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
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 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*
EL HILLOW MICHAEL
(Last) (First) (Middle)
1625 SHARP POINT DRIVE
(Street)
FORT COLLINS CO US
(City) (State) (Zip)
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
3. Date of Earliest Transaction (Month/Day/Year)
12/01/2005
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
Common Stock 12/01/2005 M 9,375 A $7.7 11,375 D
Common Stock 12/01/2005 M 13,750 A $9.12 25,125 D
Common Stock 12/01/2005 M 12,500 A $7.61 37,625 D
Common Stock 12/01/2005 M 5,468 A $12.8 43,093 D
Common Stock 12/01/2005 M 4,375 A $10.37 47,468 D
Common Stock 12/01/2005 S 9,375 D $13.5729 38,093 D
Common Stock 12/01/2005 S 13,750 D $13.5729 24,343 D
Common Stock 12/01/2005 S 12,500 D $13.5729 11,843 D
Common Stock 12/01/2005 S 5,468 D $13.5729 6,375 D
Common Stock 12/01/2005 S 4,375 D $13.5729 2,000 D
Common Stock 9,550(1) 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) $7.7 12/01/2005 M 9,375 10/17/2003(2) 10/17/2012 Common Stock 3,125 $0 3,125 D
Employee Stock Option (right to buy) $9.12 12/01/2005 M 13,750 02/12/2004(2) 02/12/2013 Common Stock 6,250 $0 9,375 D
Employee Stock Option (right to buy) $7.61 12/01/2005 M 12,500 04/16/2004(2) 04/16/2013 Common Stock 7,500 $0 16,875 D
Employee Stock Option (right to buy) $12.8 12/01/2005 M 5,468 07/20/2005(2) 07/20/2014 Common Stock 12,032 $0 28,907 D
Employee Stock Option (right to buy) $10.37 12/01/2005 M 4,375 10/19/2005(2) 10/19/2014 Common Stock 13,125 $0 42,032 D
Employee Stock Option (right to buy) $18 10/10/2002(3) 10/10/2011 Common Stock 50,000 92,032 D
Employee Stock Option (right to buy) $24.9 02/12/2003(3) 02/12/2012 Common Stock 12,500 104,532 D
Employee Stock Option (right to buy) $38.55 04/16/2003(3) 04/16/2012 Common Stock 12,500 117,032 D
Employee Stock Option (right to buy) $17.85 07/18/2003(3) 07/18/2012 Common Stock 12,500 129,532 D
Employee Stock Option (right to buy) $19.24 07/23/2004(3) 07/23/2013 Common Stock 20,000 149,532 D
Employee Stock Option (right to buy) $22.52 10/15/2004(3) 10/15/2013 Common Stock 20,000 169,532 D
Employee Stock Option (right to buy) $22.3 02/11/2005(3) 02/11/2014 Common Stock 17,500 187,032 D
Employee Stock Option (right to buy) $20.81 04/14/2005(3) 04/14/2014 Common Stock 17,500 204,532 D
Employee Stock Option (right to buy) $7.15 01/31/2006(4) 01/31/2015 Common Stock 33,900 238,432(5) D
Explanation of Responses:
1. Represents shares of restricted stock units.
2. Stock options dated 10/17/2002, 02/12/2003, 04/16/2003, 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.
3. Stock options dated 10/10/2001, 02/12/2002, 04/16/2002, 07/18/2002, 07/23/2003, 10/15/2003, 02/11/2004, and 04/14/2004 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 until October 18, 2005 at which time they became fully vested.
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 238,432 shares of Common Stock.
Remarks:
Michael El-Hillow 12/05/2005
** 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).
Note: File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
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