Which statement(s) is(are) false about U.S. Agency bonds?

I. There are two types of agency bonds, including federal government agency bonds and government-sponsored enterprise (GSE) bonds.

II. Like Treasury securities, federal government agency bonds are backed by the full faith and credit of the U.S. government.

III. A GSE is issued by entities such as the Federal National Mortgage Association (Fannie Mae), Federal Home Loan Mortgage Corp. (Freddie Mac), Federal Farm Credit Banks Funding Corporation, and the Federal Home Loan Bank.

IV. All of these bonds are fully insured by the federal government.

1. None are false.
2. All are false.
3. Only IV is false.
4. Only I and IV are false.
5. Only II and III are false.