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
                                                                                  
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Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940
                      

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 (MM/DD/YYYY)

7/20/2004
(Street)

FORT COLLINS, CO US
(City)        (State)        (Zip)
4. If Amendment, Date Original Filed (MM/DD/YYYY)

 
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. Trans. Date 2A. Deemed Execution Date, if any 3. Trans. 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                  2000   D  
 

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security
(Instr. 3) 		2. Conversion or Exercise Price of Derivative Security 3. Trans. Date 3A. Deemed Execution Date, if any 4. Trans. 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 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 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)   $18.00                   10/10/2002   (1) 10/10/2011   Common Stock   50000     50000   D  
 
Employee Stock Option (right to buy)   $24.90                   2/12/2003   (1) 2/12/2012   Common Stock   12500     62500   D  
 
Employee Stock Option (right to buy)   $38.55                   4/16/2003   (1) 4/16/2012   Common Stock   12500     75000   D  
 
Employee Stock Option (right to buy)   $17.85                   7/18/2003   (1) 7/18/2012   Common Stock   12500     87500   D  
 
Employee Stock Option (right to buy)   $7.70                   10/17/2003   (1) 10/17/2012   Common Stock   12500     100000   D  
 
Employee Stock Option (right to buy)   $9.12                   2/12/2004   (1) 2/12/2013   Common Stock   20000     120000   D  
 
Employee Stock Option (right to buy)   $7.61                   4/16/2004   (1) 4/16/2013   Common Stock   20000     140000   D  
 
Employee Stock Option (right to buy)   $19.24                   7/23/2004   (1) 7/23/2013   Common Stock   20000     160000   D  
 
Employee Stock Option (right to buy)   $22.52                   10/15/2004   (1) 10/15/2013   Common Stock   20000     180000   D  
 
Employee Stock Option (right to buy)   $22.30                   2/11/2005   (1) 2/11/2014   Common Stock   17500     197500   D  
 
Employee Stock Option (right to buy)   $20.81                   4/14/2005   (1) 4/14/2014   Common Stock   17500     215000   D  
 
Employee Stock Option (right to buy)   $12.80   7/20/2004     A     17500       7/20/2005   (1) 7/20/2014   Common Stock   17500   $12.80   232500   (2) D  
 

Explanation of Responses:
(1)  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 and 07/20/2004 are such that 1/4 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.
(2)  Mr. El-Hillow has Employee Stock Options (right to buy) for a total of 232,500 shares of Common Stock.

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 7/21/2004
** 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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