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 *
GUILMART JAMES G
   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)
SVP Sales
(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   1,500 A (1) 2,081 (2) D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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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) $ 36.5625             10/13/2000(3) 10/13/2009 Common Stock 10,000   10,000 D  
Employee Stock Option (right to buy) $ 43.6875             01/13/2001(3) 01/13/2010 Common Stock 2,000   12,000 D  
Employee Stock Option (right to buy) $ 60.75             07/13/2001(3) 07/13/2010 Common Stock 25,000   37,000 D  
Employee Stock Option (right to buy) $ 30.1875             10/11/2001(3) 10/11/2010 Common Stock 25,000   62,000 D  
Employee Stock Option (right to buy) $ 26.125             02/07/2002(3) 02/07/2011 Common Stock 4,688   66,688 D  
Employee Stock Option (right to buy) $ 28.55             04/11/2002(3) 04/11/2011 Common Stock 4,688   71,376 D  
Employee Stock Option (right to buy) $ 36.49             05/24/2002(4) 05/24/2011 Common Stock 500   71,876 D  
Employee Stock Option (right to buy) $ 32.19             07/11/2002(3) 07/11/2011 Common Stock 4,687   76,563 D  
Employee Stock Option (right to buy) $ 18             10/10/2002(3) 10/10/2011 Common Stock 4,687   81,250 D  
Employee Stock Option (right to buy) $ 24.9             02/12/2003(3) 02/12/2012 Common Stock 10,000   91,250 D  
Employee Stock Option (right to buy) $ 38.55             04/16/2003(3) 04/16/2012 Common Stock 10,000   101,250 D  
Employee Stock Option (right to buy) $ 17.85             07/18/2003(3) 07/18/2012 Common Stock 10,000   111,250 D  
Employee Stock Option (right to buy) $ 7.7             10/17/2003(3) 10/17/2012 Common Stock 10,000   121,250 D  
Employee Stock Option (right to buy) $ 9.12             02/12/2004(3) 02/12/2013 Common Stock 5,000   126,250 D  
Employee Stock Option (right to buy) $ 7.61             04/16/2004(3) 04/16/2013 Common Stock 5,000   131,250 D  
Employee Stock Option (right to buy) $ 19.24             07/23/2004(3) 07/23/2013 Common Stock 5,000   136,250 D  
Employee Stock Option (right to buy) $ 22.52             10/15/2004(3) 10/15/2013 Common Stock 5,000   141,250 D  
Employee Stock Option (right to buy) $ 22.3             02/11/2005(3) 02/11/2014 Common Stock 3,750   145,000 D  
Employee Stock Option (right to buy) $ 20.81             04/14/2005(3) 04/14/2014 Common Stock 3,750   148,750 D  
Employee Stock Option (right to buy) $ 12.8             07/20/2005(3) 07/20/2014 Common Stock 3,750   152,500 D  
Employee Stock Option (right to buy) $ 10.37             10/19/2005(3) 10/19/2014 Common Stock 3,750   156,250 D  
Employee Stock Option (right to buy) $ 7.15 01/31/2005   A   10,000   01/31/2006(5) 01/31/2015 Common Stock 10,000 $ 7.15 166,250 (6) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
GUILMART JAMES G
1625 SHARP POINT DRIVE
FORT COLLINS, CO US		       SVP Sales  

Signatures

 Michael El-Hillow - Attorney-in-Fact   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 1,500 shares of restricted stock units.
(3) Stock options dated 10/13/1999, 01/13/2000, 07/13/2000, 10/11/2000, 02/07/2001, 04/11/2001, 07/11/2001, 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 May 24, 2001 is fully exercisable 1 year from the date of grant, which was May 24, 2002.
(5) 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.
(6) Mr. Guilmart has Employee Stock Options (right to buy) for a total of 166,250 shares of Common Stock.

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