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Issue - All the options under Temporary Internet Files & History settings may be grayed out, as shown below:

Cause – This issue happens due to some third party IE Tweaking utilities.
Resolution - To resolve this issue, you need to change the DWORD value to 0 for the registry key “Settings” under the following path:
HKEY_CURRENT_USERSoftwarePoliciesMicrosoftInternet ExplorerControl Panel
If you are a newbie and don’t want to play with the registry, you can download and run the Raghu’s Registry Tweaks:
To Enable the option back – Download
To Disable the option – Download
Simply download, unzip the .zip files, and run the .reg file. Ensure to take backup of the registry before you run the .reg file.