Mutual funds investing in debt securities are among the most secure investment options, which provide regular income while protecting the capital invested. Funds that are part of this category bring a great deal of stability to portfolios with a large proportion of equity, while providing dividends more frequently than individual bonds. U.S. government bond funds usually invest in Treasury bills, notes and securities issued by government agencies. They are considered the safest in the bond fund category and are ideal for risk-averse investors.Meanwhile, a short-term government bond fund is a mutual fund that is limited by its investment objectives and fund by laws to investing primarily in short-term obligations of the federal government or its agencies. Depending on the fund's definition, the short term can be up to five years.Below, we share with you three short-term government bond mutual funds, viz. PGIM Short Duration High Yield Income Fund HYSAX, GMO U.S. Treasury Fund GUSTX and Vanguard Short Term Federal Fund VSGBX. Each has earned a Zacks Mutual Fund #1 Rank (Strong Buy) and is expected to outperform its peers in the future. Investors can click here to see the complete list of funds.PGIM Short Duration High Yield Income Fund invests most of its net assets in a diversified portfolio of below investment grade high yield fixed income instruments with varying maturities. HYSAX also invests in derivatives and other instruments with similar economic characteristics.PGIM Short Duration High Yield Income Fund has three-year annualized returns of 1.2%. As of the end of February 2022, HYSAX has invested 59.52% of its net assets in Miscellaneous Bonds.GMO U.S. Treasury Fund invests most of its net assets in U.S. Treasury bills, bonds, notes, and other securities issued by the U.S. Treasury, along with Separately Traded Registered Interest and Principal Securities and other zero-coupon securities with an interest rate duration of one year or less. GUSTX also invests in the above-mentioned collateralized repurchase agreements.GMO U.S. Treasury Fund has three-year annualized returns of 0.5%. GUSTX has an expense ratio of 0.02% compared with the category average of 0.64%.Vanguard Short Term Federal Fund invests most of its net assets in short-term bonds issued or guaranteed by the U.S. government and its agencies. VSGBX also invests in non-guaranteed bonds with an average maturity of 1 to 4 years.Vanguard Short Term Federal Fund has three-year annualized returns of 0.3%. Brian W. Quigley has been the fund manager of VSGBX since January 2015.To view the Zacks Rank and the past performance of all short-term government bond mutual funds, investors can click here to see the complete list of short-term government bond mutual funds.Want key mutual fund info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing mutual funds, each week. Get it free >> Want to Know the #1 Semiconductor Stock for 2022? Few people know how promising the semiconductor market is. Over the last couple of years, disruptions to the supply chain have caused shortages in several industries. The absence of one single semiconductor can stop all operations in certain industries. This year, companies that create and produce this essential material will have incredible pricing power. For a limited time, Zacks is revealing the top semiconductor stock for 2022. You'll find it in our new Special Report, One Semiconductor Stock Stands to Gain the Most. Today, it's yours free with no obligation.>>Give me access to my free special report.View All Zacks #1 Ranked Mutual FundsWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Get Your Free (VSGBX): Fund Analysis Report Get Your Free (GUSTX): Fund Analysis Report Get Your Free (HYSAX): Fund Analysis Report To read this article on Zacks.com click here. Zacks Investment Research