MikeE,

If you don't need the money now and if you believe that ultimately the market and the economy will recover, dividend reinvestment lets you buy shares while the prices are down and will benefit you in the long run.

Would you want to think about using municipal bonds, either individually or in a fund, to give you some tax shelter for your taxable investments? 

(Aside to Kerry:  PCRIX and its retail sibling PCRDX have been around since 2002.)

cheers