The distribution does not reduce your total value since you either get it in cash or in more shares. I always elect the automatic reinvestment (more shares). You will owe taxes on the distribution either way.

I have held this fund for several years also, and I agree that the returns have been good, although as a "value" fund it was below average in 2007. I like the portfolio mix. Lots of companies that fly below the radar.

Looks like now would be a good time to buy more shares.