So investiert der Santander Covered Bond B Fonds: The investment objective of this Sub-Fund is to provide Shareholders with investment growth in the short to medium term. The Sub-Fund mainly invests in European covered bonds. Specifically, the Sub-Fund will invest in covered bonds that are euro denominated as well as issues of corporate, supranational, government and quasi-government issuers. Though the Sub-Fund will invest mainly in regulated covered bonds in accordance with Directive 2009/65/EC, it may invest up to 10% of its net assets in covered bonds that are not regulated covered bonds under Directive 2009/65/EC.