SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 SCHEDULE 13D (RULE 13d-101) INFORMATION TO BE INCLUDED IN STATEMENTS FILED PURSUANT TO RULES 13d-1(a) AND AMENDMENTS THERETO FILED PURSUANT TO RULE 13d-2(a) (Amendment No. 4)(1) TELECOMMUNICATION SYSTEMS, INC. -------------------------------------------------------------------------------- (Name of Issuer) CLASS A COMMON STOCK -------------------------------------------------------------------------------- (TITLE OF CLASS OF SECURITIES) 87929J103 -------------------------------------------------------------------------------- (CUSIP NUMBER) 033 ASSET MANAGEMENT, LLC 125 HIGH STREET, SUITE 1405 BOSTON, MASSACHUSETTS 02110 -------------------------------------------------------------------------------- (NAME, ADDRESS AND TELEPHONE NUMBER OF PERSON AUTHORIZED TO RECEIVE NOTICE AND COMMUNICATIONS) - with copies to - MICHAEL G. TANNENBAUM, ESQ. TANNENBAUM HELPERN SYRACUSE & HIRSCHTRITT LLP 900 THIRD AVENUE - 13TH FLOOR NEW YORK, NEW YORK 10022 (212) 508-6700 JANUARY 31, 2005 -------------------------------------------------------------------------------- (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Rule 13d-1(e), 13d-1(f) or 13d-1(g), check the following box. Note: Schedules filed in paper format shall include a signed original and five copies of the Schedule, including all exhibits. See Rule 13d-7(b) for other parties to whom copies are to be sent. -------- (1) 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 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). -------------------------- Page 1 of 5 Pages -------------------------- ------------------------------ ------------------------ CUSIP No. 87929J103 Page 2 of 5 Pages ------------------------------ ------------------------ --------- ------------------------------------------------------------------------------------------------------------ 1. NAMES OF REPORTING PERSONS I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY) 033 ASSET MANAGEMENT, LLC --------- ------------------------------------------------------------------------------------------------------------ 2. CHECK THE APPROPRIATE BOX IF A GROUP* (a) [ ] (b) [X] --------- ------------------------------------------------------------------------------------------------------------ 3. SEC USE ONLY --------- ------------------------------------------------------------------------------------------------------------ 4. SOURCES OF FUNDS WC --------- ------------------------------------------------------------------------------------------------------------ 5. CHECK BOX IF DISCLOSURE OF LEGAL PROCEEDINGS IS REQUIRED PURSUANT TO ITEM 2(d) OR 2(e) [ ] --------- ------------------------------------------------------------------------------------------------------------ 6. CITIZENSHIP OR PLACE OF ORGANIZATION DELAWARE, USA ---------------------------------------------------------------------------------------------------------------------- NUMBER OF 7. SOLE VOTING POWER 2,752,185 SHARES ----- -------------------------------------------------------------------------------------------- BENEFICIALLY 8. SHARED VOTING POWER 0 OWNED BY ----- -------------------------------------------------------------------------------------------- EACH 9. SOLE DISPOSITIVE POWER 2,752,185 REPORTING ----- -------------------------------------------------------------------------------------------- PERSON WITH 10. SHARED DISPOSITIVE POWER 0 ---------------------------------------------------------------------------------------------------------------------- 11. AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 2,752,185 --------- ------------------------------------------------------------------------------------------------------------ 12. CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (11) EXCLUDES CERTAIN SHARES * [ ] --------- ------------------------------------------------------------------------------------------------------------ 13. PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 11 10.0% --------- ------------------------------------------------------------------------------------------------------------ 14. TYPE OF REPORTING PERSON* IA --------- ------------------------------------------------------------------------------------------------------------ * SEE INSTRUCTIONS BEFORE FILLING OUT! ------------------------------ ------------------------ CUSIP No. 87929J103 Page 3 of 5 Pages ------------------------------ ------------------------ This Amendment No. 4 amends the Schedule 13D filed by the Reporting Person on or about September 3, 2003, as amended by Amendments No.1, No. 2 and No. 3 filed by the Reporting Person on or about February 13, 2004, October 6, 2004 and October 7, 2004, respectively. The purpose of this Amendment is to reflect the acquisition of Shares. Only Item 5 reported herein is being amended. All other items remain unchanged. ITEM 1 SECURITY AND ISSUER Title of Class of Securities Common stock $.001 par value per share (the "Shares") Name and Address of Issuer TeleCommunication Systems, Inc. 275 West Street Annapolis, Md ITEM 2 IDENTITY AND BACKGROUND (a) 033 Asset Management, LLC (the "Manager") (b) 125 High Street, Suite 1405 Boston, Massachusetts 02110 (c) The Manager serves as an investment manager to investment vehicles. ITEM 3 SOURCE AND AMOUNT OF FUNDS OR OTHER CONSIDERATION The Manager is the investment manager of (i) 033 Growth Partners I, L.P., (ii) 033 Growth Partners II, L.P., (iii) Oyster Pond Partners, L.P. and (iv) 033 Growth International Fund, Ltd. (together, the "Funds"). ITEM 5 INTEREST IN SECURITIES OF THE ISSUER (a)-(b) The Manager may be deemed, for purposes of Rule 13d-3 under the Securities Exchange Act of 1934, as amended, to be the beneficial owner of the aggregate amount of 2,752,185 Shares owned by the Funds representing approximately 10.0% of the Issuer's 27,412,945 Shares outstanding as of September 30, 2004 (as reported on the Issuer's Quarterly Report on Form 10-Q/A for the period ended September 30, 2004 filed on December 8, 2004). The Manager disclaims any economic interest or beneficial ownership of the shares covered by this Statement. ------------------------------ ------------------------ CUSIP No. 87929J103 Page 4 of 5 Pages ------------------------------ ------------------------ (c) Item 5(c) is hereby amended and restated as follows: -------------------------------- --------------------------- ---------------------------- --------------------------- Transaction Date Bought Sold Price per Share ($) -------------------------------- --------------------------- ---------------------------- --------------------------- -------------------------------- --------------------------- ---------------------------- --------------------------- December 10, 2004 10,000 3.16 -------------------------------- --------------------------- ---------------------------- --------------------------- December 13, 2004 16,000 3.22 -------------------------------- --------------------------- ---------------------------- --------------------------- December 13 2004 41,795 3.17 -------------------------------- --------------------------- ---------------------------- --------------------------- December 14 2004 8,950 3.17 -------------------------------- --------------------------- ---------------------------- --------------------------- December 15 2004 20,700 3.17 -------------------------------- --------------------------- ---------------------------- --------------------------- December 16, 2004 12,900 3.17 -------------------------------- --------------------------- ---------------------------- --------------------------- December 16, 2004 14,000 3.20 -------------------------------- --------------------------- ---------------------------- --------------------------- December 17, 2004 2,300 3.16 -------------------------------- --------------------------- ---------------------------- --------------------------- December 28, 2004 100,000 3.34 -------------------------------- --------------------------- ---------------------------- --------------------------- December 28, 2004 100,000 3.25 -------------------------------- --------------------------- ---------------------------- --------------------------- January 26, 2005 7,000 2.56 -------------------------------- --------------------------- ---------------------------- --------------------------- January 27, 2005 4,318 2.54 -------------------------------- --------------------------- ---------------------------- --------------------------- January 28, 2005 29,900 2.52 -------------------------------- --------------------------- ---------------------------- --------------------------- January 28, 2005 29,068 2.53 -------------------------------- --------------------------- ---------------------------- --------------------------- January 31, 2005 30,000 2.88 -------------------------------- --------------------------- ---------------------------- --------------------------- (d) None. (e) Inapplicable. (f) Inapplicable. ------------------------------ ------------------------ CUSIP No. 87929J103 Page 5 of 5 Pages ------------------------------ ------------------------ 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. February 4, 2005 ------------------------- (Dated) /s/ Lawrence M. Longo ------------------------- (Signature) Chief Operating Officer ------------------------- (Title)