** **

**Exhibit 99.2 (b)**

 

2007 ANNUAL CERTIFICATEHOLDER’S STATEMENT

CAPITAL ONE MASTER TRUST

SERIES 2001-1

 

                Under the Amended and Restated Pooling and ServicingAgreement dated as of September 30, 1993, as amended and 

restatedas of August 1, 2002, January 13, 2006, March 23, 2007 and July 1, 2007and as further amended by the First Amendment, dated as of March 1, 2008 (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 is required toprepare certain information each month regarding current distributions toCertificateholders.  The informationwhich is required to be prepared with respect to the distributions made duringthe preceding calendar year is set forth below. Certain information is presented on the basis of an original principal amountof $1,000 per investor Certificate (a “Certificate”).  Capitalized terms used in this Certificatehave 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 per $1,000 Original Principal  Amount                                                                                                              |   | 55.3902127897 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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                                                               |   | 55.3902127897 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                     | The amount of the  distribution set forth in paragraph 1 above in respect of principal of the  Class A Certificates, per $1,000 Original Principal Amount                                                              |   | 0.0000000000 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
| 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 2001-1  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                                                                                                                                                    |   |   |
|   |                                                                                                                                   | per $1,000 Original  Principal Amount.                                                                                                                                                                                      |   | 58.5246571667 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 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.                                                              |   | 58.5246571667 |
|   |                                                                                                                                   |                                                                                                                                                                                                                        |   |   |
|   | 3)                                                                                                                                     | The amount of the  distribution set forth in paragraph 1 above in respect of principal of the  Class B Certificates, per $1,000 Original Principal Amount.                                                             |   | 0.0000000000 |

 

 

 

----

 
| 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 2001-1 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 per $1,000 Original Principal                                   |   |   |
|         |                                                                                                                              | Amount.                                                                                                                             |   | 65.1979906897 |
|         |                                                                                                                              |                                                                                                                                |   |   |
|         | 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.                                                                         |   | 63.2729729885 |
|         |                                                                                                                              |                                                                                                                                |   |   |
|         | 3)                                                                                                                                | The amount of the  distribution set forth in paragraph 1 above in respect of principal of the                                       |   |   |
|         |                                                                                                                              | Collateral Interest, per  $1,000 Original Principal Amount.                                                                         |   | 0.0000000000 |
|         |                                                                                                                              |                                                                                                                                |   |   |
| 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 |

 

 

 

 

 

 

 

 

 

 

 

 

----