Romney’s campaign announced it had raised $23 million in total funds, with more than $20 million in primary funds.

Giuliani’s camp reported raising more than $15 million in primary receipts in the first quarter. The Giuliani camp also boasted $11 million in cash on hand and raised more than $10 million in primary funds in March alone.

“We are thrilled by the response to Mayor Giuliani’s optimistic vision, experienced leadership and proven record of results,” Giuliani campaign manager Mike DuHaime said. “Considering our late start, we are very pleased by the pace raised in March and see it as a positive indication of what’s to come.” 

McCain trailed his competitors, reporting $12.5 million in first quarter contributions, his campaign said in a statement Monday afternoon. The McCain camp boasted an average contribution of $200 and nearly 60,000 donations.

But campaign manager Terry Nelson expressed some disappointment in the fundraising total.

“Although we are pleased with the organization we’ve built and polls show us strongly positioned in key primary states, we had hoped to do better in first quarter fundraising,” Nelson said. “We are already in the process of taking the necessary steps to ensure fundraising success moving forward.”

“Fundraising in the first quarter is no more important than fundraising throughout the entire primary election campaign,” Nelson added.