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FORM 5 OMB APPROVAL
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[ ] CHECK THIS BOX IF NO LONGER OMB NUMBER 3235-0362
SUBJECT TO SECTION 16. FORM 4 EXPIRES: SEPTEMBER 30, 1998
OR FORM 5 OBLIGATIONS MAY ESTIMATED AVERAGE BURDEN
CONTINUE. SEE INSTRUCTION 1(b). HOURS PER RESPONSE. . . .1.0
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[x] FORM 3 HOLDINGS REPORTED
[ ] FORM 4 TRANSACTIONS REPORTED.
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
ANNUAL STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP
FILED PURSUANT TO SECTION 16(a) OF THE SECURITIES EXCHANGE ACT
OF 1934, SECTION 17(a) OF THE PUBLIC UTILITY HOLDING COMPANY ACT
OF 1935 OR SECTION 30(f) OF THE INVESTMENT COMPANY ACT OF 1940
1. Name and Address of Reporting Person
Luciani, John
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(Last) (First) (Middle)
One Executive Drive
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(Street)
Fort Lee, NJ 07024
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(City) (State) (Zip)
2. Issuer Name and Ticker or Trading Symbol
Grand Court Lifestyles, Inc.
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3. IRS or Social Security Number of Reporting Person (Voluntary)
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4. Statement for Month/Year
January 31, 1997
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5. If Amendment, Date of Original (Month/Year)
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6. Relationship of Reporting Person to Issuer (Check all applicable)
_X_ Director _X_ 10% Owner
_X_ Officer (give ___ Other (specify
title below) below)
Chairman of the Board and Chief Executive Officer
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7. Individual or Joint/Group Reporting (check applicable line)
_X_ Form Filed by One Reporting Person
___ Form Filed by More than One Reporting Person
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TABLE 1 NON-DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
3. Trans- 4. Securities
action Acquired (A)
1. Title 2. Transaction
Code or Disposed of (D)
of Security Date
(Instr. 8) (Instr. 3, 4, and 5)
(Instr. 3) (Month/Day/
-----------------------
Year)
(A)
or
Amount (D) Price
------------------- --------------- --------- ----------- --- ----
Common Stock 3(FN1)
------------------- --------------- --------- ----------- --- ----
------------------- --------------- --------- ----------- --- ----
------------------- --------------- --------- ----------- --- ----
1. Title 5. Amount of 6. Ownership 7. Nature of
of Security Securities Form: Indirect
Beneficially Direct (D) or Beneficial
(Instr. 3) Owned at End Indirect (I) Ownership
of Issuer's
Fiscal Year (Instr. 4) (Instr. 4)
(Instr. 3 and 4)
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4,612 D
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Reminder: Report on a separate line for each class of securities
beneficially owned directly or indirectly. (Over)
(Print or Type Responses) SEC 2270 (7-96)
* If the form is filed by more than one reporting person, see
instructions 4(b)(v).
<PAGE>
FORM 5 (Continued)
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TABLE II DERIVATIVE SECURITIES ACQUIRED, DISPOSED OF,
OR BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
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1. Title of 2. Conversion or 3. Transaction 4. Trans-
Derivative Security Exercise Price Date action
(Instr. 3) of Derivative (Month/Day/ Code
Security Year) (Instr. 8)
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------------------------- ------------------- ------------- -----------
-------------------------- ------------------- ------------- ----------
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1. Title of 5. Number of 6. Date Exer-
Derivative Deriv- cisable and
Security ative Expiration
Securities Date
(Instr. 3) Acquired (A)
or
Disposed of (D)
(Instr. 3, 4, (Month/Day/
and 5) Year)
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Date Expiration
(A) (D) Exercisable Date
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------------------------- --------- --------- ------------ ------------
------------------------- --------- --------- ------------ ------------
------------------------- --------- --------- ------------ ------------
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1. Title of 7. Title and Amount of
Derivative Underlying Securities
Security (Instr. 3 and 4)
(Instr. 3)
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Amount or
Number of
Title
Shares
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-------------------------- ---------------------------- ---------------
-------------------------- ---------------------------- ---------------
-------------------------- ---------------------------- ---------------
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1. Title of 8. Price of 9. Number of 10. Owner- 11. Nature
Derivative Derivative ship of In-
Security Deriv- Securities Form direct
ative Benefi- of De- Bene-
(Instr. 3) Security cially rivative ficial
Owned Secu- Owner-
(Instr. 5) at End rity: ship
of Year Direct
(D) or Instr. 4)
(Instr. 4) Indi-
rect (I)
(Instr. 4)
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EXPLANATION OF RESPONSES:
(FN1) The issuer's Registration Statement on Form 8-A in respect of its
Common Stock became effective on October 22, 1996.
/s/ John Luciani 3/21/97
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**SIGNATURE OF REPORTING PERSON DATE
** INTENTIONAL MISSTATEMENTS OR OMISSIONS OF FACTS CONSTITUTE FEDERAL
CRIMINAL VIOLATIONS. SEE 18 U.S.C. 1001 AND 15 U.S.C. 78ff(a).
Note: File three copies of this Form, one of which must be manually
signed.
If spaced provided is insufficient, see Instruction 6 for
procedure.
Potential persons who are to respond to the collection of information
contained in this form are not required to respond unless the form
displays a currently valid OMB number.
Page 2
SEC 2270(7-96)
