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The council of Trent says (in English translation from the Latin text):
SESSION THE THIRTEENTH,
Being the third under the Sovereign Pontiff, Julius III., celebrated on the eleventh day of October, MDLI.
DECREE CONCERNING THE MOST HOLY SACRAMENT OF THE EUCHARIST
The sacred and holy, oecumenical and general Synod of Trent,-lawfully assembled in the Holy Ghost, the same Legate, and nuncios of the Apostolic See presiding therein, although the end for which It assembled, not without the special guidance and governance of the Holy Ghost, was, that It might set forth the true and ancient doctrine touching faith and the sacraments, and might apply a remedy to all the heresies, and the other most grievous troubles with which the Church of God is now miserably agitated, and rent into many and various parts; yet, even from the outset, this especially has been the object of Its desires, that It might pluck up by the roots those tares of execrable errors and schisms, with which the enemy hath, in these our calamitous times, oversown the doctrine of the faith, in the use and worship of the sacred and holy Eucharist, which our Saviour, notwithstanding, left in His Church as a symbol of that unity and charity, with which He would fain have all Christians be mentally joined and united together. Wherefore, this sacred and holy Synod delivering here, on this venerable and divine sacrament of the Eucharist, that sound and genuine doctrine, which the Catholic Church,-instructed by our Lord Jesus Christ Himself, and by His apostles, and taught by the Holy Ghost, who day by day brings to her mind all truth, has always retained, and will preserve even to the end of the world, forbids all the faithful of Christ, to presume to believe, teach, or preach henceforth concerning the holy Eucharist, otherwise than as is explained and defined in this present decree.
CHAPTER I.
On the real presence of our Lord Jesus Christ in the most holy sacrament of the Eucharist.
In the first place, the holy Synod teaches, and openly and simply professes, that, in the august sacrament of the holy Eucharist, after the consecration of the bread and wine, our Lord Jesus Christ, true God and man, is truly, really, and substantially contained under the species of those sensible things. For neither are these things mutually repugnant - that our Saviour Himself always sitteth at the right hand of the Father in heaven, according to the natural mode of existing, and that, nevertheless, He be, in many other places, sacramentally present to us in his own substance, by a manner of existing, which, though we can scarcely express it in words, yet can we, by the understanding illuminated by faith, conceive, and we ought most firmly to believe, to be possible unto God: for thus all our forefathers, as many as were in the true Church of Christ, who have treated of this most holy Sacrament, have most openly professed, that our Redeemer instituted this so admirable a sacrament at the last supper, when, after the blessing of the bread and wine, He testified, in express and clear words, that He gave them His own very Body, and His own Blood; words which,-recorded by the holy Evangelists, and afterwards repeated by Saint Paul, whereas they carry with them that proper and most manifest meaning in which they were understood by the Fathers,-it is indeed a crime the most unworthy that they should be wrested, by certain contentions and wicked men, to fictitious and imaginary tropes, whereby the verity of the flesh and blood of Christ is denied, contrary to the universal sense of the Church, which, as the pillar and ground of truth, has detested, as satanical, these inventions devised by impious men; she recognising, with a mind ever grateful and unforgetting, this most excellent benefit of Christ.
Being the third under the Sovereign Pontiff, Julius III., celebrated on the eleventh day of October, MDLI.
DECREE CONCERNING THE MOST HOLY SACRAMENT OF THE EUCHARIST
The sacred and holy, oecumenical and general Synod of Trent,-lawfully assembled in the Holy Ghost, the same Legate, and nuncios of the Apostolic See presiding therein, although the end for which It assembled, not without the special guidance and governance of the Holy Ghost, was, that It might set forth the true and ancient doctrine touching faith and the sacraments, and might apply a remedy to all the heresies, and the other most grievous troubles with which the Church of God is now miserably agitated, and rent into many and various parts; yet, even from the outset, this especially has been the object of Its desires, that It might pluck up by the roots those tares of execrable errors and schisms, with which the enemy hath, in these our calamitous times, oversown the doctrine of the faith, in the use and worship of the sacred and holy Eucharist, which our Saviour, notwithstanding, left in His Church as a symbol of that unity and charity, with which He would fain have all Christians be mentally joined and united together. Wherefore, this sacred and holy Synod delivering here, on this venerable and divine sacrament of the Eucharist, that sound and genuine doctrine, which the Catholic Church,-instructed by our Lord Jesus Christ Himself, and by His apostles, and taught by the Holy Ghost, who day by day brings to her mind all truth, has always retained, and will preserve even to the end of the world, forbids all the faithful of Christ, to presume to believe, teach, or preach henceforth concerning the holy Eucharist, otherwise than as is explained and defined in this present decree.
CHAPTER I.
On the real presence of our Lord Jesus Christ in the most holy sacrament of the Eucharist.
In the first place, the holy Synod teaches, and openly and simply professes, that, in the august sacrament of the holy Eucharist, after the consecration of the bread and wine, our Lord Jesus Christ, true God and man, is truly, really, and substantially contained under the species of those sensible things. For neither are these things mutually repugnant - that our Saviour Himself always sitteth at the right hand of the Father in heaven, according to the natural mode of existing, and that, nevertheless, He be, in many other places, sacramentally present to us in his own substance, by a manner of existing, which, though we can scarcely express it in words, yet can we, by the understanding illuminated by faith, conceive, and we ought most firmly to believe, to be possible unto God: for thus all our forefathers, as many as were in the true Church of Christ, who have treated of this most holy Sacrament, have most openly professed, that our Redeemer instituted this so admirable a sacrament at the last supper, when, after the blessing of the bread and wine, He testified, in express and clear words, that He gave them His own very Body, and His own Blood; words which,-recorded by the holy Evangelists, and afterwards repeated by Saint Paul, whereas they carry with them that proper and most manifest meaning in which they were understood by the Fathers,-it is indeed a crime the most unworthy that they should be wrested, by certain contentions and wicked men, to fictitious and imaginary tropes, whereby the verity of the flesh and blood of Christ is denied, contrary to the universal sense of the Church, which, as the pillar and ground of truth, has detested, as satanical, these inventions devised by impious men; she recognising, with a mind ever grateful and unforgetting, this most excellent benefit of Christ.
The explanation offered is an explanation for why we see bread and wine, taste it, smell it, and so forth despite it the truth that it is the body and the blood of the Lord.
Yes, exactly.