Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN 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(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
EL HILLOW MICHAEL
   2. Issuer Name and Ticker or Trading Symbol
ADVANCED ENERGY INDUSTRIES INC [AEIS] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
EVP Finance and Admin. and CFO
(Last)
(First)
(Middle)
1625 SHARP POINT DRIVE		 3. Date of Earliest Transaction (Month/Day/Year)
01/31/2005
(Street)

FORT COLLINS, CO US		 4. If Amendment, Date 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
(City)
(State)
(Zip)
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
Common Stock 01/31/2005   A   9,550 A (1) 11,550 (2) D  

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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 Underlying Securities
(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 of Derivative Security: 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) $ 18             10/10/2002(3) 10/10/2011 Common Stock 50,000   50,000 D  
Employee Stock Option (right to buy) $ 24.9             02/12/2003(3) 02/12/2012 Common Stock 12,500   62,500 D  
Employee Stock Option (right to buy) $ 38.55             04/16/2003(3) 04/16/2012 Common Stock 12,500   75,000 D  
Employee Stock Option (right to buy) $ 17.85             07/18/2003(3) 07/18/2012 Common Stock 12,500   87,500 D  
Employee Stock Option (right to buy) $ 7.7             10/17/2003(3) 10/17/2012 Common Stock 12,500   100,000 D  
Employee Stock Option (right to buy) $ 9.12             02/12/2004(3) 02/12/2013 Common Stock 20,000   120,000 D  
Employee Stock Option (right to buy) $ 7.61             04/16/2004(3) 04/16/2013 Common Stock 20,000   140,000 D  
Employee Stock Option (right to buy) $ 19.24             07/23/2004(3) 07/23/2013 Common Stock 20,000   160,000 D  
Employee Stock Option (right to buy) $ 22.52             10/15/2004(3) 10/15/2013 Common Stock 20,000   180,000 D  
Employee Stock Option (right to buy) $ 22.3             02/11/2005(3) 02/11/2014 Common Stock 17,500   197,500 D  
Employee Stock Option (right to buy) $ 20.81             04/14/2005(3) 04/14/2014 Common Stock 17,500   215,000 D  
Employee Stock Option (right to buy) $ 12.8             07/20/2005(3) 07/20/2014 Common Stock 17,500   232,500 D  
Employee Stock Option (right to buy) $ 10.37             10/19/2005(3) 10/19/2014 Common Stock 17,500   250,000 D  
Employee Stock Option (right to buy) $ 7.15 01/31/2005   A   33,900   01/31/2006(4) 01/31/2015 Common Stock 33,900 $ 7.15 283,900 (5) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
EL HILLOW MICHAEL
1625 SHARP POINT DRIVE
FORT COLLINS, CO US		       EVP Finance and Admin. and CFO  

Signatures

 Michael El-Hillow   02/02/2005
**Signature of Reporting Person Date

Explanation of Responses:

* 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).
(1) Represents shares of restricted stock units.
(2) Includes 9,550 shares of restricted stock units.
(3) Stock options dated 10/10/2001, 02/12/2002, 04/16/2002, 07/18/2002, 10/17/2002, 02/12/2003, 04/16/2003, 07/23/2003, 10/15/2003, 02/11/2004, 04/14/2004, 07/20/2004, and 10/19/2004 are such that 25% of the shares become exercisable on the first anniversary following the date of grant, and the remaining shares become exercisable in equal increments each quarter for 3 years thereafter.
(4) Stock option dated 01/31/05 is such that 25% of the shares become exercisable on the first anniversary following the date of grant and the remaining shares become exercisable in equal increments each year for 3 years thereafter.
(5) Mr. El-Hillow has Employee Stock Options (right to buy) for a total of 283,900 shares of Common Stock.

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