UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 8–K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(D) OF THE

SECURITIES EXCHANGE ACT OF 1934

Date of Report: December 12, 2008

Capital One Funding, LLC

as Depositor on behalf of

Capital One Master Trust

(Exact name of registrant as specified in its charter)

Virginia	00–25762	54–2058720
(State or other jurisdiction of incorporation)	(Commission File Number)	(IRS Employer Identification No.)

Mail Stop: 12017-0500 140 East Shore Drive, Room 1071-B, Glen Allen, Virginia	23059
(Address of principal executive offices)	(Zip Code)

(Registrant’s telephone number, including area code):

(804) 290-6959

(Former name or former address, if changed since last report):

Not Applicable

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

¨ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

¨ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

¨ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

¨ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Item 8.01. Other Events

  The November 2008 monthly Certificateholder’s Statements to investors were distributed December 10, 2008.

Item 9.01. Exhibits

  The following are filed as exhibits to this Report under Exhibit 20:

  20.1     November 2008 Performance Summary

  20.2     Series 2002-1 Class A and Class B Certificateholder’s Statements for the month of November 2008

  20.3     Performance Summary

Signature

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned there unto duly authorized.

CAPITAL ONE MASTER TRUST
By:	CAPITAL ONE FUNDING, LLC, as Depositor
	By:	/s/    Pam Koch
	Name:	Pam Koch
	Title:	Vice President, Accounting

Date: December 12, 2008

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

EXHIBITS

TO

FORM 8–K

CAPITAL ONE FUNDING, LLC, as Depositor

CAPITAL ONE MASTER TRUST

CAPITAL ONE BANK (USA), N.A.

(Exact name of registrant as specified in its charter)

INDEX TO EXHIBITS

Exhibit Number	Exhibits
20.1	November 2008 Performance Summary
20.2	Series 2002-1Class A and Class B Certificateholder’s Statements for the month of November 2008
20.3	Performance Summary