<Page>
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)
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Address of Principal Executive Offices)
Alan R. Dynner
The Eaton Vance Building, 255 State Street, Boston, Massachusetts 02109
-----------------------------------------------------------------------
(Name and Address of Agent for Services)
(617) 482-8260
--------------
(Registrant's Telephone Number)
October 31
----------
Date of Fiscal Year End
October 31, 2003
----------------
Date of Reporting Period
ITEM 1. REPORTS TO STOCKHOLDERS
<Page>
TAX-MANAGED VALUE PORTFOLIO as of October 31, 2003
PORTFOLIO OF INVESTMENTS
Common Stocks -- 99.1%
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------------------------------
AEROSPACE AND DEFENSE -- 3.5%
General Dynamics Corp. 150,000 $ 12,555,000
Northrop Grumman Corp. 73,500 6,570,900
United Technologies Corp. 55,000 4,657,950
- -----------------------------------------------------------------------------------------------
$ 23,783,850
- -----------------------------------------------------------------------------------------------
AUTO PARTS AND EQUIPMENT -- 0.5%
BorgWarner, Inc. 46,000 $ 3,661,140
- -----------------------------------------------------------------------------------------------
$ 3,661,140
- -----------------------------------------------------------------------------------------------
BANKS-REGIONAL -- 14.4%
Bank of America Corp. 170,000 $ 12,874,100
Bank One Corp. 150,000 6,367,500
Charter One Financial, Inc. 108,000 3,451,680
FleetBoston Financial Corp. 260,000 10,501,400
SouthTrust Corp. 220,000 7,007,000
TCF Financial Corp. 150,000 7,827,000
UnionBanCal Corp. 140,000 7,583,800
Wachovia Corp. 300,000 13,761,000
Washington Mutual, Inc. 304,500 13,321,875
Wells Fargo & Co. 255,000 14,361,600
- -----------------------------------------------------------------------------------------------
$ 97,056,955
- -----------------------------------------------------------------------------------------------
BROADCASTING AND CABLE -- 3.0%
Clear Channel Communications, Inc. 230,000 $ 9,388,600
Comcast Corp., Class A(1) 325,000 11,024,000
- -----------------------------------------------------------------------------------------------
$ 20,412,600
- -----------------------------------------------------------------------------------------------
BUILDING PRODUCTS -- 1.1%
Lennar Corp. 80,000 $ 7,348,000
- -----------------------------------------------------------------------------------------------
$ 7,348,000
- -----------------------------------------------------------------------------------------------
CHEMICALS -- 1.7%
Air Products and Chemicals, Inc. 247,000 $ 11,216,270
- -----------------------------------------------------------------------------------------------
$ 11,216,270
- -----------------------------------------------------------------------------------------------
COMMERCIAL SERVICES -- 0.6%
Service Master Co. (The) 327,000 $ 3,750,690
- -----------------------------------------------------------------------------------------------
$ 3,750,690
- -----------------------------------------------------------------------------------------------
COMMUNICATIONS SERVICES -- 5.7%
ALLTEL Corp. 233,500 $ 11,037,545
BellSouth Corp. 225,000 5,919,750
SBC Communications, Inc. 527,000 12,637,460
Verizon Communications, Inc. 267,600 8,991,360
- -----------------------------------------------------------------------------------------------
$ 38,586,115
- -----------------------------------------------------------------------------------------------
COMPUTERS AND BUSINESS EQUIPMENT -- 3.9%
Diebold, Inc. 106,000 $ 6,048,360
Hewlett-Packard Co. 298,000 6,648,380
International Business Machines Corp. 150,000 13,422,000
- -----------------------------------------------------------------------------------------------
$ 26,118,740
- -----------------------------------------------------------------------------------------------
DIVERSIFIED MANUFACTURING -- 0.8%
Emerson Electric Co. 100,500 $ 5,703,375
- -----------------------------------------------------------------------------------------------
$ 5,703,375
- -----------------------------------------------------------------------------------------------
ELECTRIC UTILITIES -- 6.9%
ALLETE, Inc. 150,000 $ 4,531,500
Dominion Resources, Inc. 155,000 9,548,000
Entergy Corp. 176,000 9,486,400
Exelon Corp. 188,000 11,928,600
Firstenergy Corp. 50,000 1,719,500
FPL Group, Inc. 150,000 9,561,000
- -----------------------------------------------------------------------------------------------
$ 46,775,000
- -----------------------------------------------------------------------------------------------
ENTERTAINMENT -- 0.5%
Time Warner, Inc.(1) 212,500 $ 3,249,125
- -----------------------------------------------------------------------------------------------
$ 3,249,125
- -----------------------------------------------------------------------------------------------
FINANCIAL SERVICES -- 6.9%
Citigroup, Inc. 335,000 $ 15,879,000
Countrywide Financial Corp. 32,000 3,363,840
Fannie Mae 105,000 7,527,450
First Data Corp. 158,000 5,640,600
J.P. Morgan Chase & Co. 185,000 6,641,500
National Commerce Financial Corp. 265,000 7,279,550
- -----------------------------------------------------------------------------------------------
$ 46,331,940
- -----------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
17
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------------------------------
FOODS -- 2.3%
Nestle SA(2) 35,500 $ 7,792,586
Sara Lee Corp. 375,000 7,473,750
- -----------------------------------------------------------------------------------------------
$ 15,266,336
- -----------------------------------------------------------------------------------------------
HEALTH CARE SERVICES -- 0.7%
Caremark Rx, Inc.(1) 175,000 $ 4,383,750
- -----------------------------------------------------------------------------------------------
$ 4,383,750
- -----------------------------------------------------------------------------------------------
HOUSEHOLD PRODUCTS -- 1.8%
Kimberly-Clark Corp. 145,000 $ 7,657,450
Unilever NV 72,000 4,222,800
- -----------------------------------------------------------------------------------------------
$ 11,880,250
- -----------------------------------------------------------------------------------------------
INFORMATION TECHNOLOGY AND MANAGEMENT CONSULTING -- 0.7%
Accenture Ltd., Class A(1)(2) 204,000 $ 4,773,600
- -----------------------------------------------------------------------------------------------
$ 4,773,600
- -----------------------------------------------------------------------------------------------
INSURANCE -- 5.3%
Allstate Corp. (The) 150,000 $ 5,925,000
Marsh & McLennan Cos., Inc. 75,000 3,206,250
MetLife, Inc. 450,000 14,130,000
Progressive Corp. 97,000 7,158,600
XL Capital Ltd., Class A(2) 75,000 5,212,500
- -----------------------------------------------------------------------------------------------
$ 35,632,350
- -----------------------------------------------------------------------------------------------
INVESTMENT SERVICES -- 4.7%
Franklin Resources, Inc. 73,000 $ 3,461,660
Goldman Sachs Group, Inc. 113,500 10,657,650
Merrill Lynch & Co., Inc. 165,000 9,768,000
Morgan Stanley 146,500 8,038,455
- -----------------------------------------------------------------------------------------------
$ 31,925,765
- -----------------------------------------------------------------------------------------------
LEISURE AND TOURISM -- 0.5%
Carnival Corp.(2) 100,000 $ 3,491,000
- -----------------------------------------------------------------------------------------------
$ 3,491,000
- -----------------------------------------------------------------------------------------------
MACHINERY -- 1.4%
Deere and Co. 150,000 $ 9,093,000
- -----------------------------------------------------------------------------------------------
$ 9,093,000
- -----------------------------------------------------------------------------------------------
MEDICAL - DRUGS -- 3.5%
Cardinal Health, Inc. 140,000 $ 8,307,600
Pfizer, Inc. 245,000 7,742,000
Wyeth 172,000 7,592,080
- -----------------------------------------------------------------------------------------------
$ 23,641,680
- -----------------------------------------------------------------------------------------------
METALS - INDUSTRIAL -- 2.1%
Alcoa, Inc. 445,000 $ 14,048,650
- -----------------------------------------------------------------------------------------------
$ 14,048,650
- -----------------------------------------------------------------------------------------------
OIL AND GAS - EQUIPMENT AND SERVICES -- 2.6%
GlobalSantaFe Corp. 368,000 $ 8,283,680
Noble Corp.(1) 273,000 9,372,090
- -----------------------------------------------------------------------------------------------
$ 17,655,770
- -----------------------------------------------------------------------------------------------
OIL AND GAS - INTEGRATED -- 7.0%
ChevronTexaco Corp. 150,000 $ 11,145,000
ConocoPhillips 225,000 12,858,750
Exxon Mobil Corp. 305,000 11,156,900
Occidental Petroleum Corp. 340,000 11,988,400
- -----------------------------------------------------------------------------------------------
$ 47,149,050
- -----------------------------------------------------------------------------------------------
PAPER AND FOREST PRODUCTS -- 1.9%
Weyerhaeuser Co. 209,000 $ 12,588,070
- -----------------------------------------------------------------------------------------------
$ 12,588,070
- -----------------------------------------------------------------------------------------------
PUBLISHING -- 1.8%
Gannett Co., Inc. 148,000 $ 12,448,280
- -----------------------------------------------------------------------------------------------
$ 12,448,280
- -----------------------------------------------------------------------------------------------
REITS -- 2.7%
AMB Property Corp. 112,500 $ 3,373,875
Avalonbay Communities, Inc. 75,000 3,425,250
General Growth Properties, Inc. 50,000 3,825,000
Public Storage, Inc. 90,000 3,600,000
Vornado Realty Trust 75,000 3,791,250
- -----------------------------------------------------------------------------------------------
$ 18,015,375
- -----------------------------------------------------------------------------------------------
RESTAURANTS -- 1.0%
McDonald's Corp. 270,000 $ 6,752,700
- -----------------------------------------------------------------------------------------------
$ 6,752,700
- -----------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
18
<Page>
<Table>
<Caption>
SECURITY SHARES VALUE
- -----------------------------------------------------------------------------------------------
RETAIL - SPECIALTY AND APPAREL -- 4.6%
Sears, Roebuck & Co. 187,000 $ 9,841,810
Target Corporation 196,000 7,789,040
TJX Companies, Inc. 625,000 13,118,750
- -----------------------------------------------------------------------------------------------
$ 30,749,600
- -----------------------------------------------------------------------------------------------
TELECOMMUNICATION EQUIPMENT MANUFACTURING -- 1.4%
Motorola, Inc. 250,000 $ 3,382,500
Nokia Corp. - Sponsored ADR 375,000 6,371,250
- -----------------------------------------------------------------------------------------------
$ 9,753,750
- -----------------------------------------------------------------------------------------------
TOBACCO -- 1.4%
Altria Group, Inc. 207,000 $ 9,625,500
- -----------------------------------------------------------------------------------------------
$ 9,625,500
- -----------------------------------------------------------------------------------------------
TRANSPORT - SERVICES -- 0.8%
FedEx Corp. 68,500 $ 5,189,560
- -----------------------------------------------------------------------------------------------
$ 5,189,560
- -----------------------------------------------------------------------------------------------
TRANSPORTATION -- 1.4%
Union Pacific Corp. 150,000 $ 9,390,000
- -----------------------------------------------------------------------------------------------
$ 9,390,000
- -----------------------------------------------------------------------------------------------
TOTAL COMMON STOCKS
(IDENTIFIED COST, $544,840,422) $ 667,447,836
- -----------------------------------------------------------------------------------------------
</Table>
Short-Term Investments -- 0.9%
<Table>
<Caption>
PRINCIPAL
AMOUNT
SECURITY (000'S OMITTED) VALUE
- ---------------------------------------------------------------------------------
Investors Bank & Trust Company
Time Deposit, 1.08%, 11/3/03 $ 6,285 $ 6,285,000
- ---------------------------------------------------------------------------------
TOTAL SHORT-TERM INVESTMENTS
(AT AMORTIZED COST, $6,285,000) $ 6,285,000
- ---------------------------------------------------------------------------------
TOTAL INVESTMENTS -- 100.0%
(IDENTIFIED COST, $551,125,422) $ 673,732,836
- ---------------------------------------------------------------------------------
OTHER ASSETS, LESS LIABILITIES -- (0.0)% $ (321,018)
- ---------------------------------------------------------------------------------
NET ASSETS -- 100.0% $ 673,411,818
- ---------------------------------------------------------------------------------
</Table>
ADR - American Depositary Receipt
(1) Non-income producing security.
(2) Foreign security.
See notes to financial statements.
19
<Page>
TAX-MANAGED VALUE PORTFOLIO as of October 31, 2003
FINANCIAL STATEMENTS
Statement of Assets and Liabilities
As of October 31, 2003
<Table>
ASSETS
Investments, at value (identified cost, $551,125,422) $ 673,732,836
Cash 14,750
Receivable for investments sold 1,486,355
Interest and dividends receivable 1,177,941
Tax reclaim receivable 27,700
- ---------------------------------------------------------------------------------
Total assets $ 676,439,582
- ---------------------------------------------------------------------------------
LIABILITIES
Payable for investments purchased $ 2,934,826
Payable to affiliate for Trustees' fees 433
Accrued expenses 92,505
- ---------------------------------------------------------------------------------
Total liabilities $ 3,027,764
- ---------------------------------------------------------------------------------
Net Assets applicable to investors' interest in Portfolio $ 673,411,818
- ---------------------------------------------------------------------------------
SOURCES OF NET ASSETS
Net proceeds from capital contributions and withdrawals $ 550,803,474
Net unrealized appreciation (computed on the basis
of identified cost) 122,608,344
- ---------------------------------------------------------------------------------
Total $ 673,411,818
- ---------------------------------------------------------------------------------
</Table>
Statement of Operations
For the Year Ended
October 31, 2003
<Table>
INVESTMENT INCOME
Dividends (net of foreign taxes, $250,503) $ 12,833,476
Interest 170,267
- ---------------------------------------------------------------------------------
Total investment income $ 13,003,743
- ---------------------------------------------------------------------------------
EXPENSES
Investment adviser fee $ 3,855,245
Trustees' fees and expenses 17,909
Custodian fee 242,992
Legal and accounting services 61,693
Miscellaneous 18,751
- ---------------------------------------------------------------------------------
Total expenses $ 4,196,590
- ---------------------------------------------------------------------------------
Net investment income $ 8,807,153
- ---------------------------------------------------------------------------------
REALIZED AND UNREALIZED GAIN (LOSS)
Net realized gain (loss) --
Investment transactions (identified cost basis) $ 5,318,368
Foreign currency transactions 1,666
- ---------------------------------------------------------------------------------
Net realized gain $ 5,320,034
- ---------------------------------------------------------------------------------
Change in unrealized appreciation (depreciation) --
Investments (identified cost basis) $ 78,815,664
Foreign currency (3,282)
- ---------------------------------------------------------------------------------
Net change in unrealized appreciation (depreciation) $ 78,812,382
- ---------------------------------------------------------------------------------
Net realized and unrealized gain $ 84,132,416
- ---------------------------------------------------------------------------------
Net increase in net assets from operations $ 92,939,569
- ---------------------------------------------------------------------------------
</Table>
See notes to financial statements.
20
<Page>
Statements of Changes in Net Assets
<Table>
<Caption>
YEAR ENDED YEAR ENDED
OCTOBER 31, 2003 OCTOBER 31, 2002
- --------------------------------------------------------------------------------------------------
INCREASE (DECREASE)
IN NET ASSETS
From operations --
Net investment income $ 8,807,153 $ 5,774,040
Net realized gain (loss) 5,320,034 (90,144,892)
Net change in unrealized
appreciation (depreciation) 78,812,382 20,856,370
- --------------------------------------------------------------------------------------------------
Net increase (decrease) in net assets
from operations $ 92,939,569 $ (63,514,482)
- --------------------------------------------------------------------------------------------------
Capital transactions --
Contributions $ 177,743,922 $ 331,362,431
Withdrawals (159,632,380) (147,934,370)
- --------------------------------------------------------------------------------------------------
Net increase in net assets from
capital transactions $ 18,111,542 $ 183,428,061
- --------------------------------------------------------------------------------------------------
Net increase in net assets $ 111,051,111 $ 119,913,579
- --------------------------------------------------------------------------------------------------
NET ASSETS
At beginning of year $ 562,360,707 $ 442,447,128
- --------------------------------------------------------------------------------------------------
At end of year $ 673,411,818 $ 562,360,707
- --------------------------------------------------------------------------------------------------
</Table>
See notes to financial statements.
21
<Page>
Supplementary Data
<Table>
<Caption>
YEAR ENDED OCTOBER 31,
-----------------------------------------------
2003 2002 2001(1)
- -------------------------------------------------------------------------------------------------------
RATIOS/SUPPLEMENTAL DATA
Ratios (As a percentage of average daily net assets):
Expenses 0.70% 0.72% 0.70%(2)
Net investment income 1.47% 0.99% 0.69%(2)
Portfolio Turnover 76% 213% 45%
- -------------------------------------------------------------------------------------------------------
Total Return(3) 16.40% (7.99)% --
- -------------------------------------------------------------------------------------------------------
Net assets, end of year (000's omitted) $ 673,412 $ 562,361 $ 442,447
- -------------------------------------------------------------------------------------------------------
</Table>
(1) For the period from the start of business, July 23, 2001, to October 31,
2001.
(2) Annualized.
(3) Total return is required to be disclosed for fiscal years beginning after
December 15, 2000.
See notes to financial statements.22
22
<Page>
TAX-MANAGED VALUE PORTFOLIO as of October 31, 2003
NOTES TO FINANCIAL STATEMENTS
1 SIGNIFICANT ACCOUNTING POLICIES
Tax-Managed Value Portfolio (the Portfolio) is registered under the
Investment Company Act of 1940, as amended, as an open-end management
investment company. The Portfolio, which was organized as a trust under the
laws of the state of New York on February 13, 2001, seeks to achieve
long-term after-tax returns by investing in a diversified portfolio of value
securities, primarily in well-established U.S. companies. The Declaration of
Trust permits the Trustees to issue interests in the Portfolio. At October
31, 2003, the Eaton Vance Tax-Managed Value Fund held approximately 92.5%
interest in the Portfolio. The following is a summary of significant
accounting policies consistently followed by the Portfolio in the preparation
of its financial statements. The policies are in conformity with accounting
principles generally accepted in the United States of America.
A INVESTMENT VALUATION -- Marketable securities, including options, that are
listed on foreign or U.S. securities exchanges are valued at closing sale
prices on the exchange where such securities are principally traded.
Marketable securities listed in the NASDAQ National Market System are valued
at the NASDAQ official closing price. Unlisted or listed securities for which
closing sale prices are not available are generally valued at the mean
between the latest bid and asked prices. Futures positions on securities or
currencies are generally valued at closing settlement prices. Short-term debt
securities with a remaining maturity of 60 days or less are valued at
amortized cost, which approximates fair value. Other fixed income and debt
securities, including listed securities and securities for which price
quotations are available, will normally be valued on the basis of valuations
furnished by a pricing service. Over-the-counter options are normally valued
at the mean between the latest bid and asked price. Investments for which
valuations or market quotations are unavailable are valued at fair value
using methods determined in good faith by or at the direction of the
Trustees.
B 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. Interest income is recorded on
the accrual basis.
C INCOME TAXES -- The Portfolio is 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 the Portfolio's investors include regulated investment
companies that invest all or substantially all of their 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 any other
items of income, gain, loss, deduction or credit.
D FINANCIAL FUTURES CONTRACT -- Upon entering a financial futures contract,
the Portfolio is required to deposit (initial margin) either in cash or
securities an amount equal to a certain percentage of the purchase price
indicated in the financial futures contract. Subsequent payments are made or
received by the Portfolio (margin maintenance) each day, dependent on daily
fluctuations in the value of the underlying security, and are recorded for
book purposes as unrealized gains or losses by the Portfolio. The Portfolio's
investment in financial futures contracts is designed to hedge against
anticipated future changes in price of current or anticipated Portfolio
positions. Should prices move unexpectedly, the Portfolio may not achieve the
anticipated benefits of the financial futures contracts and may realize a
loss.
E EXPENSE REDUCTION -- Investors Bank & Trust Company (IBT) serves as
custodian of the Portfolio. Pursuant to the custodian agreement, IBT receives
a fee reduced by credits which are determined based on the average daily cash
balance the Portfolio maintains with IBT. All significant credit balances
used to reduce the Portfolio's custodian fees are reported as a reduction of
expenses in the Statement of Operations.
F USE OF ESTIMATES -- The preparation of the financial statements in
conformity with accounting principles generally accepted in the United States
of America 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 OTHER -- Investment transactions are accounted for on a trade date basis.
23
<Page>
2 INVESTMENT ADVISER FEE AND OTHER TRANSACTIONS WITH AFFILIATES
The investment adviser fee is earned by Boston Management and Research (BMR),
a wholly-owned subsidiary of Eaton Vance Management (EVM), as compensation
for management and investment advisory services rendered to the Portfolio.
Under the advisory agreement, BMR receives a monthly advisory fee in the
amount of 13/240 of 1% (equal to 0.650% annually) of average daily net assets
of the Portfolio up to $500 million, and at reduced rates as daily net assets
exceed that level. For the year ended October 31, 2003, the advisory fee
amounted to $3,855,245. Except for Trustees of the Portfolio who are not
members of EVM's or BMR's organization, officers and Trustees receive
remuneration for their services to the Portfolio out of the investment
adviser fee. Trustees of the Portfolio that are not affiliated with BMR 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. For the
year ended October 31, 2003, no significant amounts have been deferred.
Certain officers and Trustees of the Portfolio are officers of the above
organizations.
3 INVESTMENT TRANSACTIONS
Purchases and sales of investments, other than short-term obligations,
aggregated $476,198,180 and $440,937,641, respectively, for the year ended
October 31, 2003.
4 FEDERAL INCOME TAX BASIS OF UNREALIZED APPRECIATION (DEPRECIATION)
The cost and unrealized appreciation (depreciation) in value of the
investments owned at October 31, 2003, as computed on a federal income tax
basis, were as follows:
<Table>
Aggregate cost $ 553,346,989
-------------------------------------------------------
Gross unrealized appreciation $ 120,682,952
Gross unrealized depreciation (297,105)
-------------------------------------------------------
Net unrealized appreciation $ 120,385,847
-------------------------------------------------------
</Table>
5 FINANCIAL INSTRUMENTS
The Portfolio may trade in financial instruments with off-balance sheet risk
in the normal course of its investing activities to assist in managing
exposure to various market risks. These financial instruments include written
options, forward foreign currency exchange contracts, and financial futures
contracts and may involve, to a varying degree, elements of risk in excess of
the amounts recognized for financial statement purposes. The notional or
contractual amounts of these instruments represent the investment the
Portfolio has in particular classes of financial instruments and does not
necessarily represent the amounts potentially subject to risk. The
measurement of the risks associated with these instruments is meaningful only
when all related and offsetting transactions are considered. The Portfolio
did not have any open obligations under these financial instruments at
October 31, 2003.
6 LINE OF CREDIT
The Portfolio participates with other portfolios and funds managed by BMR and
EVM and its affiliates in a $150 million unsecured line of credit agreement
with a group of banks. Borrowings will be made by the Portfolio solely to
facilitate the handling of unusual and/or unanticipated short-term cash
requirements. Interest is charged to each participating portfolio or fund
based on its borrowings at an amount above either the Eurodollar rate or
Federal Funds rate. In addition, a fee computed at an annual rate of 0.10% on
the daily unused portion of the line of credit is allocated among the
participating portfolios and funds at the end of each quarter. The Portfolio
did not have any significant borrowings or allocated fees during the year
ended October 31, 2003.
7 INTERESTHOLDER MEETING
The Portfolio held a Special Meeting of Interestholders on June 6, 2003 to
elect Trustees. The results of the vote were as follows:
<Table>
<Caption>
INTEREST IN THE PORTFOLIO
-------------------------
NOMINEE FOR TRUSTEE AFFIRMATIVE WITHHOLD
----------------------------------------------------------
Jessica M. Bibliowicz 98% 2%
Donald R. Dwight 98% 2%
James B. Hawkes 98% 2%
Samuel L. Hayes, III 98% 2%
William H. Park 98% 2%
Norton H. Reamer 98% 2%
Lynn A. Stout 98% 2%
</Table>
Results are rounded to the nearest whole number. Donald R. Dwight retired as
a Trustee effective July 1, 2003 pursuant to the mandatory retirement policy
of the Portfolio.
24
<Page>
TAX-MANAGED VALUE PORTFOLIO as of October 31, 2003
INDEPENDENT AUDITORS' REPORT
TO THE TRUSTEES AND INVESTORS OF TAX-MANAGED VALUE PORTFOLIO:
We have audited the accompanying statement of assets and liabilities, including
the portfolio of investments, of Tax-Managed Value Portfolio (the Portfolio) as
of October 31, 2003, and the related statement of operations for the year then
ended, the statements of changes in net assets for the two years then ended and
the supplementary data for the two years ended October 31, 2003 and 2002, and
for the period ended October 31, 2001. These financial statements and
supplementary data are the responsibility of the Portfolio's management. Our
responsibility is to express an opinion on these financial statements and
supplementary data based on our audits.
We conducted our audits in accordance with auditing standards generally accepted
in the United States of America. Those standards require that we plan and
perform the audit to obtain reasonable assurance about whether the financial
statements and supplementary data are free of material misstatement. An audit
includes examining, on a test basis, evidence supporting the amounts and
disclosures in the financial statements. Our procedures included confirmation of
securities held as of October 31, 2003 by correspondence with the custodian and
brokers; where replies were not received from brokers, we performed other
auditing procedures. An audit also includes assessing the accounting principles
used and significant estimates made by management, as well as evaluating the
overall financial statement presentation. We believe that our audits provide a
reasonable basis for our opinion.
In our opinion, such financial statements and supplementary data present fairly,
in all material respects, the financial position of the Tax-Managed Value
Portfolio at October 31, 2003, the results of its operations, the changes in its
net assets and the supplementary data for the respective stated periods in
conformity with accounting principles generally accepted in the United States of
America.
DELOITTE & TOUCHE LLP
Boston, Massachusetts
December 16, 2003
25
<Page>
EATON VANCE TAX-MANAGED VALUE FUND
MANAGEMENT AND ORGANIZATION
Fund Management. The Trustees of Eaton Vance Mutual Funds Trust (the Trust) and
Tax-Managed Value Portfolio (the Portfolio) are responsible for the overall
management and supervision of the Trust's and Portfolio's affairs. The Trustees
and officers of the Trust and the Portfolio are listed below. Except as
indicated, each individual has held the office shown or other offices in the
same company for the last five years. Trustees and officers of the Trust and the
Portfolio hold indefinite terms of office. The "noninterested Trustees" consist
of those Trustees who are not "interested persons" of the Trust and the
Portfolio, as that term is defined under the 1940 Act. The business address of
each Trustee and officer is The Eaton Vance Building, 255 State Street, Boston,
Massachusetts 02109. As used below, "EVC" refers to Eaton Vance Corp., "EV"
refers to Eaton Vance, Inc., "EVM" refers to Eaton Vance Management, "BMR"
refers to Boston Management and Research and "EVD" refers to Eaton Vance
Distributors, Inc. EVC and EV are the corporate parent and trustee,
respectively, of EVM and BMR. EVD is the Fund's principal underwriter, the
Portfolio's placement agent and a wholly-owned subsidiary of EVM.
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
INTERESTED TRUSTEE(S)
Jessica M. Bibliowicz Trustee Trustee of President and Chief 192 Director of National
11/28/59 the Trust Executive Officer of Financial Partners
since 1998; National Financial Partners
of the (financial services company)
Portfolio (since April 1999).
since 2001 President and Chief
Operating Officer of John A.
Levin & Co. (registered
investment adviser) (July
1997 to April 1999) and a
Director of Baker, Fentress
& Company, which owns John
A. Levin & Co. (July 1997 to
April 1999). Ms. Bibliowicz
is an interested person
because of her affiliation
with a brokerage firm.
James B. Hawkes Trustee Trustee of Chairman, President and 194 Director of EVC
11/9/41 the Trust Chief Executive Officer of
since 1991; BMR, EVC, EVM and EV;
of the Director of EV; Vice
Portfolio President and Director of
since 2001 EVD. Trustee and/or officer
of 194 registered investment
companies in the Eaton Vance
Fund Complex. Mr.Hawkes is
an interested person because
of his positions with BMR,
EVM, EVC and EV, which are
affiliates of the Trust and
the Portfolio.
NONINTERESTED TRUSTEE(S)
Samuel L. Hayes, III Trustee Trustee of Jacob H. Schiff Professor of 194 Director of Tiffany & Co.
2/23/35 the Trust Investment Banking Emeritus, (specialty retailer) and
since 1986; Harvard University Graduate Telect, Inc.
of the School of Business (telecommunication
Portfolio Administration. services company)
since 2001
William H. Park Trustee Since 2003 President and Chief 191 None
9/19/47 Executive Officer, Prizm
Capital Management, LLC
(investment management firm)
(since 2002). Executive Vice
President and Chief
Financial Officer, United
Asset Management Corporation
(a holding company owning
institutional investment
management firms)
(1982-2001).
Ronald A. Pearlman Trustee Since 2003 Professor of Law, Georgetown 191 None
7/10/40 University Law Center (since
1999). Tax Partner Covington
& Burling, Washington, DC
(1991-2000).
</Table>
26
<Page>
<Table>
<Caption>
POSITION(S) TERM OF NUMBER OF PORTFOLIOS
WITH THE OFFICE AND IN FUND COMPLEX
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S) OVERSEEN BY
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS TRUSTEE(1) OTHER DIRECTORSHIPS HELD
- ------------------------------------------------------------------------------------------------------------------------------------
NONINTERESTED TRUSTEE(S) (CONTINUED)
Norton H. Reamer Trustee Trustee of President and Chief 194 None
9/21/35 the Trust Executive Officer of Asset
since 1986; Management Finance Corp. (a
of the specialty finance company
Portfolio serving the investment
since 2001 management industry) (since
October 2003). President,
Unicorn Corporation (an
investment and financial
advisory services company)
(since September 2000).
Formerly, Chairman, Hellman,
Jordan Management Co., Inc.
(an investment management
company) (2000-2003).
Formerly, Advisory Director
of Berkshire Capital
Corporation (investment
banking firm) (2002-2003).
Formerly, Chairman of the
Board, United Asset
Management Corporation (a
holding company owning
institutional investment
management firms) and
Chairman, President and
Director, UAM Funds (mutual
funds) (1980-2000).
Lynn A. Stout Trustee Trustee of Professor of Law, 194 None
9/14/57 the Trust University of California
since 1998; at Los Angeles School of
of the Law (since July 2001).
Portfolio Formerly, Professor of
since 2001 Law, Georgetown
University Law Center.
</Table>
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS
- --------------------------------------------------------------------------------------------------------------------
Thomas E. Faust Jr. President of the Trust Since 2002 Executive Vice President of EVM,
5/31/58 BMR, EVC and EV; Chief
Investment Officer of EVM and
BMR and Director of EVC. Chief
Executive Officer of Belair
Capital Fund LLC, Belcrest
Capital Fund LLC, Belmar Capital
Fund LLC, Belport Capital Fund
LLC and Belrose Capital Fund LLC
(private investment companies
sponsored by EVM). Officer of 53
registered investment companies
managed by EVM or BMR.
William H. Ahern, Jr. Vice President of the Since 1995 Vice President of EVM and BMR.
7/28/59 Trust Officer of 35 registered
investment companies managed by
EVM or BMR.
Thomas J. Fetter Vice President of the Since 1997 Vice President of EVM and BMR.
8/20/43 Trust Trustee and President of The
Massachusetts Health & Education
Tax-Exempt Trust. Officer of 127
registered investment companies
managed by EVM or BMR.
Michael R. Mach Vice President Vice President of Vice President of EVM and BMR.
7/15/47 the Trust since Previously, Managing Director
1999; of the and Senior Analyst for Robertson
Portfolio Stephens (1998-1999). Officer of
since 2001 25 registered investment
companies managed by EVM or BMR.
Robert B. MacIntosh Vice President of the Since 1998 Vice President of EVM and BMR.
1/22/57 Trust Officer of 127 registered
investment companies managed by
EVM or BMR.
Duncan W. Richardson Vice President of the Vice President of Senior Vice President and Chief
10/26/57 Trust; President of the the Trust since Equity Investment Officer of EVM
Portfolio 2001; President and BMR. Officer of 41 registered
of the Portfolio investment companies managed by
since 2002 EVM or BMR.
Walter A. Row, III Vice President of the Since 2001 Director of Equity Research and
7/20/57 Trust a Vice President of EVM and BMR.
Officer of 22 registered
investment companies managed by
EVM or BMR.
Judith A. Saryan Vice President of the Since 2003 Vice President of EVM and BMR.
8/21/54 Trust Previously, Portfolio Manager
and Equity Analyst for State
Street Global Advisers
(1980-1999). Officer of 24
registered investment companies
managed by EVM or BMR.
</Table>
27
<Page>
<Table>
<Caption>
POSITION(S) TERM OF
WITH THE OFFICE AND
NAME AND TRUST AND THE LENGTH OF PRINCIPAL OCCUPATION(S)
DATE OF BIRTH PORTFOLIO SERVICE DURING PAST FIVE YEARS
- --------------------------------------------------------------------------------------------------------------------
PRINCIPAL OFFICERS WHO ARE NOT TRUSTEES (CONTINUED)
Susan Schiff Vice President of the Since 2002 Vice President of EVM and BMR.
3/13/61 Trust Officer of 26 registered
investment companies managed by
EVM or BMR.
Alan R. Dynner Secretary Secretary of the Trust Vice President, Secretary and
10/10/40 since 1997; of the Chief Legal Officer of BMR, EVM,
Portfolio since 2001 EVD, EV and EVC. Officer of 194
registered investment companies
managed by EVM or BMR. Officer
of 194 registered investment
companies managed by EVM or BMR.
Barbara E. Campbell Treasurer of the Since 2002(2) Vice President of EVM and BMR.
6/19/57 Portfolio Officer of 194 registered
investment companies managed by
EVM or BMR.
James L. O'Connor Treasurer of the Since 1989 Vice President of BMR, EVM and
4/1/45 Trust EVD. Officer of 115 registered
investment companies managed by
EVM or BMR.
</Table>
(1) Includes both master and feeder funds in a master-feeder structure.
(2) Prior to 2002, Ms. Campbell served as Assistant Treasurer of the Portfolio
since 2001.
The SAI for the Fund includes additional information about the Trustees and
officers of the Fund and the Portfolio and can be obtained without charge by
calling 1-800-225-6265.
28
<Page>
ITEM 2. CODE OF ETHICS
The registrant has adopted a code of ethics applicable to its Principal
Executive Officer, Principal Financial Officer and Principal Accounting Officer.
The registrant undertakes to provide a copy of such code of ethics to any person
upon request, without charge, by calling 1-800-262-1122.
ITEM 3. AUDIT COMMITTEE FINANCIAL EXPERT
The registrant's Board has designated William H. Park, Samuel L. Hayes, III and
Norton H. Reamer, each an independent trustee, as its audit committee financial
experts. Mr. Park is a certified public accountant who is the President and
Chief Executive Officer of Prizm Capital Management, LLC (a fixed income
investment management firm). Previously, he served as Executive Vice President
and Chief Financial Officer of United Asset Management Corporation ("UAM") (a
holding company
<Page>
owning institutional investment management firms). Mr. Hayes is the Jacob H.
Schiff Professor of Investment Banking Emeritus of the Harvard University
Graduate School of Business Administration. Mr. Reamer is the President of
Unicorn Capital (an investment and financial advisory services company),
Chairman of Hellman, Jordan Management Co., Inc. (an investment management
company) and Advisory Director of Berkshire Capital Corporation (an investment
banking firm). Previously, Mr. Reamer was Chairman of the Board of UAM and
Chairman, President and Director of the UAM Funds (mutual funds).
ITEM 4. PRINCIPAL ACCOUNTANT FEES AND SERVICES
Not required in this filing.
ITEM 5. AUDIT COMMITTEE OF LISTED REGISTRANTS
Not required in this filing.
ITEM 6. [RESERVED]
ITEM 7. DISCLOSURE OF PROXY VOTING POLICIES AND PROCEDURES FOR CLOSED-END
MANAGEMENT INVESTMENT COMPANIES
Not required in this filing.
ITEM 8. [RESERVED]
ITEM 9. 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 significant changes in the registrant's internal controls
or in other factors that could significantly affect these controls subsequent to
the date of their evaluation, including any corrective actions with regard to
significant deficiencies and material weaknesses.
ITEM 10. EXHIBITS
(a)(1) Registrant's Code of Ethics - Not applicable (please see Item 2).
(a)(2)(i) Treasurer's Section 302 certification.
(a)(2)(ii) President's Section 302 certification.
(b) Combined Section 906 certification.
<Page>
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, the registrant has duly caused this report to be
signed on its behalf by the undersigned, thereunto duly authorized.
Tax Managed Value Portfolio
- ---------------------------
By: /s/ Duncan W. Richardson
------------------------
Duncan W. Richardson
President
Date: December 16, 2003
-----------------
Pursuant to the requirements of the Securities Exchange Act of 1934 and the
Investment Company Act of 1940, this report has been signed below by the
following persons on behalf of the registrant and in the capacities and on the
dates indicated.
By: /s/ Barbara E. Campbell
------------------------
Barbara E. Campbell
Treasurer
Date: December 16, 2003
-----------------
By: /s/ Duncan W. Richardson
-------------------------
Duncan W. Richardson
President
Date: December 16, 2003
-----------------