Which of the following statements is$/$are true as applied to U$.$S$.$ agency debt?

I. It is equally as risky as Treasury debt.

II$.$ It is frequently subject to state taxes.

III. It has the same credit guarantee as U$.$S$.$ Treasury debt.

IV$.$ It generally has a lower yield than U$.$S$.$ Treasury debt with the same maturity.

I, III, and IV only

I and III only

II only

III and IV only

III only