TELOS CORP — Director's Dealing 2006

Mar 29, 2006

SEC Form 3 — Initial Statement of Beneficial Ownership

Issuer: TELOS CORP (TLSRP)
CIK: 0000320121
Period of Report: 2005-11-02

Reporting Person: Masters Francis M (VP, Messaging Solutions)

Holdings (Non-Derivative)

Security	Shares	Ownership
No securities were beneficially owned as of 11/02/2005	0	Direct

Holdings (Derivative)

Security	Exercise Price	Expiration	Underlying	Shares	Ownership
Stock option (right to buy)	$0.62	2004-01-22	Class A Common Stock (15000)		Direct

Footnotes

F1: No securities were beneficially owned by the reporting person as of 11/02/2005.

F2: The option is exercisable in five equal annual installments. The first installment became exercisable on 01/22/2004; the second installment became exercisable on 01/22/2005; the third installment will become exercisable on 01/22/2006; the fourth installment will become exercisable on 01/22/2007; the fifth installment will become exercisable on 01/22/2008.