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| ý ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                                   |
| For the fiscal year ended December 31, 2023                                                                                                                                   |
| or                                                                                                                                                                            |
|   ̈ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934                                                                         |
| For the transition period from              to             |

|                                                            |                                                            |  |  |  |  |
|------------------------------------------------------------|------------------------------------------------------------|--|--|--|--|
| Commission File Number of Issuing Entity: 333-75276    | Commission File Number of Issuing Entity: 000-25762    |
| Central Index Key Number of Issuing Entity: 0001163321 | Central Index Key Number of Issuing Entity: 0000922869 |
|                                                            |  |                                                            |  |  |  |  |  |  |
|------------------------------------------------------------|--|------------------------------------------------------------|--|--|--|--|--|--|
| CAPITAL ONE MULTI-ASSET EXECUTION TRUST*                   |  | CAPITAL ONE MASTER TRUST                                   |
| (Exact Name of Issuing Entity as Specified in Its Charter) |  | (Exact Name of Issuing Entity as Specified in Its Charter) |
| (Issuer of the Notes)                                      |  | (Issuer of the Collateral Certificate)                     |

|                                                                                      |        |                                                                                      |  |  |  |  |  |  |
|--------------------------------------------------------------------------------------|--------|--------------------------------------------------------------------------------------|--|--|--|--|--|--|
| Delaware                                                                             |   | New York                                                                             |
| (State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity) |   | (State or Other Jurisdiction of Incorporation or Organization of the Issuing Entity) |
|                                                                                      |        |                                                                                      |
| c/o Capital One Funding, LLC1600 Capital One DriveRoom 27907-AMcLean, VA 22102   |   | c/o Capital One Funding, LLC1600 Capital One DriveRoom 27907-AMcLean, VA 22102   |
| (Address of Principal Executive Offices of Issuing Entity)                           |   | (Address of Principal Executive Offices of Issuing Entity)                           |
|                                                                                      |        |                                                                                      |
| (804) 284-2500                                                                       |        | (804) 284-2500                                                                       |
| (Registrant’s telephone number, including area code)                           |        | (Registrant’s telephone number, including area code)                           |
|                                                                                      |        |                                                                                      |
| Not Applicable                                                                       |        | Not Applicable                                                                       |
| (I.R.S. Employer Identification No.)                                                 |        | (I.R.S. Employer Identification No.)                                                 |

|                     |                   |                                           |  |  |  |  |  |  |
|---------------------|-------------------|-------------------------------------------|--|--|--|--|--|--|
| Title of Each Class | Trading Symbol(s) | Name of Each Exchange on Which Registered |
| N/A             | N/A           | N/A                                   |

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|                                   |        |        |                                     |        |        |  |  |  |  |  |  |  |  |  |  |  |  |
|-----------------------------------|--------|--------|-------------------------------------|--------|--------|--|--|--|--|--|--|--|--|--|--|--|--|
| Large accelerated filer |   |  ̈ | Accelerated filer              |   |  ̈ |
| Non-accelerated filer             |   | ý | Smaller reporting company |        |  ̈ |
|                                   |        |        | Emerging growth company             |        |  ̈ |

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|          |                    |  |  |  |  |
|----------|--------------------|--|--|--|--|
| Item 1.  | Business.          |
| Item 1A. | Risk Factors.      |
| Item 1C. | Cybersecurity.     |
| Item 2.  | Properties.        |
| Item 3.  | Legal Proceedings. |

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|                 |                                                                                                                     |  |  |  |  |
|-----------------|---------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Item 5.         | Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities. |
| Item 6.         | [Reserved.]                                                                                                 |
| Item 7.         | Management's Discussion and Analysis of Financial Condition and Results of Operations.                              |
| Item 7A.        | Quantitative and Qualitative Disclosures about Market Risk.                                                         |
| Item 8.         | Financial Statements and Supplementary Data.                                                                        |
| Item 9.         | Changes in and Disagreements With Accountants on Accounting and Financial Disclosure.                               |
| Item 9A.        | Controls and Procedures.                                                                                            |
|                 |                                                                                                                     |
| Item 9B:    | Other Information.                                                                                                  |
| None.           |
|                 |                                                                                                                     |
| Item 9C:    | Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.                                                |
| Not applicable. |

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|          |                                                                                                 |  |  |  |  |
|----------|-------------------------------------------------------------------------------------------------|--|--|--|--|
| Item 10. | Directors, Executive Officers and Corporate Governance.                                         |
| Item 11. | Executive Compensation.                                                                         |
| Item 12. | Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters. |
| Item 13. | Certain Relationships and Related Transactions, and Director Independence.                      |
| Item 14. | Principal Accountant Fees and Services.                                                         |

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|                |                                                                                                                                                                                                                                                                                                                                                                    |  |  |  |  |
|----------------|--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| Exhibit Number | Description                                                                                                                                                                                                                                                                                                                                                        |
| 3.1            | Amended and Restated Limited Liability Company Agreement of Capital One Funding, LLC dated as of July 31, 2002 (incorporated by reference to Exhibit 3.1 to Amendment No. 1 to Form S-3 Registration Statement (File Nos. 333-75276, 333-75276-01 and 333-75276-02) filed with the Securities and Exchange Commission on September 13, 2002).                      |
| 3.2            | First Amendment dated as of March  1, 2008 to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).                                                                                                        |
| 3.3            | Second Amendment dated as of October 1, 2022 to the Amended and Restated Limited Liability Company Agreement (incorporated by reference to Exhibit 3.1.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                  |
| 4.1            | Amended and Restated Receivables Purchase Agreement dated as of July 1, 2007 between Capital One Funding, LLC and Capital One, National Association (as successor to Capital One Bank (USA), National Association) (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 6, 2007). |
| 4.2            | First Amendment  dated as of March 1, 2008 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).                                                                                                             |
| 4.3            | Second Amendment dated as of March 17, 2016 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March  17, 2016).                                                                                                          |
| 4.4            | Third Amendment dated as of October 1, 2022 to the Amended and Restated Receivables Purchase Agreement (incorporated by reference to Exhibit 4.1.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                        |
| 4.5            | Indenture for the Notes dated as of October 9, 2002, as amended and restated as of January 13, 2006 and March  17, 2016 (incorporated by reference to Exhibit 4.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                                                                                          |
| 4.6            | First Amendment dated as of October 1, 2022 to the Indenture for the Notes (incorporated by reference to Exhibit 4.1.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                    |
| 4.7            | Asset Pool 1 Supplement for the Notes dated October 9, 2002 (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on November 12, 2002).                                                                                                                                                   |
| 4.8            | First Amendment dated as of March 1, 2008 to the Asset Pool 1 Supplement (incorporated by reference to Exhibit 4.8 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).                                                                                                                                          |
| 4.9            | Second Amendment dated as of October 1, 2022 to the Asset Pool I Supplement (incorporated by reference to Exhibit 4.1.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                   |
| 4.10           | Card Series Indenture Supplement for the Notes dated as of October 9, 2002, as amended and restated as of March  17, 2016 (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                                                                                        |
| 4.11           | Amended and Restated Series 2002-CC Supplement to the Amended and Restated Pooling and Servicing Agreement dated as of October 9, 2002, as amended and restated on March 17, 2016 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                                |
| 4.12           | First Amendment dated as of October 1, 2022 to the Amended and Restated 2002-CC Supplement to the Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1.4 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022)                                                         |
| 4.13           | Amended and Restated Pooling and Servicing Agreement, dated as of September 30, 1993, and as amended and restated as of August 1, 2002, January 13, 2006, July 1, 2007 and March 17, 2016 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                        |
| 4.14           | First Amendment dated as of January 27, 2017 to Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 27, 2017).                                                                                                           |
| 4.15           | Second Amendment dated as of October 1, 2022 to the Amended and Restated Pooling and Servicing Agreement (incorporated by reference to Exhibit 4.1.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                      |
| 4.16           | Third Amendment dated as of March 17, 2023 to the Amended and Restated Pooling and Servicing Agreement(incorporated by reference to Exhibit 4.16 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission on March 24,2023).                                                                                                            |
| 4.17           | Asset Representations Review Agreement, dated as of March 17, 2016 (incorporated by reference to Exhibit 4.6 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                                                                                                                                               |
| 4.18           | First Amendment dated as of October 1, 2022 to the Asset Representations Review Agreement (incorporated by reference to Exhibit 4.1.10 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                    |
| 4.19           | Dispute Resolution Agreement, dated as of March 17, 2016 (incorporated by reference to Exhibit 4.7 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 17, 2016).                                                                                                                                                         |
| 4.20           | First Amendment dated as of October 1, 2022 to the Dispute Resolution Agreement (incorporated by reference to Exhibit 4.1.9 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                               |

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|         |                                                                                                                                                                                                                                                                                                                                                                                                                        |  |  |  |  |
|---------|------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 4.21    | Defaulted Receivables Supplemental Servicing Agreement dated as of July 15, 2010 (incorporated by reference to Exhibit 99.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on July 15, 2010).                                                                                                                                                                                     |
| 4.22    | First Amendment dated as of October 1, 2022 to the Defaulted Receivables Supplemental Servicing Agreement (incorporated by reference to Exhibit 4.1.8 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                                         |
| 4.23    | Transfer and Assumption Agreement, dated as of November 22, 1994 by and among Signet Bank/Virginia, Capital One Bank (USA), National Association, as Assuming Entity, The Bank of New York Mellon, as Trustee and the other parties thereto (incorporated by reference to Exhibit 4.5 to the Current Report on Form 8-K, filed with the Securities and Exchange Commission on January 13, 1995).                   |
| 4.24    | Second Amended and Restated Trust Agreement dated as of January  13, 2006 (incorporated by reference to Exhibit 4.3 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on January 20, 2006).                                                                                                                                                                                          |
| 4.25    | Transfer and Administration Agreement dated as of October 9, 2002 (incorporated by reference to Exhibit 4.2 to the Current Report on Form 8-K filed with the Securities and Exchange Commission by Capital One Funding, LLC on November 12, 2002).                                                                                                                                                                     |
| 4.26    | First Amendment dated as of March 1, 2008 to the Transfer and Administration Agreement (incorporated by reference to Exhibit 4.10 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on March 4, 2008).                                                                                                                                                                               |
| 4.27    | Second Amendment dated as of October 1, 2022 to the Transfer and Administration Agreement (incorporated by reference to Exhibit 4.1.7 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                                                         |
| 4.28    | Omnibus Securitization Agreements Assignment and Assumption Agreement, dated as of October 1, 2022 (incorporated by reference to Exhibit 4.1.1 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                                                |
| 4.29.1  | Class B(2005-3) Terms Document dated as of August 4, 2005 (included in Exhibit 4.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on August 11, 2005, which is incorporated herein by reference).                                                                                                                                                                            |
| 4.29.2  | Omnibus Addendum dated as of February 10, 2006, to the various Terms Documents to the Indenture (included in Exhibit 4.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on February  13, 2006, which is incorporated herein by reference).                                                                                                                                   |
| 4.29.3  | Omnibus Amendment dated as of November 12, 2014, to the various Terms Documents to the Indenture (included in Exhibit 4.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on November 12, 2014, which is incorporated herein by reference).                                                                                                                                   |
| 4.29.4  | Class A(2017-5) Terms Document dated as of October 10, 2017 (included in Exhibit 4.2.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on October 10, 2017, which is incorporated herein by reference).                                                                                                                                                                       |
| 4.29.5  | Class A(2018-2) Terms Document dated as of May 16, 2018 (included in Exhibit 4.2.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on May 16, 2018, which is incorporated herein by reference).                                                                                                                                                                               |
| 4.29.6  | Class A(2019-3) Terms Document dated as of September 5, 2019 (included in Exhibit 4.2.1 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on September 5, 2019, which is incorporated herein by reference).                                                                                                                                                                     |
| 4.29.7  | Class A(2021-1) Terms Document dated as of July 22, 2021 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on July 22, 2021, which is incorporated herein by reference).                                                                                                                                                                                   |
| 4.29.8  | Class A(2021-2) Terms Document dated as of July 22, 2021 (included in Exhibit 4.2.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on July 22, 2021, which is incorporated herein by reference).                                                                                                                                                                                   |
| 4.29.9  | Class A(2021-3) Terms Document dated as of November 30, 2021 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 30, 2021, which is incorporated herein by reference).                                                                                                                                                                           |
| 4.29.10 | Class A(2022-1) Terms Document dated as of March 30, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on March 30, 2022, which is incorporated herein by reference).                                                                                                                                                                                 |
| 4.29.11 | Class A(2022-2) Terms Document dated as of June 14, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on June 15, 2022, which is incorporated herein by reference.)                                                                                                                                                                                   |
| 4.29.12 | Class A(2022-3) Terms Document dated as of November 3, 2022 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on November 3, 2022, which is incorporated herein by reference).                                                                                                                                                                             |
| 4.29.13 | Supplemental Indenture with respect to Additional Class A(2022-3) Notes dated as of November 29, 2022 (included in Exhibit 4.1.2 to the registrant’s Form 8-K, as filed with the Securities and Exchange Commission on November 29, 2022, which is incorporated herein by reference).                                                                                                                            |
| 4.29.14 | Class A(2023-1) Terms Document dated as of May 24, 2023 (included in Exhibit 4.1.1 to the registrant's Form 8-K, as filed with the Securities and Exchange Commission on May 24, 2023, which is incorporated herein by reference).                                                                                                                                                                                     |
| 10.1    | Subservicing Agreement between Capital One, National Association (as successor to Capital One Bank (USA), National Association) and Capital One Services, LLC (as successor to Capital One Services, Inc. by conversion) (incorporated by reference to Exhibit 10.2 to the Annual Report on Form 10-K filed with the Securities and Exchange Commission by Capital One Multi-asset Execution Trust on March 30, 2007). |
| 10.2    | First Amendment dated as of October 1, 2022 to the Subservicing Agreement (incorporated by reference to Exhibit 4.1.11 to the Current Report on Form 8-K filed with the Securities and Exchange Commission on October 3, 2022).                                                                                                                                                                                        |
| 31.1    | Certification of Capital One Funding, LLC pursuant to Rule 13a-14(d)/15d-14(d) under the Securities Exchange Act of 1934.                                                                                                                                                                                                                                                                                          |
| 33.1    | Report on Assessment of Compliance with Servicing Criteria for Capital One, National Association, for itself  and on behalf of its affiliate Capital One Services, LLC.                                                                                                                                                                                                                                                |
| 33.2    | Report on Assessment of Compliance with Servicing Criteria for The Bank of New York Mellon.                                                                                                                                                                                                                                                                                                                            |
| 34.1    | Attestation Report of Ernst & Young LLP on Assessment of Compliance with Servicing Criteria relating to Capital One, National Association and its affiliate Capital One Services, LLC.                                                                                                                                                                                                                             |
| 34.2    | Attestation Report of KPMG LLP on Assessment of Compliance with Servicing Criteria relating to The Bank of New York Mellon.                                                                                                                                                                                                                                                                                            |

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|      |                                                                                                                                                        |  |  |  |  |
|------|--------------------------------------------------------------------------------------------------------------------------------------------------------|--|--|--|--|
| 35.1 | Servicer Compliance Statement of Capital One, National Association, as Servicer under the Amended and Restated Pooling and Servicing Agreement, et al. |
| 35.2 | Servicer Compliance Statement of Capital One Services, LLC, as Servicer under the Subservicing Agreement.                                              |

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|                                                                                                                |                                                                                                |  |  |  |  |
|----------------------------------------------------------------------------------------------------------------|------------------------------------------------------------------------------------------------|--|--|--|--|
| Capital One Funding, LLC, as Depositor to Capital One Multi-asset Execution Trust and Capital One Master Trust |
|                                                                                                                |                                                                                                |
| By:                                                                                                        | /s/ THOMAS A. FEIL                                                                     |
|                                                                                                                |                                                                                                |
| Name:                                                                                                      | *Thomas A. Feil                                                                                |
| Title:                                                                                                     | President                                                                                      |
|                                                                                                                |                                                                                                |
| Date:                                                                                                      | March 26, 2024                                                                                 |
|                                                                                                                | * Thomas A. Feil is the senior officer in charge of securitization of Capital One Funding, LLC |