<PAGE> 1
<TABLE>
<S> <C> <C> <C>
---------------------------
OMB APPROVAL
---------------------------
- -------- OMB NUMBER: 3235-0104
FORM 3 EXPIRES: SEPTEMBER 30, 1998
- -------- ESTIMATED AVERAGE BURDEN
HOURS PER RESPONSE .... 0.5
---------------------------
U.S. SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES
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 2. Date of Event Requiring 4. Issuer Name and Ticker or Trading Symbol
Statement
Phillips, James S. (Month/Day/Year) Silverleaf Resorts, Inc. SVR
- ---------------------------------------- ----------------------------------------------------------
(Last) (First) (Middle) 5-5-98 5. Relationship of Reporting 6. If Amendment, Date
---------------------------- Person to Issuer of Original
1221 Riverbend Dr., Suite 120 3. I.R.S. or Social Sec- (Check all applicable) (Month/Day/Year)
- ---------------------------------------- urity Number of Director 10% Owner
(Street) Reporting Person ----- -----
(Voluntary)
Dallas, TX 75202 X Officer Other (specify
- -------------------------------------- ---------------------------- ----- ----- below)
(City) (State) (Zip) (give title below)
Regional Vice President-Sales
------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
TABLE I -- NON-DERIVATIVE SECURITIES BENEFICIALLY OWNED
- -----------------------------------------------------------------------------------------------------------------------------------
1. Title of Security 2. Amount of Securities 3. Ownership Form: 4. Nature of Indirect
(Instr. 4) Beneficially Owned Direct (D) or Beneficial
(Instr. 4) Indirect (I) Ownership (Instr. 5)
(Instr. 5)
- -----------------------------------------------------------------------------------------------------------------------------------
None
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
- -----------------------------------------------------------------------------------------------------------------------------------
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
</TABLE>
<PAGE> 2
<TABLE>
<CAPTION>
FORM 3 (CONTINUED) TABLE II -- DERIVATIVE SECURITIES BENEFICIALLY OWNED
(E.G., PUTS, CALLS, WARRANTS, OPTIONS, CONVERTIBLE SECURITIES)
<S> <C> <C> <C> <C> <C>
- ------------------------------------------------------------------------------------------------------------------------------------
1. Title of Derivative Security 2. Date 3. Title and Amount of 4. Conver- 5. Owner- 6. Nature of Indirect
(Instr. 4) Exercisable and Securities Underlying sion or ship Beneficial Ownership
Expiration Date Derivative Security Exercise Form of (Instr. 5)
(Month/Day/ (Instr. 4) Price of Deriv-
Year) Deri- ative
vative Security:
Security Direct
------------------------------------------------- (D) or
Date Expira- Amount or Indirect (I)
Exercis- tion Title Number (Instr. 5)
able Date of Shares
- ------------------------------------------------------------------------------------------------------------------------------------
Non-Qualified Option * 3-21-08 Common, $.01 par 100,000 24.46875 D
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
- ------------------------------------------------------------------------------------------------------------------------------------
Explanation of Responses:
*from 3-21-99 to and including 3-20-00, 25,000 Shares
from 3-21-00 to and including 3-20-01, an additional 25,000 Shares
from 3-21-02 to and including 3-20-03, an additional 25,000 Shares
from 3-21-03, all remaining Shares
/s/ JAMES S. PHILLIPS 5-15-98
**Intentional misstatements or omissions of facts constitute Federal Criminal ------------------------------- -------------
Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a). **Signature of Reporting Person Date
Note: File three copies of this Form, one of which must be manually signed.
If space 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.
</TABLE>
