Three Statements are given followed by Three conclusions numbered I, II and III. Assuming the statements to be true, even if they seem to be at variance with commonly known facts, decide which of the conclusions logically follow(s) from the statements.

Statements:
All ants are beetles.
No beetle is a frog.
Some frogs are bugs.

Conclusions:
I. Some bugs are ants.
II. No bug is a beetle.
III. No frog is an ant.