diff --git a/src/CHANGELOG b/src/CHANGELOG
index 545adac57..e558527e4 100644
--- a/src/CHANGELOG
+++ b/src/CHANGELOG
@@ -7,6 +7,8 @@ ECL 0.9h
    high level routines (VECTOR-PUSH-EXTEND) to handle the vector of weak
    pointers to the files.
 
+ - MULTIPLE-VALUE-SETQ must output only the primary value.
+
 * Design:
 
  - Simplified the structure of the frame stack, removing redundant fields.
diff --git a/src/c/compiler.d b/src/c/compiler.d
index 045e49269..f60d15d0d 100644
--- a/src/c/compiler.d
+++ b/src/c/compiler.d
@@ -1368,7 +1368,7 @@ static int
 c_multiple_value_setq(cl_object orig_args, int flags) {
 	cl_object args = orig_args;
 	cl_object orig_vars;
-	cl_object vars = Cnil;
+	cl_object vars = Cnil, values;
 	cl_object old_variables = ENV->variables;
 	cl_index nvars = 0;
 
@@ -1394,12 +1394,14 @@ c_multiple_value_setq(cl_object orig_args, int flags) {
 	}
 
 	/* Compile values */
-	compile_form(pop(&args), FLAG_VALUES);
+	values = pop(&args);
 	if (args != Cnil)
 		FEprogram_error("MULTIPLE-VALUE-SETQ: Too many arguments.", 0);
-	if (nvars == 0)
+	if (nvars == 0) {
 		/* No variables */
-		return flags;
+		return compile_form(cl_list(2, @'values', values), flags);
+	}
+	compile_form(values, FLAG_VALUES);
 
 	/* Compile variables */
 	asm_op2(OP_MSETQ, nvars);
diff --git a/src/c/interpreter.d b/src/c/interpreter.d
index d7929943a..1ec082100 100644
--- a/src/c/interpreter.d
+++ b/src/c/interpreter.d
@@ -540,7 +540,10 @@ interpret_msetq(cl_object bytecodes, cl_opcode *vector)
 				ECL_SETQ(name, value);
 		}
 	}
-	if (NVALUES > 1) NVALUES = 1;
+	if (NVALUES == 0) {
+		VALUES(0) = Cnil;
+	}
+	NVALUES = 1;
 	return vector;
 }