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:   May 9, 2003

CAPITAL ONE MULTI-ASSET EXECUTION TRUST

(as Issuer)

CAPITAL ONE FUNDING, LLC

(as Depositor)

(Exact name of registrant as specified in its charter)

Virginia	333-75276		54-2058720
(State or other jurisdiction of incorporation)	(Registration Statement Number)		(IRS Employer Identification No.)
140 East Shore Drive, Room 1048, Glen Allen, VA		23059
(Address of principal executive offices)		(Zip Code)
(Registrant’s telephone number, including area code):
(804) 967-1000
(Former name or former address, if changed since last report):
Not Applicable

Item 5.Other Events

The April 2003 monthly Noteholder’s Statements to investors were distributed on May 9, 2003.

Item 7 (c).Exhibits

The following are filed as exhibits to this Report under Exhibit 99:

99.1    April 2003 Performance Summary and Collateral Certificate Statement.

99.2    Card Series Noteholder’s Statement for the month of April 2003.

Signature

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

CAPITAL ONE MULTI-ASSET EXECUTION TRUST
By:	CAPITAL ONE FUNDING, LLC
	Depositor
By:	/s/ Stephen Linehan
	Stephen Linehan
	Chief Financial Officer and Treasurer

May 9, 2003

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