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 holders are hangers.
All hangers are hammers.
Some hammers are axes.

Conclusions:
I. Some axes are hangers.
II. Some hammers are holders.
III. Some hangers are holders.