(Amendment No. 10)
Check the appropriate box to designate the rule pursuant to which this Schedule is filed:
* 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
25,902
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6
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SHARED VOTING POWER
155,145(1)
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7
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SOLE DISPOSITIVE POWER
25,902
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8
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SHARED DISPOSITIVE POWER
155,145(1)
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
181,047
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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)
6.71% (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, Leuthold Global Fund and other advisory clients (see Item 2(a)).
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(2)
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This percentage is calculated based on 2,700,000 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
145,298
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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
145,298
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
145,298
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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)
5.38% (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 2,700,000 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
8,531
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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
8,531
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9
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON
8,531
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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)
0.32% (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 2,700,000 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 (the “Leuthold Group”); (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, to report that the Leuthold Global Fund has ceased to be the beneficial owner of more than five percent of the class of securities, and is no longer
a filing person. The Leuthold Group is the investment adviser to the Leuthold Core Investment Fund and to the Leuthold Global Fund and to other advisory clients. Other than the Leuthold Core Investment Fund, no other advisory client currently has a
greater than five percent position.
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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 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 company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).
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☒ An investment adviser in accordance with section 240.13d‑1(b)(1)(ii)(E).
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The Leuthold Group, LLC (d/b/a Leuthold Weeden Capital Management)
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(a)
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Amount Beneficially Owned: 181,047
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(b)
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Percent of Class: 6.71%
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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: 25,902
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(ii)
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shared power to vote or to direct the vote: 155,145
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(iii)
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sole power to dispose or to direct the disposition of: 25,902
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(iv)
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shared power to dispose or to direct the disposition of: 155,145
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Leuthold Core Investment Fund
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(a)
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Amount Beneficially Owned: 145,298
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(b)
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Percent of Class: 5.38%
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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: 145,298
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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: 145,298
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Leuthold Global Fund
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(a)
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Amount Beneficially Owned: 8,531
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(b)
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Percent of Class: 0.32%
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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: 8,531
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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: 8,531
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Item 5.
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Ownership of Five Percent or Less of a Class:
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The Leuthold Global Fund has ceased to be the beneficial owner of more than 5 percent of the class of securities, and is
no longer a filing person: ☒
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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 advisory clients of the Leuthold Group, including the Leuthold Core Investment Fund and the Leuthold Global Fund,
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. The investment management contracts of the advisory clients grant to the Leuthold Group
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 Leuthold Group is deemed to be the beneficial owner 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, other than activities solely in connection with a nomination under Rule 14a-11.
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: February 3, 2021
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