I am a widow, 70, with a government pension of $600 a month and $30,000 in savings. How can I invest those funds to increase income? -- O.D. At this point and from other information in your letter, I suggest dividing your funds roughly 50-50. Put $15,000 in a money-market mutual fund. Several are currently earning 15 to 17 percent. You can get a list of these funds from the No-Load Mutual Fund Association, Valley Forge, Pa. 19481. I suggest investing the other $15,000 in a group of two or three utility stocks. A local stockbroker can suggest two or three producing income in the 13-to-15-percent range. An average of 15 percent return will provide $375 gross income each month, most of which will be tax-free. If the value of your utility stocks increases markedly over the next two years, you might switch them to a different group of stocks for more income. Your broker can help . In your position you should avoid risky shares.