For the first blank, the best transition is:
A. In spite of
This choice indicates that despite the efforts made by the marine biology club, they were unable to raise enough money.
For the second blank, the best transition is:
E. In contrast
This transition emphasizes the difference between the expectations of the students and the disappointing outcome.
So the completed sentences would read:
"Last September, the marine biology club had a bake sale, car wash, and book fair. The department chair was very proud of the students' efforts to raise funds. In spite of their fundraising efforts, the marine biology club did not raise enough money to go on a group trip. In contrast, all of the students were extremely disappointed."