UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act File Number: 811-10387

Tax-Managed Value Portfolio

(Exact Name of Registrant as Specified in Charter)

One Post Office Square, Boston, Massachusetts 02109

(Address of Principal Executive Offices)

Deidre E. Walsh

One Post Office Square, Boston, Massachusetts 02109

(Name and Address of Agent for Services)

(617) 482-8260

(Registrant’s Telephone Number)

October 31

Date of Fiscal Year End

April 30, 2026

Date of Reporting Period

Item 1. Reports to Stockholders

(a)

Tax-Managed Value Portfolio

Semi-Annual Shareholder Report April 30, 2026

This semi-annual shareholder report contains important information about the Tax-Managed Value Portfolio (the "Fund") for the period of November 1, 2025 to April 30, 2026. You can find additional information about the Fund at www.eatonvance.com/open-end-mutual-fund-documents.php and selecting Eaton Vance Tax-Managed Value Fund. You can also request this information by contacting us at 1-800-262-1122.

What were the Fund costs for the last six months?

(based on a hypothetical $10,000 investment)

Table Summary
Fund Name	Costs of a $10,000 investment	Costs paid as a percentage of a $10,000 investment
Tax-Managed Value Portfolio	$36	0.68%^{Footnote Reference1}

Footnote	Description
Footnote¹	Annualized

Key Fund Statistics

Table Summary
Total Net Assets	$1,173,783,340
# of Portfolio Holdings	71
Portfolio Turnover Rate	10%

What did the Fund invest in?

The following tables reflect what the Fund invested in as of the report date.

Sector Allocation (% of total investments)

Table Summary
Value	Value
Short-Term Investments	0.3%
Real Estate	0.8%
Consumer Staples	4.3%
Materials	5.3%
Utilities	5.5%
Communication Services	6.9%
Energy	8.5%
Consumer Discretionary	9.7%
Health Care	10.3%
Information Technology	13.5%
Industrials	14.6%
Financials	20.3%

Top Ten Holdings (% of total investments)^{Footnote Referencea}

Table Summary
Micron Technology, Inc.	5.3%
Alphabet, Inc., Class A	4.4%
Chevron Corp.	4.1%
JPMorgan Chase & Co.	3.5%
Amazon.com, Inc.	3.3%
Intel Corp.	3.3%
PNC Financial Services Group, Inc.	2.7%
Parker-Hannifin Corp.	2.6%
Westinghouse Air Brake Technologies Corp.	2.5%
NextEra Energy, Inc.	2.5%
Total	34.2%

Footnote	Description
Footnote^a	Excluding cash equivalents

Additional Information

If you wish to view additional information about the Fund, including the prospectus, statement of additional information, financial statements and holdings, please scan the QR code or visit www.eatonvance.com/open-end-mutual-fund-documents.php and select Eaton Vance Tax-Managed Value Fund. For proxy information, please visit www.eatonvance.com/proxyvoting.

Householding

The Funds may deliver a single copy of certain required shareholder documents (including prospectuses, shareholder reports, and proxy materials) to investors with the same last name and the same address. Your participation will continue indefinitely unless you instruct otherwise by calling 1-800-262-1122 or by contacting your financial intermediary. Your instruction will typically be effective within 30 days of receipt.

Not FDIC Insured | May Lose Value | No Bank Guarantee

Semi-Annual Shareholder Report April 30, 2026

TMV Port.-TSR-SAR

Table of Contents

Tax-Managed Value Portfolio

April 30, 2026

Portfolio of Investments (Unaudited)

Common Stocks — 99.7%

Security	Shares		Value
Aerospace & Defense — 1.6%
RTX Corp.		107,040	$ 18,846,533
			$ 18,846,533
Banks — 8.1%
JPMorgan Chase & Co.		130,108	$ 40,753,729
PNC Financial Services Group, Inc.		142,029	31,672,467
Wells Fargo & Co.		270,374	22,232,854
			$ 94,659,050
Beverages — 0.7%
Coca-Cola Co.		106,209	$ 8,365,021
			$ 8,365,021
Biotechnology — 2.2%
AbbVie, Inc.		61,461	$ 12,987,938
Gilead Sciences, Inc.		75,441	9,870,700
Neurocrine Biosciences, Inc.⁽¹⁾		23,462	3,089,242
			$ 25,947,880
Broadline Retail — 4.0%
Amazon.com, Inc.⁽¹⁾		147,373	$ 39,062,688
eBay, Inc.		81,234	8,406,094
			$ 47,468,782
Building Products — 0.6%
Carrier Global Corp.		113,000	$ 7,590,210
			$ 7,590,210
Capital Markets — 6.5%
Cboe Global Markets, Inc.		22,561	$ 6,770,331
Charles Schwab Corp.		241,577	22,138,116
Goldman Sachs Group, Inc.		22,892	21,146,943
Interactive Brokers Group, Inc., Class A		324,136	25,768,812
			$ 75,824,202
Chemicals — 1.8%
Linde PLC		38,610	$ 19,349,015
Solstice Advanced Materials, Inc.		14,879	1,219,334
			$ 20,568,349

Security	Shares		Value
Communications Equipment — 1.5%
Cisco Systems, Inc.		191,540	$ 17,525,910
			$ 17,525,910
Consumer Staples Distribution & Retail — 1.4%
U.S. Foods Holding Corp.⁽¹⁾		169,731	$ 15,868,151
			$ 15,868,151
Containers & Packaging — 2.1%
Avery Dennison Corp.		31,014	$ 5,084,125
Ball Corp.		320,112	19,552,441
			$ 24,636,566
Electric Utilities — 2.8%
NextEra Energy, Inc.		297,770	$ 29,145,728
NRG Energy, Inc.		25,452	3,959,822
			$ 33,105,550
Entertainment — 1.3%
Walt Disney Co.		147,913	$ 15,345,974
			$ 15,345,974
Financial Services — 1.3%
Visa, Inc., Class A		44,697	$ 14,742,858
			$ 14,742,858
Food Products — 2.1%
Hershey Co.		81,929	$ 15,217,492
Nestle SA		90,000	9,111,568
			$ 24,329,060
Ground Transportation — 2.1%
CSX Corp.		240,932	$ 10,945,541
Union Pacific Corp.		50,876	13,710,064
			$ 24,655,605
Health Care Equipment & Supplies — 1.8%
Boston Scientific Corp.⁽¹⁾		49,770	$ 2,867,250
Stryker Corp.		58,093	18,306,847
			$ 21,174,097
Health Care Providers & Services — 1.4%
McKesson Corp.		5,281	$ 4,305,071
UnitedHealth Group, Inc.		32,799	12,151,374
			$ 16,456,445

See Notes to Financial Statements.

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Tax-Managed Value Portfolio

April 30, 2026

Portfolio of Investments (Unaudited) — continued

Security	Shares		Value
Household Durables — 1.3%
DR Horton, Inc.		99,360	$ 15,287,530
			$ 15,287,530
Household Products — 0.2%
Kimberly-Clark Corp.		22,604	$ 2,224,912
			$ 2,224,912
Industrial Conglomerates — 2.8%
3M Co.		140,271	$ 20,552,507
Honeywell International, Inc.		59,519	12,756,707
			$ 33,309,214
Insurance — 4.5%
Arch Capital Group Ltd.⁽¹⁾		183,981	$ 17,378,845
MetLife, Inc.		111,289	8,914,249
Reinsurance Group of America, Inc., Class A		33,595	7,103,999
Travelers Cos., Inc.		64,030	19,538,114
			$ 52,935,207
Interactive Media & Services — 5.6%
Alphabet, Inc., Class A		135,239	$ 52,039,967
Meta Platforms, Inc., Class A		22,621	13,842,016
			$ 65,881,983
Life Sciences Tools & Services — 1.6%
Thermo Fisher Scientific, Inc.		40,011	$ 19,163,669
			$ 19,163,669
Machinery — 7.4%
Ingersoll Rand, Inc.		287,559	$ 22,964,462
Otis Worldwide Corp.		56,500	4,400,220
Parker-Hannifin Corp.		32,648	29,690,744
Westinghouse Air Brake Technologies Corp.		109,778	29,627,984
			$ 86,683,410
Metals & Mining — 1.4%
Steel Dynamics, Inc.		73,397	$ 16,782,958
			$ 16,782,958
Multi-Utilities — 2.7%
CMS Energy Corp.		71,743	$ 5,505,558
Sempra		273,870	26,050,514
			$ 31,556,072

Security	Shares		Value
Oil, Gas & Consumable Fuels — 8.5%
Chevron Corp.		248,950	$ 48,124,524
ConocoPhillips		103,400	13,005,652
EOG Resources, Inc.		51,427	7,229,093
Occidental Petroleum Corp.		161,414	9,778,460
Phillips 66		49,190	8,812,389
Williams Cos., Inc.		170,886	13,040,311
			$ 99,990,429
Pharmaceuticals — 3.3%
Eli Lilly & Co.		14,117	$ 13,193,748
Merck & Co., Inc.		124,185	13,558,519
Zoetis, Inc.		101,295	11,645,886
			$ 38,398,153
Residential REITs — 0.7%
AvalonBay Communities, Inc.		47,915	$ 8,768,445
			$ 8,768,445
Semiconductors & Semiconductor Equipment — 10.8%
Intel Corp.⁽¹⁾		409,795	$ 38,717,431
Microchip Technology, Inc.		166,013	15,424,268
Micron Technology, Inc.		120,692	62,417,075
QUALCOMM, Inc.		56,245	10,100,477
			$ 126,659,251
Software — 1.2%
Oracle Corp.		39,014	$ 6,296,470
Salesforce, Inc.		43,136	7,614,798
			$ 13,911,268
Specialty Retail — 4.4%
Home Depot, Inc.		81,060	$ 26,652,528
Lowe's Cos., Inc.		21,079	5,033,455
Ross Stores, Inc.		84,913	19,342,331
			$ 51,028,314
Total Common Stocks (identified cost $475,412,401)			$1,169,691,058

See Notes to Financial Statements.

Table of Contents

Tax-Managed Value Portfolio

April 30, 2026

Notes to Financial Statements (Unaudited)

1 Significant Accounting Policies

Tax-Managed Value Portfolio (the Portfolio) is a Massachusetts business trust registered under the Investment Company Act of 1940, as amended (the 1940 Act), as a diversified, open-end management investment company. The Portfolio’s investment objective is to achieve long-term, after-tax returns by investing primarily in value stocks. The Declaration of Trust permits the Trustees to issue interests in the Portfolio. At April 30, 2026, Eaton Vance Tax-Managed Value Fund and Eaton Vance Tax-Managed Equity Asset Allocation Fund held an interest of 78.3% and 21.7%, respectively, in the Portfolio.

The following is a summary of significant accounting policies of the Portfolio. The policies are in conformity with accounting principles generally accepted in the United States of America (U.S. GAAP). The Portfolio is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board (FASB) Accounting Standards Codification Topic 946.

A Investment Valuation—The following methodologies are used to determine the market value or fair value of investments.

Equity Securities. Equity securities listed on a U.S. securities exchange generally are valued at the last sale or closing price on the day of valuation or, if no sales took place on such date, at the mean between the closing bid and ask prices on the exchange where such securities are principally traded. Equity securities listed on the NASDAQ National Market System are valued at the NASDAQ official closing price. Unlisted or listed securities for which closing sales prices or closing quotations are not available are valued at the mean between the latest available bid and ask prices.

Foreign Securities and Currencies. Foreign securities and currencies are valued in U.S. dollars, based on foreign currency exchange rate quotations supplied by a third party pricing service. The pricing service uses a proprietary model to determine the exchange rate. Inputs to the model include reported trades and implied bid/ask spreads. The daily valuation of exchange-traded foreign securities generally is determined as of the close of trading on the principal exchange on which such securities trade. Events occurring after the close of trading on foreign exchanges may result in adjustments to the valuation of foreign securities to more accurately reflect their fair value as of the close of regular trading on the New York Stock Exchange. When valuing foreign equity securities that meet certain criteria, the Portfolio's Trustees have approved the use of a fair value service that values such securities to reflect market trading that occurs after the close of the applicable foreign markets of comparable securities or other instruments that have a strong correlation to the fair-valued securities.

Other. Investments in management investment companies (including money market funds) that do not trade on an exchange are valued at the net asset value as of the close of each business day.

Fair Valuation. In connection with Rule 2a-5 of the 1940 Act, the Trustees have designated the Portfolio’s investment adviser as its valuation designee. Investments for which valuations or market quotations are not readily available or are deemed unreliable are valued by the investment adviser, as valuation designee, at fair value using methods that most fairly reflect the security’s “fair value”, which is the amount that the Portfolio might reasonably expect to receive for the security upon its current sale in the ordinary course. Each such determination is based on a consideration of relevant factors, which are likely to vary from one pricing context to another. These factors may include, but are not limited to, the type of security, the existence of any contractual restrictions on the security’s disposition, the price and extent of public trading in similar securities of the issuer or of comparable companies or entities, quotations or relevant information obtained from broker/dealers or other market participants, information obtained from the issuer, analysts, and/or the appropriate stock exchange (for exchange-traded securities), an analysis of the company’s or entity’s financial statements, and an evaluation of the forces that influence the issuer and the market(s) in which the security is purchased and sold.

B Investment Transactions—Investment transactions for financial statement purposes are accounted for on a trade date basis. Realized gains and losses on investments sold are determined on the basis of identified cost.

C Income—Dividend income is recorded on the ex-dividend date for dividends received in cash and/or securities. However, if the ex-dividend date has passed, certain dividends from foreign securities are recorded as the Portfolio is informed of the ex-dividend date. Withholding taxes on foreign dividends and capital gains have been provided for in accordance with the Portfolio's understanding of the applicable countries’ tax rules and rates. In consideration of recent decisions rendered by European courts, the Portfolio has filed additional tax reclaims for previously withheld taxes on dividends earned in certain European Union countries. These filings are subject to various administrative and judicial proceedings within these countries (the “EU reclaims”). Due to the uncertainty as to the ultimate resolution of these proceedings, the likelihood of receipt of these EU reclaims, and the potential timing of payment, the EU reclaims are recorded as income only when the likelihood of their receipt becomes certain.

D Federal and Other Taxes—The Portfolio has elected to be treated as a partnership for federal tax purposes. No provision is made by the Portfolio for federal or state taxes on any taxable income of the Portfolio because each investor in the Portfolio is ultimately responsible for the payment of any taxes on its share of taxable income. Since at least one of the Portfolio's investors is a regulated investment company that invests all or substantially all of its assets in the Portfolio, the Portfolio normally must satisfy the applicable source of income and diversification requirements (under the Internal Revenue Code) in order for its investors to satisfy them. The Portfolio will allocate, at least annually among its investors, each investor's distributive share of the Portfolio's net investment income, net realized capital gains and losses and any other items of income, gain, loss, deduction or credit.

As of April 30, 2026, the Portfolio had no uncertain tax positions that would require financial statement recognition, de-recognition, or disclosure. The Portfolio files a U.S. federal income tax return annually after its fiscal year-end, which is subject to examination by the Internal Revenue Service for a period of three years from the date of filing.

Table of Contents

Tax-Managed Value Portfolio

April 30, 2026

Notes to Financial Statements (Unaudited) — continued

E Foreign Currency Translation—Investment valuations, other assets, and liabilities initially expressed in foreign currencies are translated each business day into U.S. dollars based upon current exchange rates. Purchases and sales of foreign investment securities and income and expenses denominated in foreign currencies are translated into U.S. dollars based upon currency exchange rates in effect on the respective dates of such transactions. Recognized gains or losses on investment transactions attributable to changes in foreign currency exchange rates are recorded for financial statement purposes as net realized gains and losses on investments. That portion of unrealized gains and losses on investments that results from fluctuations in foreign currency exchange rates is not separately disclosed.

F Use of Estimates—The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of income and expense during the reporting period. Actual results could differ from those estimates.

G Indemnifications—Under the Portfolio’s organizational documents, its officers and Trustees may be indemnified against certain liabilities and expenses arising out of the performance of their duties to the Portfolio. Under Massachusetts law, if certain conditions prevail, interestholders in the Portfolio could be deemed to have personal liability for the obligations of the Portfolio. However, the Portfolio’s Declaration of Trust contains an express disclaimer of liability on the part of Portfolio interestholders. Additionally, in the normal course of business, the Portfolio enters into agreements with service providers that may contain indemnification clauses. The Portfolio’s maximum exposure under these arrangements is unknown as this would involve future claims that may be made against the Portfolio that have not yet occurred.

H Segment Reporting—The Portfolio operates as a single reportable segment, an investment company whose investment objective(s) is included in Note 1. The Portfolio’s President acts as the Portfolio's Chief Operating Decision Maker (CODM), who is responsible for assessing the performance of the Portfolio's single segment and deciding how to allocate the segment’s resources. To perform this function, the CODM reviews the information in the Portfolio’s financial statements.

I Interim Financial Statements—The interim financial statements relating to April 30, 2026 and for the six months then ended have not been audited by an independent registered public accounting firm, but in the opinion of the Portfolio’s management, reflect all adjustments, consisting only of normal recurring adjustments, necessary for the fair presentation of the financial statements.

2 Investment Adviser Fee and Other Transactions with Affiliates

The investment adviser fee is earned by Boston Management and Research (BMR), an indirect, wholly-owned subsidiary of Morgan Stanley, as compensation for investment advisory services rendered to the Portfolio. The fee is computed at an annual rate as a percentage of the Portfolio’s average daily net assets as follows and is payable monthly:

Average Daily Net Assets	Annual Fee Rate
Up to $500 million	0.650%
$500 million but less than $1 billion	0.625%
$1 billion but less than $2 billion	0.600%
$2 billion but less than $5 billion	0.575%
$5 billion and over	0.555%

For the six months ended April 30, 2026, the investment adviser fee amounted to $3,461,082 or 0.625% (annualized) of the Portfolio’s average daily net assets. The Portfolio may invest in a money market fund, the Institutional Class of the Morgan Stanley Institutional Liquidity Funds - Government Portfolio (the “Liquidity Fund”), an open-end management investment company managed by Morgan Stanley Investment Management Inc., a wholly-owned subsidiary of Morgan Stanley. The investment adviser fee paid by the Portfolio is reduced by an amount equal to its pro rata share of the advisory and administration fees paid by the Portfolio due to its investment in the Liquidity Fund. For the six months ended April 30, 2026, the investment adviser fee paid was reduced by $1,658 relating to the Portfolio’s investment in the Liquidity Fund.

Trustees and officers of the Portfolio who are members of BMR’s organization receive remuneration for their services to the Portfolio out of the investment adviser fee. Trustees of the Portfolio who are not affiliated with the investment adviser may elect to defer receipt of all or a percentage of their annual fees in accordance with the terms of the Trustees Deferred Compensation Plan. Certain officers and Trustees of the Portfolio are officers of the above organization.

3 Purchases and Sales of Investments

Purchases and sales of investments, other than short-term obligations and in-kind transactions, aggregated $108,028,262 and $126,852,135, respectively, for the six months ended April 30, 2026. In-kind sales for the six months ended April 30, 2026 aggregated $7,984,308.

Table of Contents

Tax-Managed Value Portfolio

April 30, 2026

Notes to Financial Statements (Unaudited) — continued

4 Federal Income Tax Basis of Investments

The cost and unrealized appreciation (depreciation) of investments of the portfolio at April 30, 2026, as determined on a federal income tax basis, were as follows:

Aggregate cost	$484,070,594
Gross unrealized appreciation	$697,866,853
Gross unrealized depreciation	(8,227,850)
Net unrealized appreciation	$689,639,003

5 Line of Credit

The Portfolio participates with other portfolios and funds managed by BMR and its affiliates in a $650 million unsecured revolving line of credit agreement with a group of banks, which is in effect through October 20, 2026. Borrowings are made by the Portfolio solely for temporary purposes related to redemptions and other short-term cash needs. Interest is charged to the Portfolio based on its borrowings generally at an amount above either the Secured Overnight Financing Rate (SOFR) or Federal Funds rate. In addition, a fee computed at an annual rate of 0.15% on the daily unused portion of the line of credit is allocated among the participating portfolios and funds at the end of each quarter. In connection with the renewal of the agreement in October 2025, an arrangement fee of $150,000 was incurred that was allocated to the participating portfolios and funds. Because the line of credit is not available exclusively to the Portfolio, it may be unable to borrow some or all of its requested amounts at any particular time. The Portfolio did not have any significant borrowings or allocated fees during the six months ended April 30, 2026.

6 Affiliated Investments

At April 30, 2026, the value of the Portfolio's investment in funds that may be deemed to be affiliated was $4,018,539, which represents 0.3% of the Portfolio's net assets. Transactions in such investments by the Portfolio for the six months ended April 30, 2026 were as follows:

Name	Value, beginning of period	Purchases	Sales proceeds	Net realized gain (loss)	Change in unrealized appreciation (depreciation)	Value, end of period	Dividend income	Shares, end of period
Short-Term Investments
Liquidity Fund	$1,103,021	$56,118,816	$(53,203,298)	$ —	$ —	$4,018,539	$39,954	4,018,539

7 Fair Value Measurements

Under generally accepted accounting principles for fair value measurements, a three-tier hierarchy to prioritize the assumptions, referred to as inputs, is used in valuation techniques to measure fair value. The three-tier hierarchy of inputs is summarized in the three broad levels listed below.

•	Level 1 – quoted prices in active markets for identical investments
•	Level 2 – other significant observable inputs (including quoted prices for similar investments, interest rates, prepayment speeds, credit risk, etc.)
•	Level 3 – significant unobservable inputs (including a fund's own assumptions in determining the fair value of investments)

In cases where the inputs used to measure fair value fall in different levels of the fair value hierarchy, the level disclosed is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies

Not applicable.

Item 9. Proxy Disclosures for Open-End Management Investment Companies

Not applicable.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies

The information is disclosed as part of the Financial Statements included in Item 7 of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract

Not applicable.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies

Not applicable.

Item 13. Portfolio Managers of Closed-End Management Investment Companies

Not applicable.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers

Not applicable.

Item 15. Submission of Matters to a Vote of Security Holders

There have been no material changes to the procedures by which shareholders may recommend nominee to the Portfolio’s Board of Trustees since the Portfolio last provided disclosure in response to this item.

Item 16. Controls and Procedures

(a)

It is the conclusion of the registrant’s principal executive officer and principal financial officer that the effectiveness of the registrant’s current disclosure controls and procedures (such disclosure controls and procedures having been evaluated within 90 days of the date of this filing) provide reasonable assurance that the information required to be disclosed by the registrant has been recorded, processed, summarized and reported within the time period specified in the Commission’s rules and forms and that the information required to be disclosed by the registrant has been accumulated and communicated to the registrant’s principal executive officer and principal financial officer in order to allow timely decisions regarding required disclosure.

(b)	There have been no changes in the registrant’s internal control over financial reporting during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies

Not applicable.

Item 18. Recovery of Erroneously Awarded Compensation

Not applicable.

Item 19. Exhibits


(a)(1)		Registrant’s Code of Ethics – Not applicable (please see Item 2).

(a)(2)(i)		Principal Financial Officer’s Section 302 certification.

(a)(2)(ii)		Principal Executive Officer’s Section 302 certification.

(b)		Combined Section 906 certification.

Security	Shares		Value
Morgan Stanley Institutional Liquidity Funds - Government Portfolio, Institutional Class, 3.57%⁽²⁾		4,018,539	$ 4,018,539
Total Short-Term Investments (identified cost $4,018,539)			$ 4,018,539
Total Investments — 100.0% (identified cost $479,430,940)			$1,173,709,597
Other Assets, Less Liabilities — 0.0%^†			$ 73,743
Net Assets — 100.0%			$1,173,783,340

The percentage shown for each investment category in the Portfolio of Investments is based on net assets.
^†	Amount is less than 0.05% or (0.05)%, as applicable.
⁽¹⁾	Non-income producing security.
⁽²⁾	May be deemed to be an affiliated investment company (see Note 7). The rate shown is the annualized seven-day yield as of April 30, 2026.

	April 30, 2026
Assets
Unaffiliated investments, at value (identified cost $475,412,401)	$1,169,691,058
Affiliated investments, at value (identified cost $4,018,539)	4,018,539
Dividends receivable	428,593
Dividends receivable from affiliated investments	7,423
Tax reclaims receivable	400,705
Trustees' deferred compensation plan	204,683
Total assets	$1,174,751,001
Liabilities
Payable to affiliates:
Investment adviser fee	$586,213
Trustees' fees	5,439
Trustees' deferred compensation plan	204,683
Payable for custodian fee	85,683
Accrued expenses	85,643
Total liabilities	$967,661
Net Assets applicable to investors' interest in Portfolio	$1,173,783,340

	Six Months Ended
	April 30, 2026
Investment Income
Dividend income (net of foreign taxes withheld of $53,743)	$8,626,091
Dividend income from affiliated investments	39,954
Total investment income	$8,666,045
Expenses
Investment adviser fee	$3,461,082
Trustees’ fees and expenses	29,847
Custodian fee	129,748
Legal and accounting services	62,756
Miscellaneous	52,395
Total expenses	$3,735,828
Deduct:
Waiver and/or reimbursement of expenses by affiliates	$1,658
Total expense reductions	$1,658
Net expenses	$3,734,170
Net investment income	$4,931,875
Realized and Unrealized Gain (Loss)
Net realized gain (loss):
Investment transactions	$22,409,393⁽¹⁾
Foreign currency transactions	(1,864)
Net realized gain	$22,407,529
Change in unrealized appreciation (depreciation):
Investments	$112,401,085
Foreign currency	9,315
Net change in unrealized appreciation (depreciation)	$112,410,400
Net realized and unrealized gain	$134,817,929
Net increase in net assets from operations	$139,749,804

	Six Months Ended April 30, 2026 (Unaudited)	Year Ended October 31, 2025
Increase (Decrease) in Net Assets
From operations:
Net investment income	$4,931,875	$11,929,090
Net realized gain	22,407,529⁽¹⁾	71,703,249⁽²⁾
Net change in unrealized appreciation (depreciation)	112,410,400	7,476,227
Net increase in net assets from operations	$139,749,804	$91,108,566
Capital transactions:
Contributions	$2,545,943	$2,738,003
Withdrawals	(31,456,064)	(62,889,759)
Net decrease in net assets from capital transactions	$(28,910,121)	$(60,151,756)
Net increase in net assets	$110,839,683	$30,956,810
Net Assets
At beginning of period	$1,062,943,657	$1,031,986,847
At end of period	$1,173,783,340	$1,062,943,657

⁽¹⁾	Includes $7,038,970 of net realized gains from redemptions in-kind.
⁽²⁾	Includes $34,924,426 of net realized gains from redemptions in-kind.

	Six Months Ended April 30, 2026 (Unaudited)	Year Ended October 31,
Ratios/Supplemental Data	Six Months Ended April 30, 2026 (Unaudited)	2025	2024	2023	2022	2021
Ratios (as a percentage of average daily net assets):⁽¹⁾
Total expenses	0.68%⁽²⁾	0.68%	0.68%	0.68%	0.68%	0.68%
Net expenses	0.68%⁽²⁾⁽³⁾	0.68%⁽³⁾	0.68%⁽³⁾	0.68%⁽³⁾	0.68%⁽³⁾	0.68%
Net investment income	0.90%⁽²⁾	1.18%	1.24%	1.42%	1.65%	1.27%
Portfolio Turnover	10%⁽⁴⁾	42%	23%	31%	29%	11%
Total Return	13.41%⁽⁴⁾	9.14%	32.27%	(1.84)%	(8.51)%	43.69%
Net assets, end of period (000’s omitted)	$1,173,783	$1,062,944	$1,031,987	$821,759	$880,628	$994,337

⁽¹⁾	Total expenses do not reflect amounts reimbursed and/or waived by the adviser and certain of its affiliates, if applicable. Net expenses are net of all reductions and represent the net expenses paid by the Portfolio.
⁽²⁾	Annualized.
⁽³⁾	Includes a reduction by the investment adviser of a portion of its adviser fee due to the Portfolio’s investment in the Liquidity Fund (equal to less than 0.005% of average daily net assets for the six months ended April 30, 2026 and the years ended October 31, 2025, 2024, 2023 and 2022).
⁽⁴⁾	Not annualized.

Asset Description	Level 1	Level 2	Level 3	Total
Common Stocks:
Communication Services	$ 81,227,957	$ —	$ —	$ 81,227,957
Consumer Discretionary	113,784,626	—	—	113,784,626
Consumer Staples	41,675,576	9,111,568	—	50,787,144
Energy	99,990,429	—	—	99,990,429
Financials	238,161,317	—	—	238,161,317
Health Care	121,140,244	—	—	121,140,244
Industrials	171,084,972	—	—	171,084,972
Information Technology	158,096,429	—	—	158,096,429
Materials	61,987,873	—	—	61,987,873
Real Estate	8,768,445	—	—	8,768,445
Utilities	64,661,622	—	—	64,661,622
Total Common Stocks	$1,160,579,490	$9,111,568*	$ —	$1,169,691,058
Short-Term Investments	$ 4,018,539	$ —	$ —	$ 4,018,539
Total Investments	$1,164,598,029	$ 9,111,568	$ —	$1,173,709,597


Tax-Managed Value Portfolio

By:		/s/ R. Kelly Williams, Jr.
		R. Kelly Williams, Jr.
		Principal Executive Officer

Date:		June 24, 2026


By:		/s/ James F. Kirchner
		James F. Kirchner
		Principal Financial Officer

Date:		June 24, 2026

By:		/s/ R. Kelly Williams, Jr.
		R. Kelly Williams, Jr.
		Principal Executive Officer

Date:		June 24, 2026