The fund seeks capital appreciation by investing primarily in Post-War and Contemporary Artwork, directly or through Masterworks-sponsored Artwork Companies (Regulation A securities), and may gain exposure through forwards, swaps and prepaid forward contracts. The prospectus targets 60-70% of total assets in Artwork Company interests. The Adviser uses a data-driven process based mainly on public auction results. Holdings are fair valued by the Adviser. The fund may borrow, including from an Adviser affiliate.