The correct answer is B. Only II and III.

Explanation:
From the statements:

1. All heroes are winners.
2. All winners are lucky people.

• Inference I (All lucky people are heroes) cannot be deduced because not all lucky people are necessarily heroes.
• Inference II (Some lucky people are heroes) is valid because all heroes are winners, and all winners are lucky people, so some lucky people must be heroes.
• Inference III (Some winners are heroes) is valid because all heroes are winners.

Thus, only inferences II and III can be logically deduced.