<SEC-DOCUMENT>0001144204-16-080595.txt : 20160211
<SEC-HEADER>0001144204-16-080595.hdr.sgml : 20160211
<ACCEPTANCE-DATETIME>20160211105650
ACCESSION NUMBER:		0001144204-16-080595
CONFORMED SUBMISSION TYPE:	SC 13G
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20160211
DATE AS OF CHANGE:		20160211
GROUP MEMBERS:		PENSERRA CAPITAL MANAGEMENT LLC

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			VASCO DATA SECURITY INTERNATIONAL INC
		CENTRAL INDEX KEY:			0001044777
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-COMPUTER INTEGRATED SYSTEMS DESIGN [7373]
		IRS NUMBER:				364169320
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-59373
		FILM NUMBER:		161409127

	BUSINESS ADDRESS:	
		STREET 1:		1901 SOUTH MYERS ROAD
		STREET 2:		SUITE 210
		CITY:			OAKBROOK TERRACE
		STATE:			IL
		ZIP:			60181
		BUSINESS PHONE:		6309328844

	MAIL ADDRESS:	
		STREET 1:		1919 S HIGHLAND AVE
		STREET 2:		STE 118 C
		CITY:			LOMBARD
		STATE:			IL
		ZIP:			60148

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Factor Advisors, LLC
		CENTRAL INDEX KEY:			0001480384
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SC 13G

	BUSINESS ADDRESS:	
		STREET 1:		35 BEECHWOOD ROAD, SUITE 2B
		CITY:			SUMMIT
		STATE:			NJ
		ZIP:			07901
		BUSINESS PHONE:		201-546-9318

	MAIL ADDRESS:	
		STREET 1:		35 BEECHWOOD ROAD, SUITE 2B
		CITY:			SUMMIT
		STATE:			NJ
		ZIP:			07901
</SEC-HEADER>
<DOCUMENT>
<TYPE>SC 13G
<SEQUENCE>1
<FILENAME>v431320_sc13g.htm
<DESCRIPTION>SC 13G
<TEXT>
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<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">UNITED STATES</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SECURITIES AND EXCHANGE COMMISSION</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 13G</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">Under the Securities Exchange Act of 1934</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">(Amendment No. ___)*</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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    <TD STYLE="width: 100%; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">VASCO
    DATA SECURITY INTERNATIONAL, INC.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Name of Issuer)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">Common Stock, $0.001 Par Value Per Share</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Title of Class of Securities)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-weight: normal; font-style: normal">92230Y104</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(CUSIP Number)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">December 31, 2015</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center"><FONT STYLE="font-size: 10pt">(Date of Event which Requires Filing of this Statement)</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Check the appropriate box to designate the rule pursuant to which
this Schedule is filed:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">x</FONT></TD><TD>Rule 13d-1(b)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Rule 13d-1(c)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.25in; text-align: left"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD><TD>Rule 13d-1(d)</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">*The remainder of this cover page shall be
filled out for a reporting person&rsquo;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.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">The information required in the remainder of
this cover page shall not be deemed to be &ldquo;filed&rdquo; for the purpose of Section 18 of the Securities Exchange Act of 1934
(&ldquo;Act&rdquo;) 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 <I>Notes</I>).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 13G</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>CUSIP No.</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">92230Y104</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding-top: 3pt; padding-bottom: 3pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 5%; border: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 95%; border-top: Black 1pt solid; border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">Factor Advisors, LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.1pt"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.1pt"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-size: 10pt">
        See Item of attached schedule</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">Delaware</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="border: Black 1pt solid; padding: 5pt 5.4pt; width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0; text-align: center"><B>Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by Each<BR>
Reporting Person<BR>
With:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; width: 5%"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left; width: 75%"><FONT STYLE="font-size: 10pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left">2,260,070</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left"><FONT STYLE="font-size: 10pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="width: 95%; border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt">2,260,070</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">5.67%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Courier New, Courier, Monospace; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">IA</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">SCHEDULE 13G</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

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        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B><FONT STYLE="font-size: 10pt">CUSIP No.<BR>
 </FONT></B>92230Y104</P></TD>
    <TD STYLE="width: 50%; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; font: bold 10pt Times New Roman, Times, Serif; padding: 3pt 5.4pt">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

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    <TD ROWSPAN="2" STYLE="width: 5%; border: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>1</B></FONT></TD>
    <TD STYLE="width: 95%; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Names of Reporting Persons</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">Penserra Capital management LLC</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>2</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Check the appropriate box if a member of a Group (see instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.1pt"><FONT STYLE="font-size: 10pt">(a)&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 17.1pt"><FONT STYLE="font-size: 10pt">(b)&nbsp;&nbsp;</FONT><FONT STYLE="font-family: Wingdings">x</FONT><FONT STYLE="font-size: 10pt">
        See Item of attached schedule</FONT></P></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>3</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Sec Use Only</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>4</B></FONT></TD>
    <TD STYLE="border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Citizenship or Place of Organization</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Times New Roman, Times, Serif"><FONT STYLE="font-size: 10pt">New York</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font-size: 10pt; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="8" STYLE="border: Black 1pt solid; padding: 5pt 5.4pt; width: 20%">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Number of<BR>
Shares<BR>
Beneficially<BR>
Owned by Each<BR>

        Reporting Person<BR>
 With:</B></P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P></TD>
    <TD ROWSPAN="2" STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold; width: 5%"><FONT STYLE="font-size: 10pt"><B>5</B></FONT></TD>
    <TD STYLE="vertical-align: top; border-top: Black 1pt solid; border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold; text-align: left; width: 75%"><FONT STYLE="font-size: 10pt"><B>Sole Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>6</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Shared Voting Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>7</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Sole Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; text-align: left">2,260,070*</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>8</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold; text-align: left"><FONT STYLE="font-size: 10pt"><B>Shared Dispositive Power</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt; text-align: left">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="width: 5%; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>9</B></FONT></TD>
    <TD STYLE="width: 95%; border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Aggregate Amount Beneficially Owned by Each Reporting Person</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt">2,260,070</TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>10</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-family: Wingdings">&#168;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>11</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>Percent of class represented by amount in row (9)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">5.67%</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD ROWSPAN="2" STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; padding: 5pt 5.4pt; font-weight: bold"><FONT STYLE="font-size: 10pt"><B>12</B></FONT></TD>
    <TD STYLE="border-right: Black 1pt solid; padding: 5pt 5.4pt; font-family: Courier New, Courier, Monospace; font-weight: bold"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Type of Reporting Person (See Instructions)</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="border-right: Black 1pt solid; border-bottom: Black 1pt solid; padding: 5pt 5.4pt"><FONT STYLE="font-size: 10pt">IA</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&#183;</FONT></TD><TD><B>Penserra Capital Management LLC disclaims beneficial ownership of such securities.</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.25in"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 1.&#9;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(a)</B></TD><TD><B>Name of Issuer: VASCO Data Security International,
Inc.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>(b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;Address of Issuer&rsquo;s Principal
Executive Offices: 1901 South Meyers Road, Suite 210, Oakbrook Terrace, IL 60181</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0">Item 2.&#9;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(a)</B></TD><TD><B>Name of Person Filing: Factor Advisors, LLC and Penserra Capital Management LLC</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(b)</B></TD><TD><B>Address of Principal Business Office or, if None, Residence:</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Factor Advisor LLC - 35 Beechwood Road, Suite 2B, Summit,
New Jersey 07091</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in"><B>Penserra Capital Management LLC - 140 Broadway, 46<SUP>th</SUP>
Floor New York NY 10005</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-indent: -0.5in"><B>(c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Citizenship:&#9;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Factor
Advisors LLC &ndash; Delaware</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in"><B>Penserra Capital Management LLC &ndash; New York</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

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<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><B>(d)</B></TD><TD STYLE="text-align: justify"><B>Title and Class of Securities: Common Stock</B></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><FONT STYLE="font-size: 10pt"><B>(e)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;CUSIP
No.: &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&#9;</B></FONT>92230Y104</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;3.</B></TD><TD><B>If this statement is filed pursuant to &sect;&sect;
240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 1.5in; text-indent: -1in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 92%; border-collapse: collapse; margin-left: 0.5in">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 7%"><FONT STYLE="font-size: 10pt">(a)</FONT></TD>
    <TD STYLE="width: 7%"><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD STYLE="width: 86%"><FONT STYLE="font-size: 10pt">Broker or dealer registered under Section 15 of the Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(b)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Bank as defined in Section 3(a)(6) of the Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(c)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Insurance company as defined in Section 3(a)(19) of the Act;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(d)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Investment company registered under Section 8 of the Investment Company Act of 1940;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(e)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">x</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">An investment adviser in accordance with Rule 13d-1(b)(1)(ii)(E);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(f)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">An employee benefit plan or endowment fund in accordance with Rule 13d-1(b)(1)(ii)(F);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(g)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A parent holding company or control person in accordance with Rule 13d-1(b)(1)(ii)(G);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(h)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(i)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940;</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(j)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">A non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J);</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">(k)</FONT></TD>
    <TD><FONT STYLE="font-family: Wingdings; font-size: 10pt">&#168;</FONT></TD>
    <TD><FONT STYLE="font-size: 10pt">Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K). If filing as a non-U.S. institution in accordance with Rule 240.13d-1(b)(1)(ii)(J), please specify the type of institution: ____</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>Item 4.&#9;Ownership</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; text-indent: -0.5in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.5in"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(a)</B></FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Amount
                                         Beneficially Owned: &nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">2,260,070</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(b)</B></TD><TD><B>Percent of Class: </B>5.67%</TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(c)</B></TD><TD><B>Number of shares as to which such person(s) has:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(i)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sole
                                         power to vote or to direct the vote: </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">2,260,070</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(ii)</B></TD><TD><B>Shared power to vote or to direct the vote:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 91.5pt; text-align: justify; text-indent: -55.5pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Courier New, Courier, Monospace; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>(iii)</B></FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sole
                                         power to dispose or to direct the disposition of: </B></FONT><FONT STYLE="font-family: Times New Roman, Times, Serif">2,260,070</FONT></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 91.5pt; text-align: justify; text-indent: -55.5pt"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in"></TD><TD STYLE="width: 0.5in; text-align: left"><B>(iv)</B></TD><TD><B>Shared power to dispose or to direct the disposition
of:</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;5.</B></TD><TD><B>Ownership of Five Percent or Less of a Class.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">If this statement is being filed
to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent
of the class of securities, check the following <FONT STYLE="font-family: Wingdings">&#168;</FONT>.</P>



<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left">Item&nbsp;6.</TD><TD>Ownership of more than Five Percent on Behalf of Another
Person.</TD>
</TR></TABLE>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: bold 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"></TD><TD><FONT STYLE="font-weight: normal">The PureFunds ISE Cyber Security ETF, a series of the FactorShares Trust, which is managed
on a discretionary basis by Factor Advisor LLC and Sub-Advised by Penserra Capital Management LLC, has the right or the power to
direct the receipt of dividends, or the proceeds from the sale of, the Common Stock.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;7.</B></TD><TD><B>Identification and classification of the subsidiary
which acquired the security being reported on by the parent holding company or control person.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Not Applicable</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;8.</B></TD><TD><B>Identification and classification of members of the
group.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Factor Advisor LLC is the Advisor and Penserra
Capital Management LLC is the Sub-Advisor to the FactorShares Trust, which is managed on a discretionary basis. Neither Factor
Advisor LLC nor Penserra Capital Management LLC affirms the existence of a group within the meaning of Rule 13d-5(b)(1).</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;9.</B></TD><TD><B>Notice of Dissolution of Group.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">Not Applicable</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-align: justify; text-indent: -0.75in"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0in"></TD><TD STYLE="width: 0.75in; text-align: left"><B>Item&nbsp;10.</B></TD><TD><B>Certifications.</B></TD>
</TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 0 0.75in; text-indent: -0.75in"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.75in"></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-weight: normal">By signing below, we certify that, to the best
of our 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.</FONT></TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>SIGNATURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">After reasonable inquiry and to the best of our knowledge and belief,
we certify that the information set forth in this statement is true, complete and correct.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Dated:&nbsp;&nbsp;February 10, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

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<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ David Weissman</I></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name/Title: Dave Weissman, Chief Operating and Compliance Officer,
Factor advisors LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Dustin Lewellyn</I></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name/Title: Dustin Lewellyn, CFA, Chief Investment Officer, Penserra
Capital Management LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>INDEX TO EXHIBITS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

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    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; width: 12%"><FONT STYLE="font-size: 10pt"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="font-weight: bold; text-align: center; width: 2%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font-weight: bold; text-align: center; width: 86%"><FONT STYLE="font-size: 10pt"><B>Exhibit</B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-size: 10pt">99.1</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-size: 10pt">Joint Filing Agreement</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>v431320_ex99-1.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>EXHIBIT (99.1)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: right"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>JOINT FILING AGREEMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-indent: 27pt"><FONT STYLE="font-size: 10pt">In accordance with
Rule 13d-1(k)(1) promulgated under the Securities Act of 1934, the undersigned agree to the joint filing of a Statement in Schedule
13G, including any and all amendments thereto, with respect to the Common Stock, $0.001 Par Value, of </FONT>VASCO DATA SECURITY
INTERNATIONAL INC.<FONT STYLE="font-size: 10pt"> and further agree to the filling of this agreement as an exhibit thereto. In addition,
each party to this Joint Filing Agreement expressively authorizes each other party to this agreement to file on its behalf and
all amendments to such Statement on Schedule 13G.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><FONT STYLE="font-size: 10pt">Date:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT>February 10, 2016</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">FACTOR ADVISORS LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ David Weissman</I></FONT></TD>
    <TD STYLE="width: 50%">&nbsp;</TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name/Title: Dave Weissman, Chief Operating and Compliance Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">PENSERRA CAPITAL MANAGEMENT LLC</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><I>&nbsp;</I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%; border-bottom: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>/s/ Dustin Lewellyn</I></FONT></TD>
    <TD STYLE="width: 50%"><FONT STYLE="font-size: 10pt"><I>&nbsp;</I></FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0">Name/Title: Dustin Lewellyn, CFA, Chief Investment Officer</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0"><B>&nbsp;</B></P>


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