Anlageschwerpunkt Santander European Dividend - AD EUR DIS

The objective of the Sub-Fund (whose reference currency is EUR) is to maximise medium to long term returns. This Sub-Fund invests in a diversified portfolio of equity securities of European issuers quoted or traded on European official stock exchanges or Regulated Markets. This Sub-Fund invests mainly in equity securities of issuers in developed European countries (most of which will pay dividends on those securities) and up to 5% of its net assets in equity securities of issuers in Eastern European countries and Turkey. Other investments may also include convertible bonds, warrants or derivative instruments. In case of adverse market conditions this Sub-Fund may temporarily be invested in cash and money market instruments. The Sub-Fund will continuously invest at least 51% of its net assets directly or indirectly via funds in equity assets, excluding depository receipts and financial derivatives. In the case of indirect investments, the Sub-Fund will take into account the effective equity ratio of the underlying fund.