For the first blank, the best transition is A. In spite of. This phrase indicates that despite the efforts made, the outcome was not as hoped.
For the second blank, the best transition is B. Consequently. This word signifies that the disappointment was a direct result of the insufficient funds raised.
So, the completed sentences would read:
"In spite of their fundraising efforts, the marine biology club did not raise enough money to go on a group trip. Consequently, all of the students were extremely disappointed."