10-D

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 10-D

ASSET-BACKED ISSUER

DISTRIBUTION REPORT PURSUANT TO SECTION 13 OR 15(d) OF

THE SECURITIES EXCHANGE ACT OF 1934

For the monthly distribution period from

May 16, 2008 to June 15, 2008

Commission File Number of issuing entity: 333-144316-01

Fifth Third Auto Trust 2008-1

(Exact name of issuing entity as specified in its charter)

Commission File Number of depositor: 333-144316

Fifth Third Holdings Funding, LLC

(Exact name of depositor as specified in its charter)

Fifth Third Bank

(Exact name of sponsor as specified in its charter)

Delaware

(State or other jurisdiction of incorporation

or organization of the issuing entity)

26-6088654

(I.R.S. Employer Identification No. of issuing entity)

1701 Golf Road Tower 1, 9th Floor Rolling Meadows, Illinois	60008
(Address of principal executive offices of the issuing entity)	(Zip Code)

(847) 354-7341

(Telephone number, including area code)

N/A

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

Registered/reporting pursuant to (check one)

Title of class	Section 12(b)	Section 12(g)	Section 15(d)	Name of exchange (If Section 12(b))
Class A-1 Notes			X
Class A-2-A Notes			X
Class A-2-B Notes			X
Class A-3-A Notes			X
Class A-3-B Notes			X
Class A-4-A Notes			X
Class A-4-B Notes			X
Class B Notes			X
Class C Notes			X
Class D Notes			X

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes  x    No  ¨

PART I—DISTRIBUTION INFORMATION

Item 1. Distribution and Pool Performance Information.

Distribution and pool performance information with respect to the receivables that comprise the assets of the Fifth Third Auto Trust 2008-1 as of the June 12, 2008 determination date, are attached as Exhibit 99.1.

PART II—OTHER INFORMATION

Item 2. Legal Proceedings.

None.

Item 3. Sales of Securities and Use of Proceeds.

None.

Item 4. Defaults Upon Senior Securities.

None.

Item 5. Submission of Matters to a Vote of Security Holders.

None.

Item 6. Significant Obligors of Pool Assets.

None.

Item 7. Significant Enhancement Provider Information.

None.

Item 8. Other Information.

None.

Item 9. Exhibits.

Exhibit 99.1 Monthly Distribution and Pool Performance Report

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 hereunto duly authorized.

June 30, 2008

FIFTH THIRD AUTO TRUST 2008-1
By:	Fifth Third Bank, an Ohio banking corporation, as Servicer
By:	/s/ Tayfun Tuzun
Name:	Tayfun Tuzun
Title:	Vice President, Assistant Treasurer
FIFTH THIRD HOLDINGS FUNDING, LLC
By:	/s/ Tayfun Tuzun
Name:	Tayfun Tuzun
Title:	President

EXHIBIT INDEX

Exhibit No.	Description of Exhibit
99.1	Monthly Distribution and Pool Performance Report

EX-99.1

Exhibit 99.1

FIFTH THIRD AUTO TRUST 2008-1

Statement to Securityholders

Determination Date: June 12, 2008

DATES
Cutoff Date	2/29/2008
Closing Date	3/31/2008
Collection Period	3
Collection Period Beginning Date	5/01/2008
Collection Period Ending Date	5/31/2008
LIBOR Determination Date	5/13/2008
Payment Date	6/15/2008

I. DEAL SUMMARY

	Initial Balance		Beginning Period Balance		Principal Distributable Amount		Ending Period Balance		Note Factor	Final Maturity
Class A-1 Notes	$	201,000,000.00	$	142,665,197.31	$	27,419,905.93	$	115,245,291.50	0.57336	4/15/2009
Class A-2-A Notes	$	102,000,000.00	$	102,000,000.00	$	0.00	$	102,000,000.00	1.00000	2/15/2011
Class A-2-B Notes	$	143,000,000.00	$	143,000,000.00	$	0.00	$	143,000,000.00	1.00000	2/15/2011
Class A-3-A Notes	$	157,000,000.00	$	157,000,000.00	$	0.00	$	157,000,000.00	1.00000	1/17/2012
Class A-4-A Notes	$	117,000,000.00	$	117,000,000.00	$	0.00	$	117,000,000.00	1.00000	1/15/2013
Class A-4-B Notes	$	30,000,000.00	$	30,000,000.00	$	0.00	$	30,000,000.00	1.00000	1/15/2013
Class B Notes	$	20,925,000.00	$	20,925,000.00	$	0.00	$	20,925,000.00	1.00000	12/15/2015
Class C Notes	$	20,514,000.00	$	20,514,000.00	$	0.00	$	20,514,000.00	1.00000	12/15/2015
Class D Notes	$	23,386,000.00	$	23,386,000.00	$	0.00	$	23,386,000.00	1.00000	12/15/2015
Total Securities	$	814,825,000.00	$	756,490,197.31	$	27,419,905.93	$	729,070,291.50	0.95260
Overcollateralization	$	5,748,733.90	$	11,838,296.56			$	13,539,466.61
Reserve Account Balance	$	2,051,422.03	$	2,051,422.03			$	2,051,422.03
Net Pool Balance	$	820,573,733.90	$	768,328,493.86			$	742,609,758.11

	Coupon Rate		Beginning Balance		Interest Distributable Amount
Class A-1 Notes		2.73023%	$	142,665,197.31	$	346,230.05
Class A-2-A Notes		3.58000%	$	102,000,000.00	$	304,300.00
Class A-2-B Notes (1ML + 1.25%)		3.76438%	$	143,000,000.00	$	478,494.52
Class A-3-A Notes		4.07000%	$	157,000,000.00	$	532,491.67
Class A-4-A Notes		4.81000%	$	117,000,000.00	$	468,975.00
Class A-4-B Notes (1ML + 2.00%)		4.51438%	$	30,000,000.00	$	120,383.47
Class B Notes		5.51000%	$	20,925,000.00	$	96,080.63
Class C Notes		6.08000%	$	20,514,000.00	$	103,937.60
Class D Notes		6.66000%	$	23,386,000.00	$	129,792.30
			$	756,490,197.31	$	2,580,685.23
	Principal Payments per $1,000 of Original Face Amount		Interest Payments per $1,000 of Original Face Amount		Total Payments per $1,000 of Original Face Amount
Class A-1 Notes	$	136.34	$	1.72	$	138.06
Class A-2-A Notes	$	0.00	$	2.98	$	2.98
Class A-2-B Notes	$	0.00	$	3.35	$	3.35
Class A-3-A Notes	$	0.00	$	3.39	$	3.39
Class A-4-A Notes	$	0.00	$	4.01	$	4.01
Class A-4-B Notes	$	0.00	$	4.01	$	4.01
Class B Notes	$	0.00	$	4.59	$	4.59
Class C Notes	$	0.00	$	5.07	$	5.07
Class D Notes	$	0.00	$	5.55	$	5.55

1

FIFTH THIRD AUTO TRUST 2008-1

Statement to Securityholders

Determination Date: June 12, 2008

II. AVAILABLE FUNDS

Interest Collections	$	5,143,651.12
Principal Collections	$	25,427,093.43
Liquidation Proceeds	$	212,191.05
Recoveries	$	0.00
Total Fees Advanced to Servicer	($	14,748.37	)
Total Collections		30,768,187.23
Repurchase Amounts Related to Principal	$	0.00
Repurchase Amounts Related to Interest	$	0.00
Total Repurchases	$	0.00
Reserve Account Draw Amount	$	0.00
Net Swap Receipt - Class A-2-B	$	46,515.36
Net Swap Receipt - Class A-4-B	$	0.00
Total Net Swap Receipts	$	46,515.36
Total Available Funds	$	30,814,702.59

III. DISTRIBUTIONS

	Calculated Amount		Amount Paid		Shortfall		Carryover Shortfall		Remaining Available Funds
Servicing Fees	$	320,136.87	$	320,136.87	$	0.00	$	0.00	$	30,494,565.72
Net Swap Payment - Class A-2-B	$	0.00	$	0.00	$	0.00	$	0.00	$	30,494,565.72
Net Swap Payment - Class A-4-B	$	1,741.53	$	1,741.53	$	0.00	$	0.00	$	30,492,824.18
Senior Swap Termination Payments	$	0.00	$	0.00	$	0.00	$	0.00	$	30,492,824.18
Class A-1 Note Interest	$	346,230.04	$	346,230.04	$	0.00	$	0.00	$	30,146,594.14
Class A-2-A Note Interest	$	304,300.00	$	304,300.00	$	0.00	$	0.00	$	29,842,294.14
Class A-2-B Note Interest	$	478,494.51	$	478,494.51	$	0.00	$	0.00	$	29,363,799.63
Class A-3-A Note Interest	$	532,491.67	$	532,491.67	$	0.00	$	0.00	$	28,831,307.96
Class A-4-A Note Interest	$	468,975.00	$	468,975.00	$	0.00	$	0.00	$	28,362,332.96
Class A-4-B Note Interest	$	120,383.47	$	120,383.47	$	0.00	$	0.00	$	28,241,949.49
First Allocation of Principal	$	0.00	$	0.00	$	0.00	$	0.00	$	28,241,949.49
Class B Note Interest	$	96,080.63	$	96,080.63	$	0.00	$	0.00	$	28,145,868.86
Second Allocation of Principal	$	0.00	$	0.00	$	0.00	$	0.00	$	28,145,868.86
Class C Note Interest	$	103,937.60	$	103,937.60	$	0.00	$	0.00	$	28,041,931.26
Third Allocation of Principal	$	0.00	$	0.00	$	0.00	$	0.00	$	28,041,931.26
Class D Note Interest	$	129,792.30	$	129,792.30	$	0.00	$	0.00	$	27,912,138.96
Fourth Allocation of Principal	$	13,880,439.32	$	13,880,439.32	$	0.00	$	0.00	$	14,031,699.64
Reserve Account Deposit	$	0.00	$	0.00	$	0.00	$	0.00	$	14,031,699.64
Regular Principal Distribution Amount	$	13,539,466.61	$	13,539,466.61	$	0.00	$	0.00	$	492,233.03
Subordianted Swap Termination Payments	$	0.00	$	0.00	$	0.00	$	0.00	$	492,233.03
Owner & Indenture Trustee Fees	$	0.00	$	0.00	$	0.00	$	0.00	$	492,233.03
Remaining Funds to Residual Certificateholder	$	492,233.03	$	492,233.03	$	0.00	$	0.00	$	0.00
	$	30,814,702.59	$	30,814,702.59
Principal Payment:
First Allocation of Principal			$	0.00
Second Allocation of Principal			$	0.00
Third Allocation of Principal			$	0.00
Fourth Allocation of Principal			$	13,880,439.32
Regular Principal Distribution Amount			$	13,539,466.61
Total			$	27,419,905.93

2

FIFTH THIRD AUTO TRUST 2008-1

Statement to Securityholders

Determination Date: June 12, 2008

IV. POOL INFORMATION

	Initial Period		Beginning of Current Period		End of Current Period		Pool Factor
Pool Balance	$	820,573,733.90	$	768,328,493.86	$	742,609,758.11	0.904988
Number of Receivables Outstanding		50,188		48,859		47,987
Weighted Average Contract Rate		8.2025		8.2067		8.2146
Weighted Average Remaining Term (mos)		57		54		54
V. OVERCOLLATERALIZATION INFORMATION
Specified Reserve Account Balance	$	2,051,422.03
Target Credit Enhancement Overcollateralization Amount	$	13,539,466.61
Beginning Period Overcollateralization Amount	$	13,539,466.61
Ending Period Overcollateralization Amount	$	13,539,466.61
Overcollateralization Shortfall	$	0.00
V. RESERVE ACCOUNT RECONCILIATION
Specified Reserve Account Balance	$	2,051,422.03
Beginning Reserve Account Balance	$	2,051,422.03
Reserve Account Deposits Made	$	0.00
Reserve Account Draw Amount	$	0.00
Ending Reserve Account Balance	$	2,051,422.03

VI. LOSS & DELINQUENCY INFORMATION

	# of Receivables			Amount
Realized Losses for Collection Period	$	0.00		$	0.00
(Recoveries for Collection Period)	$	0.00		$	0.00
Losses Net of Recoveries for Collection Period	$	0.00		$	0.00
Annualized Losses Net of Recoveries for Collection Period as % of Ending Pool Balance					0.00	%
Cumulative Losses Net of Recoveries for All Collection Periods				$	0.00
Cumulative Losses Net of Recoveries as % of Initial Pool Balance					0.00	%
Receivables 30-59 Days Delinquent		302		$	5,321,796.88
As % of Ending Pool Balance		0.63	%		0.72	%
Receivables 60-89 Days Delinquent		68		$	1,260,667.34
As % of Ending Pool Balance		0.14	%		0.17	%
Receivables 90+ Days Delinquent		41		$	671,327.72
As % of Ending Pool Balance		0.09	%		0.09	%
Total Delinquencies		411		$	7,253,791.94
As % of Ending Pool Balance		0.86	%		0.98	%

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