2.7
Automotive 100,000 General Motors Corp. 3,964,542 6,737,500 2.1
Information Systems 100,000 International Business Machines Corp. 2,834,250 11,587,500 3.6
------------ ----------- ------
12,581,405 27,043,750 8.4
- ---------------------------------------------------------------------------------------------------------------------------------
Multimedia
- ---------------------------------------------------------------------------------------------------------------------------------
Broadcasting Services 200,000 Carlton Communications PLC (ADR)* 7,266,875 8,975,000 2.8
Components 150,000 Harman International Industries Inc. 6,836,788 6,450,000 2.0
Information Services 400,000 OzEmail, Ltd. (ADR)* 4,632,341 9,125,000 2.8
Cable Television 50,000 Tele-Communications Liberty Media Group
(Series A) 1,786,112 4,968,750 1.6
------------ ----------- ------
20,522,116 29,518,750 9.2
- ---------------------------------------------------------------------------------------------------------------------------------
Next Generation Technology
- ---------------------------------------------------------------------------------------------------------------------------------
Pollution Technology 400,000 Molten Metal Technology, Inc. 6,605,221 140,000 0.0
Environmental Equipment 119,400 Thermo Ecotek Corp. 1,281,614 2,179,050 0.7
Multi-Industry 230,000 Thermo Electron Corp. 4,937,738 9,156,875 2.9
Medical Devices 67,000 Thermotrex Corp. 1,085,618 1,335,813 0.4
Components 150,000 Voice Control Systems Inc. 834,037 796,875 0.2
------------ ----------- ------
14,744,228 13,608,613 4.2
=================================================================================================================================
</TABLE>
7
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
SCHEDULE OF INVESTMENTS (concluded)
<TABLE>
<CAPTION>
Shares Percent of
Concept Tomorrow Held Stocks Cost Value Net Assets
- ---------------------------------------------------------------------------------------------------------------------------------
Strategic Growth Opportunities
- ---------------------------------------------------------------------------------------------------------------------------------
<S> <C> <C> <C> <C> <C>
Pharmaceuticals 100,000 American Home Products Corp. $ 3,875,049 $ 9,312,500 2.9%
Leisure & Entertainment 300,000 Galoob (Lewis) Toys, Inc. 4,238,645 3,243,750 1.0
Specialty Services 100,000 Household International, Inc. 6,712,565 13,143,750 4.1
Home Furnishings 75,000 Shaw Industries, Inc. 1,099,860 1,214,063 0.4
------------ ------------ ------
15,926,119 26,914,063 8.4
- ---------------------------------------------------------------------------------------------------------------------------------
Telecommunications
- ---------------------------------------------------------------------------------------------------------------------------------
Telecommunications 100,000 ADC Telecommunications, Inc. 2,867,500 2,987,500 0.9
Telecommunications 200,000 Alcatel Alsthom Cie Generale
d'Electricite S.A. (ADR)* 5,087,260 7,250,000 2.3
Components 120,000 Andrew Corp. 2,299,683 2,700,000 0.8
Telecommunications 300,000 Inter-Tel Inc. 2,153,750 7,012,500 2.2
Components 200,000 Nokia Corp. AB (ADR)* 3,778,500 13,375,000 4.2
Telecommunications 100,000 RSL Communications, Ltd. (Class A) 2,200,000 2,800,000 0.9
------------ ------------ ------
18,386,693 36,125,000 11.3
=================================================================================================================================
Total Stocks 199,551,443 305,094,092 95.4
=================================================================================================================================
<CAPTION>
Face
Amount Short-Term Securities
=================================================================================================================================
Commercial Paper** $ 8,716,000 Associates Corp. of North America,
5.56% due 5/01/1998 8,716,000 8,716,000 2.7
6,000,000 Park Avenue Receivables Corp., 5.53%
due 5/08/1998 5,993,548 5,993,548 1.9
=================================================================================================================================
Total Short-Term Securities 14,709,548 14,709,548 4.6
=================================================================================================================================
Total Investments $214,260,991 319,803,640 100.0
============
Other Assets Less Liabilities 21,485 0.0
------------ ------
Net Assets $319,825,125 100.0%
============ ======
=================================================================================================================================
Net Asset Value: Class A--Based on net assets of $11,040,990 and 623,923 shares outstanding $ 17.70
============
Class B-- Based on net assets of $53,026,441 and 3,123,313 shares outstanding $ 16.98
============
Class C-- Based on net assets of $1,995,770 and 118,120 shares outstanding $ 16.90
============
Class D-- Based on net assets of $253,761,924 and 14,425,135 shares outstanding $ 17.59
============
=================================================================================================================================
</TABLE>
* American Depositary Receipts (ADR).
** Commercial Paper is traded on a discount basis; the interest rates shown
are the discount rates paid at the time of purchase by the Fund.
(a) Warrants entitle the Fund to purchase a predetermined number of shares of
common stock. The purchase price and number of shares are subject to
adjustment under certain conditions until the expiration date.
8
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
PORTFOLIO INFORMATION
For the Quarter Ended April 30, 1998
Percent of
Ten Largest Equity Holdings Net Assets
Nokia Corp. AB (ADR) ............................................. 4.2%
Household International, Inc. .................................... 4.1
International Business Machines Corp. ............................ 3.6
COMPAQ Computer Corp. ............................................ 3.5
Bristol-Myers Squibb Co. ......................................... 3.3
Avon Products, Inc. .............................................. 3.2
American Home Products Corp. ..................................... 2.9
Thermo Electron Corp. ............................................ 2.9
OzEmail, Ltd. (ADR) .............................................. 2.8
Philips Electronics N.V ..........................................
(NY Registered Shares) ........................................... 2.8
Additions
The Chubb Corporation
GenRad, Inc.
Royal Olympic Cruise Lines Inc.
Shaw Industries, Inc.
Sony Corp. (ADR)
Deletions
The Boeing Company
Kubota Corp. (ADR)
Physician Computer Network, Inc.
Raytheon Company (Class A)
SK Telecom Co. (Ordinary)
Sequus Pharmaceuticals, Inc.
Toys 'R' Us, Inc.
Triumph Group, Inc.
World Color Press Inc.
9
<PAGE>
Merrill Lynch Fund For Tomorrow, Inc. April 30, 1998
OFFICERS AND DIRECTORS
Arthur Zeikel, President and Director
Ronald W. Forbes, Director
Cynthia A.Montgomery, Director
Charles C. Reilly, Director
Kevin A. Ryan, Director
Richard R. West, Director
Terry K. Glenn, Executive Vice President
Vincent P. Dileo, Senior Vice President and
Portfolio Manager
Norman R. Harvey, Senior Vice President
Donald C. Burke, Vice President
Gerald M. Richard, Treasurer
Susan B. Baker, Secretary
Custodian
The Bank of New York
90 Washington Street, 12th Floor
New York, NY 10286
Transfer Agent
Merrill Lynch Financial Data Services, Inc.
4800 Deer Lake Drive East
Jacksonville, FL 32246-6484
(800) 637-3863
10
<PAGE>
This report is not authorized for use as an offer of sale or a solicitation of
an offer to buy shares of the Fund unless accompanied or preceded by the Fund's
current prospectus. Past performance results shown in this report should not be
considered a representation of future performance. Investment return and
principal value of shares will fluctuate so that shares, when redeemed, may be
worth more or less than their original cost. Statements and other information
herein are as dated and are subject to change.
Merrill Lynch
Fund For Tomorrow, Inc.
Box 9011 Princeton, NJ
08543-9011 #10261 -- 4/98
[RECYCLE LOGO] Printed on post-consumer recycled paper
