8-K

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: January 14, 2009

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 December 2008 monthly Certificateholder’s Statements to investors were distributed January 12, 2009.

Item 9.01. Exhibits

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

20.1	December 2008 Performance Summary
20.2	Series 2002-1 Class A and Class B Certificateholder’s Statements for the month of December 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: January 14, 2009

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	December 2008 Performance Summary
20.2	Series 2002-1Class A and Class B Certificateholder’s Statements for the month of December 2008
20.3	Performance Summary

EX-20.1

Exhibit 20.1

Capital One Master Trust (RECEIVABLES)*

MONTHLY PERIOD: December 2008

1)      Beginning of the Month Principal Receivables:	$	46,844,690,398.72
2)      Beginning of the Month Finance Charge Receivables:	$	981,696,141.44
3)      Beginning of the Month AMF Receivables:	$	59,133,190.09
4)      Beginning of the Month Discounted Receivables:	$	0.00
5)      Beginning of the Month Total Receivables:	$	47,885,519,730.25
6)      Removed Principal Receivables:	$	0.00
7)      Removed Finance Charge Receivables:	$	0.00
8)      Removed AMF Receivables	$	0.00
9)      Removed Total Receivables:	$	0.00
10)   Additional Principal Receivables:	$	0.00
11)   Additional Finance Charge Receivables:	$	0.00
12)   Additional AMF Receivables	$	0.00
13)   Additional Total Receivables:	$	0.00
14)   Discounted Receivables Generated this Period:	$	0.00
15)   End of the Month Principal Receivables:	$	47,731,648,331.48
16)   End of the Month Finance Charge Receivables:	$	972,554,931.29
17)   End of the Month AMF Receivables	$	62,402,775.09
18)   End of the Month Discounted Receivables:	$	0.00
19)   End of the Month Total Receivables:	$	48,766,606,037.86
20)   Excess Funding Account Balance	$	0.00
21)   Adjusted Invested Amount of all Master Trust Series	$	37,461,746,405.54
22)   End of the Month Seller Percentage		21.52	%

Capital One Master Trust (DELINQUENCIES AND LOSSES)

MONTHLY PERIOD: December 2008

	ACCOUNTS	RECEIVABLES
1)      End of the Month Delinquencies:
2)      30 - 59 days delinquent	318,988	$	691,683,955.21
3)      60 - 89 days delinquent	227,384	$	540,154,974.48
4)      90+ days delinquent	520,495	$	1,299,055,226.80
5)      Total 30+ days delinquent	1,066,867	$	2,530,894,156.49
6)      Delinquencies 30 + Days as a Percent of End of the Month Total Receivables			5.19	%
7)      Defaulted Accounts during the Month	166,346	$	333,069,264.37
8)      Annualized Default Rate as a Percent of Beginning of the Month Principal Receivables			8.53	%

* For calculation purposes, Beginning of Month Principal Receivables includes Additional Principal Receivables

Capital One Master Trust (COLLECTIONS)

MONTHLY PERIOD: December 2008

	COLLECTIONS		PERCENTAGES
1)      Total Collections and Gross Payment Rate**	$	8,203,910,186.64		17.13	%
2)      Collections of Principal Receivables and Principal Payment Rate	$	7,364,924,876.66		15.72	%
3)      Prior Month Billed Finance Charges and Fees	$	597,995,819.33
4)      Amortized AMF Income	$	25,507,540.24
5)      Interchange Collected	$	151,077,324.00
6)      Recoveries of Charged Off Accounts	$	64,432,146.38
7)      Collections of Discounted Receivables	$	0.00
8)      Collections of Finance Charge Receivables and Annualized Yield	$	839,012,829.95		21.49	%
Capital One Master Trust (AMF COLLECTIONS)
MONTHLY PERIOD: December 2008
1)      Beginning Unamortized AMF Balance			$	134,770,829.61
2)      + AMF Slug	$	0.00
3)      + AMF Collections	$	25,480,020.27
4)      - Amortized AMF Income	$	25,507,540.24
5)      Ending Unamortized AMF Balance			$	134,743,309.64

** Total Collections and Gross Payment Rate is calculated as a Percent of Beginning of Month Total Receivables which includes Additional Total Receivables

EX-20.2

Exhibit 20.2

MONTHLY STATEMENT

Capital One Master Trust

SERIES 2002-1

Under the Amended and Restated Pooling and Servicing Agreement dated as of September 30, 1993, as amended and restated as of August 1, 2002, January 13, 2006, March 23, 2007, July 1, 2007, and as further amended by the First Amendment, dated as of March 1, 2008 (as amended and supplemented, the “Agreement”), among Capital One Bank (USA), National Association, as Servicer, Capital One Funding, LLC, as Transferor, and The Bank of New York, as Trustee (the “Trustee”), Capital One Bank (USA), National Association as Servicer is required to prepare certain information each month regarding current distributions to Certificateholders and the performance of the Capital One Master Trust (the “Trust”) during the previous month. The information which is required to be prepared with respect to the Distribution Date of January 15, 2009, and with respect to the performance of the Trust during the month December, 2008, is set forth below. Certain information is presented on the basis of an original principal amount of $1,000 per investor Certificate (a “Certificate”). Certain other information is presented based on the aggregate amounts for the Trust as a whole. Capitalized terms used in this Monthly Statement have their respective meanings set forth in the Agreement.

A)     Information Regarding Distributions to the Class A Certificateholders          (Stated on the Basis of $1,000 Original Principal Amount)
1)      The total amount of the distribution to Class A Certificateholders on January 15, 2009 per $1,000 Original Principal Amount		1,001.2012500062
2)      The amount of the distribution set forth in paragraph 1 above in respect of interest on the Class A Certificates, per $1,000 Original Principal Amount		1.2012500062
3)      The amount of the distribution set forth in paragraph 1 above in respect of principal on the Class A Certificates, per $1,000 Original Principal Amount		1,000.0000000000
B)     Class A Investor Charge Off’s and Reimbursement of Charge Off’s
1)      The amount of Class A Investor Charge Off’s	$	0.00
2)      The amount of Class A Investor Charge Off’s set forth in paragraph 1 above, per $1,000 Original Principal Amount		0.0000000000
3)      The total amount reimbursed to the Trust in respect of Class A Investor Charge Off’s	$	0.00
4)      The amount set forth in paragraph 3 above, per $1,000 Original Principal Amount (which will have the effect of increasing, pro rata, the amount of each Series 2002-1 Investor Certificateholder’s Investment)		0.0000000000
5)      The amount, if any, by which the outstanding principal balance of the Class A Certificates exceeds the Class A Invested Amount after giving effect to all transactions on such Distribution Date	$	0.00
C)     Information Regarding Distributions to the Class B Certificateholders          (Stated on the Basis of $1,000 Original Principal Amount)
1)      The total amount of the distribution to Class B Certificateholders on January 15, 2009 per $1,000 Original Principal Amount		1,001.5456944000
2)      The amount of the distribution set forth in paragraph 1 above in respect of interest on the Class B Certificates, per $1,000 Original Principal Amount		1.5456944000
3)      The amount of the distribution set forth in paragraph 1 above in respect of principal on the Class B Certificates, per $1,000 Original Principal Amount		1,000.0000000000

D)    Class B Investor Charge Off’s and Reimbursement of Charge Off’s
1)      The amount of Class B Investor Charge Off’s	$	0.00
2)      The amount of Class B Investor Charge Off’s set forth in paragraph 1 above, per $1,000 Original Principal Amount		0.0000000000
3)      The total amount reimbursed to the Trust in respect of Class B Investor Charge Off’s	$	0.00
4)      The amount set forth in paragraph 3 above, per $1,000 Original Principal Amount (which will have the effect of increasing, pro rata, the amount of each Series 2002-1 Investor Certificateholder’s Investment)		0.0000000000
5)      The amount, if any, by which the outstanding principal balance of the Class B Certificates exceeds the Class B Invested Amount after giving effect to all transactions on such Distribution Date	$	0.00
E)     Information Regarding Distributions to the Collateral Interest Holder          (Stated on the Basis of $1,000 Original Principal Amount)
1)      The total amount of the distribution to Collateral Interest Holder on Distribution Date: January 15, 2009 per $1,000 Original Principal Amount		1,002.2345833143
2)      The amount of the distribution set forth in paragraph 1 above in respect of interest on the Collateral Interest, per $1,000 Original Principal Amount		2.2345833143
3)      The amount of the distribution set forth in paragraph 1 above in respect of principal on the Collateral Interest, per $1,000 Original Principal Amount		1,000.0000000000
F)     Collateral Interest Investor Charge Off’s and Reimbursement of Charge Off’s
1)      The amount of Collateral Interest Investor Charge Off’s	$	0.00
2)      The amount of Collateral Interest Investor Charge Off’s set forth in paragraph 1 above, per $1,000 Original Principal Amount		0.0000000000
3)      The total amount reimbursed to the Trust in respect of Collateral Interest Investor Charge Off’s	$	0.00
4)      The amount set forth in paragraph 3 above, per $1,000 Original Principal Amount		0.0000000000

EX-20.3

Exhibit 20.3

CAPITAL ONE MASTER TRUST (COMT)

Performance Summary - December 2008

Capital One Master Trust (COMT)

Series	COMT 2002-1
Size	$	1,000 MM
Expected Maturity (Class A)		1/15/2009
Gross Monthly Payment Rate		17.13	%
Delinquency Rate:		1.42	%
30 - 59 Days		1.11	%
60 - 89 Days		2.66	%
90 + Days
Excess Spread Analysis
Series	COMT 2002-1
Portfolio Yield		19.84	%
Weighted Average Coupon		1.48	%
Servicing Fee Percentage		2.00	%
Net Loss Rate		6.88	%
Excess Spread Percentage
Dec-08		9.49	%
Nov-08		8.91	%
Oct-08		6.79	%
3-Month Average Excess Spread		8.40	%

Capital One Master Trust (COMT)

Note: Servicing Fee Percentage includes 0.75% paid as Servicer Interchange to Capital One Bank (USA), National Association as the Servicer of Capital One Master Trust.