Option A: Only I, II and III are correct.
Making foreign policy is the function of the government, not political parties. Parties build public opinion, play the role of opposition, and present programmes to voters.
Source: Democratic Politics, Chapter 4 — Functions of Political Parties
The textbook lists seven functions of political parties, and foreign policy-making is not among them — that is a function of the government/executive. Statements I (shaping public opinion), II (role of opposition), and III (putting forward policies/programmes) are directly mentioned in the textbook's "Functions" section. Eliminating Statement IV makes Option A the only correct choice.