SEC Form 4

FORM 4		UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* CHANG JOSEPH Y (Last) (First) (Middle) C/O NU SKIN ENTERPRISES, INC. 75 WEST CENTER STREET (Street) PROVO 84601 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol NU SKIN ENTERPRISES INC [ NUS ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) President-Pharmanex Division
	3. Date of Earliest Transaction (Month/Day/Year) 10/31/2003
	4. If Amendment, Date of Original Filed (Month/Day/Year)	6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1. Title of Security (Instr. 3)	2. Transaction Date (Month/Day/Year)	2A. Deemed Execution Date, if any (Month/Day/Year)	3. Transaction Code (Instr. 8)		4. Securities Acquired (A) or Disposed Of (D) (Instr. 3, 4 and 5)			5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4)	6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	7. Nature of Indirect Beneficial Ownership (Instr. 4)
			Code	V	Amount	(A) or (D)	Price
Class A Common Stock	10/31/2003		M		33,333	A	$8	35,464	D
Class A Common Stock	10/31/2003		M		18,000	A	$6.56	53,464	D
Class A Common Stock	10/31/2003		M		6,250	A	$8.2	59,714	D
Class A Common Stock	10/31/2003		S		57,583	D	$15.57	2,131	D

Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Securities Underlying Derivative Security (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Employee Stock Option (right to buy)(1)	$6.84							(3)	04/01/2007	Class A Common Stock	6,581		6,581	D
Employee Stock Option (right to buy)(1)(2)	$12.45							04/19/2003(5)	04/19/2012	Class A Common Stock	12,500		12,500	D
Employee Stock Option (right to buy)(1)(2)	$12.45							04/19/2003(6)	08/31/2011	Class A Common Stock	12,500		12,500	D
Employee Stock Option (right to buy)(1)(2)	$12.45							04/19/2003(7)	08/31/2009	Class A Common Stock	25,000		25,000	D
Employee Stock Option (right to buy)(1)	$12							09/03/2003(5)	09/03/2012	Class A Common Stock	12,500		12,500	D
Employee Stock Option (right to buy)(1)	$9.04							03/10/2004(5)	03/10/2013	Class A Common Stock	12,500		12,500	D
Employee Stock Option (right to buy)(1)	$11.5							09/02/2004(5)	09/02/2013	Class A Common Stock	17,500		17,500	D
Employee Stock Option (right to buy)	$8	10/31/2003		M			33,333	(4)	04/11/2010	Class A Common Stock	33,333	$0	116,667	D
Employee Stock Option (right to buy)	$6.56	10/31/2003		M			18,000	08/31/2001(5)	08/31/2010	Class A Common Stock	18,000	$0	6,000	D
Employee Stock Option (right to buy)	$8.2	10/31/2003		M			6,250	02/28/2002(5)	02/28/2011	Class A Common Stock	6,250	$0	6,250	D

Explanation of Responses:

1. Previously reported.

2. Issued as part of an Option Exchange Offer.

3. All options are currently exercisable.

4. 125,000 options are currently exercisable and the remaining 25,000 become exercisable on 10/15/2004.

5. Becomes exercisable in four equal annual installments beginning on the date indicated.

6. 25% are currently exercisable, 25% become exercisable on 4/19/2004, 25% on 8/31/2004, and 25% on 8/31/2005.

7. Fifty percent are currently exercisable and the remaining fifty percent become exercisable on 4/19/2004.

Remarks:

	D. Matthew Dorny as Attorney-in-Fact for Joseph Y. Chang	11/04/2003
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 4 (b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
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