<PAGE> PAGE 1
000 A000000 09/30/97
000 C000000 0000230382
000 D000000 N
000 E000000 NF
000 F000000 Y
000 G000000 N
000 H000000 N
000 I000000 3.0.a
000 J000000 A
001 A000000 MERRILL LYNCH SPECIAL VALUE FUND, INC.
001 B000000 811-2809
001 C000000 6092822800
002 A000000 P.O. BOX 9011
002 B000000 PRINCETON
002 C000000 NJ
002 D010000 08543
002 D020000 9011
003 000000 N
004 000000 N
005 000000 N
006 000000 N
007 A000000 N
007 B000000 0
007 C010100 1
007 C010200 2
007 C010300 3
007 C010400 4
007 C010500 5
007 C010600 6
007 C010700 7
007 C010800 8
007 C010900 9
007 C011000 10
008 A000001 FUND ASSET MANAGEMENT, L.P.
008 B000001 A
008 C000001 801-12485
008 D010001 PRINCETON
008 D020001 NJ
008 D030001 08543
008 D040001 9011
008 A000002 MERRILL LYNCH ASSET MANAGEMENT U.K., LTD.
008 B000002 S
008 C000002 801-31780
008 D010002 LONDON
008 D050002 ENGLAND
008 D060002 EC24 9LY
011 A000001 MERRILL LYNCH FUNDS DISTRIBUTOR, INC.
011 B000001 8-14663
011 C010001 PRINCETON
011 C020001 NJ
011 C030001 08543
<PAGE> PAGE 2
011 C040001 9011
012 A000001 MERRILL LYNCH FINANCIAL DATA SERVICES, INC.
012 B000001 84-01339
012 C010001 JACKSONVILLE
012 C020001 FL
012 C030001 32246
012 C040001 6484
013 A000001 DELOITTE & TOUCHE LLP
013 B010001 PRINCETON
013 B020001 NJ
013 B030001 08540
014 A000001 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
014 B000001 8-7221
015 A000001 THE BANK OF NEW YORK
015 B000001 C
015 C010001 NEW YORK
015 C020001 NY
015 C030001 10286
015 E010001 X
015 A000002 BANKERS TRUST COMPANY
015 B000002 S
015 C010002 NEW YORK
015 C020002 NY
015 C030002 10006
015 E010002 X
015 A000003 CHEMICAL BANK
015 B000003 S
015 C010003 NEW YORK
015 C020003 NY
015 C030003 10017
015 E010003 X
015 A000004 CUSTODIAL TRUST CO.
015 B000004 S
015 C010004 NEW YORK
015 C020004 NY
015 C030004 10167
015 E010004 X
015 A000005 MORGAN GUARANTEE TRUST CO.
015 B000005 S
015 C010005 NEW YORK
015 C020005 NY
015 C030005 10260
015 E010005 X
018 000000 Y
019 A000000 Y
019 B000000 199
019 C000000 MERRILLLYN
020 A000001 WEEDEN & CO. L.P.
020 B000001 13-3364318
020 C000001 96
020 A000002 ABN AMRO CHICAGO CORPORATION
<PAGE> PAGE 3
020 B000002 13-3227945
020 C000002 57
020 A000003 CREDIT SUISSE FIRST BOSTON CORPORATION
020 B000003 13-5659485
020 C000003 47
020 A000004 GENESIS MERCHANT GROUP SECURITIES
020 B000004 94-3082467
020 C000004 34
020 A000005 INSTINET CORPORATION
020 B000005 13-3443395
020 C000005 34
020 A000006 BEAR, STEARNS & CO. INC.
020 B000006 13-3299429
020 C000006 30
020 A000007 BROWN (ALEX.) & SONS INCORPORATED
020 B000007 52-1319768
020 C000007 30
020 A000008 ROBERTSON, STEPHENS & COMPANY, LLC
020 B000008 94-2624501
020 C000008 27
020 A000009 FURMAN SELZ LLC
020 B000009 13-3856626
020 C000009 26
020 A000010 MERRILL LYNCH, PIERCE, FENNER & SMITH INC.
020 B000010 13-5674085
020 C000010 25
021 000000 777
022 A000001 ASSOCIATE CORP. OF NORTH AMERICA
022 C000001 1388134
022 D000001 0
022 A000002 GENERAL ELECTRIC CAPITAL CORP.
022 C000002 1051753
022 D000002 0
022 A000003 GENERAL MOTORS ACCEPTANCE CORP.
022 C000003 972946
022 D000003 0
022 A000004 CIT GROUP/CAPITAL INVESTMENTS INC. (THE)
022 C000004 140909
022 D000004 0
022 A000005 GOLDMAN, SACHS & CO.
022 B000005 13-5108880
022 C000005 115314
022 D000005 143
022 A000006 MORGAN STANLEY & CO. INCORPORATED
022 B000006 13-2655998
022 C000006 75006
022 D000006 3510
022 A000007 LEHMAN BROTHERS INC.
022 B000007 13-2518466
022 C000007 71651
022 D000007 1805
<PAGE> PAGE 4
022 A000008 ML VAR. SER. FUNDS, INC. SPECIAL VALUE FUND
022 C000008 5000
022 D000008 63191
022 A000009 RAYMOND JAMES & ASSOCIATES, INC.
022 B000009 59-1237041
022 C000009 9326
022 D000009 29541
022 A000010 SMITH BARNEY INC.
022 B000010 13-1912900
022 C000010 37479
022 D000010 1103
023 C000000 4103481
023 D000000 157712
024 000000 N
026 A000000 N
026 B000000 Y
026 C000000 N
026 D000000 Y
026 E000000 N
026 F000000 N
026 G010000 N
026 G020000 N
026 H000000 N
027 000000 Y
028 A010000 19859
028 A020000 0
028 A030000 0
028 A040000 31521
028 B010000 25275
028 B020000 0
028 B030000 0
028 B040000 29254
028 C010000 29406
028 C020000 0
028 C030000 0
028 C040000 26611
028 D010000 113588
028 D020000 49104
028 D030000 0
028 D040000 24863
028 E010000 61660
028 E020000 0
028 E030000 0
028 E040000 33482
028 F010000 118117
028 F020000 0
028 F030000 0
028 F040000 47674
028 G010000 367905
028 G020000 49104
028 G030000 0
<PAGE> PAGE 5
028 G040000 193405
028 H000000 91749
029 000000 Y
030 A000000 214
030 B000000 5.25
030 C000000 0.00
031 A000000 16
031 B000000 0
032 000000 0
033 000000 198
034 000000 Y
035 000000 632
036 A000000 N
036 B000000 0
037 000000 N
038 000000 0
039 000000 N
040 000000 Y
041 000000 Y
042 A000000 0
042 B000000 0
042 C000000 100
042 D000000 0
042 E000000 0
042 F000000 0
042 G000000 0
042 H000000 0
043 000000 2317
044 000000 0
045 000000 Y
046 000000 N
047 000000 Y
048 000000 0.750
048 A010000 0
048 A020000 0.000
048 B010000 0
048 B020000 0.000
048 C010000 0
048 C020000 0.000
048 D010000 0
048 D020000 0.000
048 E010000 0
048 E020000 0.000
048 F010000 0
048 F020000 0.000
048 G010000 0
048 G020000 0.000
048 H010000 0
048 H020000 0.000
048 I010000 0
048 I020000 0.000
<PAGE> PAGE 6
048 J010000 0
048 J020000 0.000
048 K010000 0
048 K020000 0.000
049 000000 N
050 000000 N
051 000000 N
052 000000 N
053 A000000 N
054 A000000 Y
054 B000000 Y
054 C000000 N
054 D000000 N
054 E000000 N
054 F000000 N
054 G000000 N
054 H000000 Y
054 I000000 N
054 J000000 Y
054 K000000 N
054 L000000 N
054 M000000 Y
054 N000000 N
055 A000000 N
055 B000000 N
056 000000 Y
057 000000 N
058 A000000 N
059 000000 Y
060 A000000 Y
060 B000000 Y
061 000000 0
062 A000000 N
062 B000000 0.0
062 C000000 0.0
062 D000000 0.0
062 E000000 0.0
062 F000000 0.0
062 G000000 0.0
062 H000000 0.0
062 I000000 0.0
062 J000000 0.0
062 K000000 0.0
062 L000000 0.0
062 M000000 0.0
062 N000000 0.0
062 O000000 0.0
062 P000000 0.0
062 Q000000 0.0
062 R000000 0.0
066 A000000 Y
<PAGE> PAGE 7
066 B000000 N
066 C000000 N
066 D000000 Y
066 E000000 N
066 F000000 N
066 G000000 N
067 000000 N
068 A000000 N
068 B000000 N
069 000000 N
070 A010000 Y
070 A020000 N
070 B010000 Y
070 B020000 N
070 C010000 Y
070 C020000 N
070 D010000 Y
070 D020000 N
070 E010000 Y
070 E020000 N
070 F010000 Y
070 F020000 N
070 G010000 Y
070 G020000 N
070 H010000 Y
070 H020000 N
070 I010000 N
070 I020000 N
070 J010000 Y
070 J020000 Y
070 K010000 Y
070 K020000 N
070 L010000 Y
070 L020000 Y
070 M010000 Y
070 M020000 N
070 N010000 Y
070 N020000 N
070 O010000 Y
070 O020000 N
070 P010000 Y
070 P020000 Y
070 Q010000 N
070 Q020000 N
070 R010000 N
070 R020000 N
071 A000000 370735
071 B000000 268676
071 C000000 725950
071 D000000 37
072 A000000 6
<PAGE> PAGE 8
072 B000000 2573
072 C000000 1258
072 D000000 0
072 E000000 0
072 F000000 2949
072 G000000 41
072 H000000 0
072 I000000 874
072 J000000 42
072 K000000 0
072 L000000 73
072 M000000 16
072 N000000 56
072 O000000 0
072 P000000 0
072 Q000000 0
072 R000000 19
072 S000000 15
072 T000000 2317
072 U000000 0
072 V000000 0
072 W000000 6
072 X000000 6408
072 Y000000 0
072 Z000000 -2577
072AA000000 73529
072BB000000 22532
072CC010000 223424
072CC020000 0
072DD010000 0
072DD020000 0
072EE000000 54239
073 A010000 0.0000
073 A020000 0.0000
073 B000000 0.0000
073 C000000 0.0000
074 A000000 491
074 B000000 0
074 C000000 116775
074 D000000 0
074 E000000 24
074 F000000 966378
074 G000000 0
074 H000000 0
074 I000000 0
074 J000000 3729
074 K000000 0
074 L000000 6632
074 M000000 40
074 N000000 1094069
074 O000000 15706
<PAGE> PAGE 9
074 P000000 1172
074 Q000000 0
074 R010000 0
074 R020000 0
074 R030000 0
074 R040000 3419
074 S000000 0
074 T000000 1073772
074 U010000 20388
074 U020000 27235
074 V010000 0.00
074 V020000 0.00
074 W000000 0.0000
074 X000000 102106
074 Y000000 0
075 A000000 0
075 B000000 784357
076 000000 0.00
077 A000000 N
078 000000 N
SIGNATURE GERALD M. RICHARD
TITLE TREASURER
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000230382
<NAME> MERRILL LYNCH SPECIAL VALUE FUND, INC.
<SERIES>
<NUMBER> 001
<NAME> CLASS A
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 841116297
<INVESTMENTS-AT-VALUE> 1083177191
<RECEIVABLES> 10360647
<ASSETS-OTHER> 530834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1094068672
<PAYABLE-FOR-SECURITIES> 15705780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4590891
<TOTAL-LIABILITIES> 20296671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 785015127
<SHARES-COMMON-STOCK> 16710231
<SHARES-COMMON-PRIOR> 12705487
<ACCUMULATED-NII-CURRENT> (2576856)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49272836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242060894
<NET-ASSETS> 386895975
<DIVIDEND-INCOME> 1257878
<INTEREST-INCOME> 2572867
<OTHER-INCOME> 0
<EXPENSES-NET> (6407601)
<NET-INVESTMENT-INCOME> (2576856)
<REALIZED-GAINS-CURRENT> 50997323
<APPREC-INCREASE-CURRENT> 223423575
<NET-CHANGE-FROM-OPS> 271844042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (18715447)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 6751263
<NUMBER-OF-SHARES-REDEEMED> (3628257)
<SHARES-REINVESTED> 881738
<NET-CHANGE-IN-ASSETS> 441209179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 52514596
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2949396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6407601
<AVERAGE-NET-ASSETS> 281279345
<PER-SHARE-NAV-BEGIN> 17.59
<PER-SHARE-NII> (.01)
<PER-SHARE-GAIN-APPREC> 7.10
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.53)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.15
<EXPENSE-RATIO> 1.02
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000230382
<NAME> MERRILL LYNCH SPECIAL VALUE FUND, INC.
<SERIES>
<NUMBER> 002
<NAME> CLASS B
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 841116297
<INVESTMENTS-AT-VALUE> 1083177191
<RECEIVABLES> 10360647
<ASSETS-OTHER> 530834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1094068672
<PAYABLE-FOR-SECURITIES> 15705780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4590891
<TOTAL-LIABILITIES> 20296671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 785015127
<SHARES-COMMON-STOCK> 24590164
<SHARES-COMMON-PRIOR> 19974939
<ACCUMULATED-NII-CURRENT> (2576856)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49272836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242060894
<NET-ASSETS> 543964095
<DIVIDEND-INCOME> 1257878
<INTEREST-INCOME> 2572867
<OTHER-INCOME> 0
<EXPENSES-NET> (6407601)
<NET-INVESTMENT-INCOME> (2576856)
<REALIZED-GAINS-CURRENT> 50997323
<APPREC-INCREASE-CURRENT> 223423575
<NET-CHANGE-FROM-OPS> 271844042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (29000275)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 7178304
<NUMBER-OF-SHARES-REDEEMED> (3940686)
<SHARES-REINVESTED> 1377607
<NET-CHANGE-IN-ASSETS> 441209179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 52514596
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2949396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6407601
<AVERAGE-NET-ASSETS> 409270421
<PER-SHARE-NAV-BEGIN> 16.91
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 6.79
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 22.12
<EXPENSE-RATIO> 2.05
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000230382
<NAME> MERRILL LYNCH SPECIAL VALUE FUND, INC.
<SERIES>
<NUMBER> 003
<NAME> CLASS C
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 841116297
<INVESTMENTS-AT-VALUE> 1083177191
<RECEIVABLES> 10360647
<ASSETS-OTHER> 530834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1094068672
<PAYABLE-FOR-SECURITIES> 15705780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4590891
<TOTAL-LIABILITIES> 20296671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 785015127
<SHARES-COMMON-STOCK> 2644901
<SHARES-COMMON-PRIOR> 1859344
<ACCUMULATED-NII-CURRENT> (2576856)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49272836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242060894
<NET-ASSETS> 58002073
<DIVIDEND-INCOME> 1257878
<INTEREST-INCOME> 2572867
<OTHER-INCOME> 0
<EXPENSES-NET> (6407601)
<NET-INVESTMENT-INCOME> (2576856)
<REALIZED-GAINS-CURRENT> 50997323
<APPREC-INCREASE-CURRENT> 223423575
<NET-CHANGE-FROM-OPS> 271844042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (2676723)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 1422828
<NUMBER-OF-SHARES-REDEEMED> (767031)
<SHARES-REINVESTED> 129760
<NET-CHANGE-IN-ASSETS> 441209179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 52514596
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2949396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6407601
<AVERAGE-NET-ASSETS> 39090266
<PER-SHARE-NAV-BEGIN> 16.77
<PER-SHARE-NII> (.10)
<PER-SHARE-GAIN-APPREC> 6.74
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.48)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 21.93
<EXPENSE-RATIO> 2.06
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
<TABLE> <S> <C>
<ARTICLE> 6
<CIK> 0000230382
<NAME> MERRILL LYNCH SPECIAL VALUE FUND, INC.
<SERIES>
<NUMBER> 004
<NAME> CLASS D
<S> <C>
<PERIOD-TYPE> 6-MOS
<FISCAL-YEAR-END> MAR-31-1998
<PERIOD-START> APR-01-1997
<PERIOD-END> SEP-30-1997
<INVESTMENTS-AT-COST> 841116297
<INVESTMENTS-AT-VALUE> 1083177191
<RECEIVABLES> 10360647
<ASSETS-OTHER> 530834
<OTHER-ITEMS-ASSETS> 0
<TOTAL-ASSETS> 1094068672
<PAYABLE-FOR-SECURITIES> 15705780
<SENIOR-LONG-TERM-DEBT> 0
<OTHER-ITEMS-LIABILITIES> 4590891
<TOTAL-LIABILITIES> 20296671
<SENIOR-EQUITY> 0
<PAID-IN-CAPITAL-COMMON> 785015127
<SHARES-COMMON-STOCK> 3677475
<SHARES-COMMON-PRIOR> 2288022
<ACCUMULATED-NII-CURRENT> (2576856)
<OVERDISTRIBUTION-NII> 0
<ACCUMULATED-NET-GAINS> 49272836
<OVERDISTRIBUTION-GAINS> 0
<ACCUM-APPREC-OR-DEPREC> 242060894
<NET-ASSETS> 84909858
<DIVIDEND-INCOME> 1257878
<INTEREST-INCOME> 2572867
<OTHER-INCOME> 0
<EXPENSES-NET> (6407601)
<NET-INVESTMENT-INCOME> (2576856)
<REALIZED-GAINS-CURRENT> 50997323
<APPREC-INCREASE-CURRENT> 223423575
<NET-CHANGE-FROM-OPS> 271844042
<EQUALIZATION> 0
<DISTRIBUTIONS-OF-INCOME> 0
<DISTRIBUTIONS-OF-GAINS> (3846638)
<DISTRIBUTIONS-OTHER> 0
<NUMBER-OF-SHARES-SOLD> 2807295
<NUMBER-OF-SHARES-REDEEMED> (1595377)
<SHARES-REINVESTED> 177535
<NET-CHANGE-IN-ASSETS> 441209179
<ACCUMULATED-NII-PRIOR> 0
<ACCUMULATED-GAINS-PRIOR> 52514596
<OVERDISTRIB-NII-PRIOR> 0
<OVERDIST-NET-GAINS-PRIOR> 0
<GROSS-ADVISORY-FEES> 2949396
<INTEREST-EXPENSE> 0
<GROSS-EXPENSE> 6407601
<AVERAGE-NET-ASSETS> 54716710
<PER-SHARE-NAV-BEGIN> 17.56
<PER-SHARE-NII> (.03)
<PER-SHARE-GAIN-APPREC> 7.08
<PER-SHARE-DIVIDEND> 0
<PER-SHARE-DISTRIBUTIONS> (1.52)
<RETURNS-OF-CAPITAL> 0
<PER-SHARE-NAV-END> 23.09
<EXPENSE-RATIO> 1.27
<AVG-DEBT-OUTSTANDING> 0
<AVG-DEBT-PER-SHARE> 0
</TABLE>
