* The remainder of this cover page shall be filled out for a reporting person’s initial filing on this form with respect to the subject
class of securities, and for any subsequent amendment containing information which would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be deemed to be “filed” for the purpose of Section 18 of the
Securities Exchange Act of 1934 (“Act”) or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes).
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1
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NAME OF REPORTING PERSONS
The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
Not Applicable
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(a) ☐
(b) ☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
43,441
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6
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SHARED VOTING POWER
237,274(1)
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7
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SOLE DISPOSITIVE POWER
43,441
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8
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SHARED DISPOSITIVE POWER
237,274(1)
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
280,715
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
Not Applicable
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
11.2% (2)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IA
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(1)
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Represents shares beneficially owned by Leuthold Core Investment Fund and Leuthold Global Fund (see Item 2(a)).
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(2)
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This percentage is calculated based on 2,500,000 shares of beneficial interest outstanding, as publicly reported by the issuer.
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1
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NAME OF REPORTING PERSONS
Leuthold Core Investment Fund (a series of Leuthold Funds, Inc.)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
Not Applicable
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(a) ☐
(b) ☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
223,014
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
223,014
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
223,014
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
Not Applicable
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
8.9% (1)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IV
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(1)
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This percentage is calculated based on 2,500,000 shares of beneficial interest outstanding, as publicly reported by the issuer.
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1
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NAME OF REPORTING PERSONS
Leuthold Global Fund (a series of Leuthold Funds, Inc.)
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2
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP (SEE INSTRUCTIONS)
Not Applicable
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(a) ☐
(b) ☐
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3
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SEC USE ONLY
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4
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CITIZENSHIP OR PLACE OF ORGANIZATION
Delaware
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NUMBER OF
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON
WITH
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5
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SOLE VOTING POWER
0
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6
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SHARED VOTING POWER
14,260
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7
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SOLE DISPOSITIVE POWER
0
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8
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SHARED DISPOSITIVE POWER
14,260
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
14,260
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10
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES (SEE
INSTRUCTIONS)
Not Applicable
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☐
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11
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)
0.6% (1)
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12
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TYPE OF REPORTING PERSON (SEE INSTRUCTIONS)
IV
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(1)
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This percentage is calculated based on 2,500,000 shares of beneficial interest outstanding, as publicly reported by the issuer.
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Item 1(a).
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Name of Issuer:
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Invesco CurrencyShares Japanese Yen Trust
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Item 1(b).
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Address of Issuer’s Principal Executive Offices:
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3500 Lacey Road, Suite 700, Downers Grove, IL 60515
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Item 2(a).
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Name of Person Filing:
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The persons filing this Schedule 13G are (i) The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), an
investment adviser registered under Section 203 of the Investment Advisers Act of 1940; (ii) Leuthold Funds, Inc., an investment company registered under the Investment Company Act of 1940, on behalf of its series, Leuthold Core Investment Fund; and
(iii) Leuthold Funds, Inc., on behalf of its series, Leuthold Global Fund. The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management) is the investment adviser to Leuthold Core Investment Fund and to Leuthold Global Fund. Attached as
Exhibit 1 hereto, which is incorporated by reference herein, is an agreement between The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management), and Leuthold Funds, Inc., on behalf of its series, Leuthold Core Investment Fund and Leuthold
Global Fund, that this Schedule 13G is filed on behalf of each of them.
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Item 2(b).
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Address of Principal Business Office or, if none, Residence:
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150 South Fifth Street, Suite 1700, Minneapolis, MN 55402
The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management) is a Delaware limited liability company.
Leuthold Funds, Inc. is a Maryland corporation.
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Item 2(d).
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Title of Class of Securities:
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Japanese Yen Shares
23130A102
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Item 3.
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If this statement is filed pursuant to sections 240.13d-1(b), or 240.13d-2(b) or
(c), check whether the person filing is a:
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☒
An investment registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8)
☒
An investment adviser in accordance with section 240.13d‑1(b)(1)(ii)(E).
The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management)
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(a)
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Amount Beneficially Owned: 280,715
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(b)
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Percent of Class: 11.2%
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(c)
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Number of shares as to which such person has:
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(i)
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sole power to vote or to direct the vote: 43,441
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(ii)
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shared power to vote or to direct the vote: 237,274
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(iii)
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sole power to dispose or to direct the disposition of: 43,441
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(iv)
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shared power to dispose or to direct the disposition of: 237,274
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Leuthold Core Investment Fund
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(a)
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Amount Beneficially Owned: 223,014
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(b)
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Percent of Class: 8.9%
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(c)
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Number of shares as to which such person has:
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(i)
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sole power to vote or to direct the vote: 0
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(ii)
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shared power to vote or to direct the vote: 223,014
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(iii)
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sole power to dispose or to direct the disposition of: 0
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(iv)
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shared power to dispose or to direct the disposition of: 223,014
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Leuthold Global Fund
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(a)
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Amount Beneficially Owned: 14,260
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(b)
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Percent of Class: 0.6%
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(c)
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Number of shares as to which such person has:
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(i)
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sole power to vote or to direct the vote: 0
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(ii)
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shared power to vote or to direct the vote: 14,260
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(iii)
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sole power to dispose or to direct the disposition of: 0
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(iv)
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shared power to dispose or to direct the disposition of: 14,260
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Item 5.
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Ownership of Five Percent or Less of a Class:
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N/A
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Item 6.
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Ownership of More than Five Percent on Behalf of Another Person:
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The securities reported in this statement are beneficially owned by managed accounts that are investment management
clients of the Reporting Person. The investment management contracts of these clients grant to the Reporting Person all investment and voting power over the securities reported in this statement. Therefore, for purposes of Rule 13d-3 under the
Securities Exchange Act of 1934, the Reporting Person is deemed to be the beneficial owner of the securities reported in this statement. The clients of the Reporting Person have the right to receive or power to direct the receipt of dividends from,
as well as the proceeds from the sale of, the securities reported in this statement.
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Item 7.
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Identification and Classification of the Subsidiary Which Acquired the Security
Being Reported on by the Parent Holding Company or Control Person:
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N/A
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Item 8.
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Identification and Classification of Members of the Group:
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N/A
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Item 9.
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Notice of Dissolution of Group:
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N/A
By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired
and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
Exhibits.
Agreement to file Schedule 13G jointly (previously filed as Exhibit 1 to the Reporting Person’s Schedule 13G filed
January 20, 2017).
SIGNATURE
After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this
statement is true, complete and correct.
Date: January 7, 2020
The Leuthold Group, LLC
(d/b/a Leuthold Weeden Capital Management)
By: /s/ Roger Peters
Roger Peters
Chief Compliance Officer
Leuthold Funds, Inc., on behalf of
Leuthold Core Investment Fund
and Leuthold Global Fund
By: /s/ Roger Peters
Roger Peters
Vice President and Chief Compliance Officer