Sec Form 4 Filing - STAREK GERALD M @ ADVANCED ENERGY INDUSTRIES INC - 2004-05-05

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 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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1. Name and Address of Reporting Person STAREK GERALD M 2. Issuer Name and Ticker or Trading Symbol ADVANCED ENERGY INDUSTRIES INC [ AEIS] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) X __ Director _____ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 1625 SHARP POINT DRIVE 3. Date of Earliest Transaction (MM/DD/YY) 05/05/2004 (Street) FORT COLLINS, COUS 4. If Amendment, Date Original Filed (MM/DD/YY) 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 (MM/DD/YY) 2A. Deemed Execution Date, if any (MM/DD/YY) 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 26,456 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 (MM/DD/YY) 3A. Deemed Execution Date, if any (MM/DD/YY) 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 (MM/DD/YY) 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 Director Stock Option (right to buy) $ 8.76 11/30/1994( 1 ) 11/30/2004 Common Stock 4,929 4,929 D Director Stock Option (right to buy) $ 8.76 11/30/1995( 1 ) 11/30/2005 Common Stock 4,929 9,858 D Director Stock Option (right to buy) $ 11.05 11/30/1996( 1 ) 11/30/2006 Common Stock 1,643 11,501 D Director Stock Option (right to buy) $ 15.03 11/30/1997( 1 ) 11/30/2007 Common Stock 1,643 13,144 D Director Stock Option (right to buy) $ 6.75 10/08/1998( 2 ) 10/08/2008 Common Stock 7,500 20,644 D Director Stock Option (right to buy) $ 34.5 10/08/1999( 3 ) 10/08/2009 Common Stock 2,500 23,144 D Director Stock Option (right to buy) $ 30.625 10/08/2000( 3 ) 10/08/2010 Common Stock 2,500 25,644 D Director Stock Option (right to buy) $ 17.57 10/08/2001( 3 ) 10/08/2011 Common Stock 2,500 28,144 D Director Stock Option (right to buy) $ 6.15 10/08/2002( 3 ) 10/08/2012 Common Stock 2,500 30,644 D Director Stock Option (right to buy) $ 10.67 05/07/2003( 4 ) 05/07/2013 Common Stock 5,000 35,644 D Director Stock Option (right to buy) $ 14.4 05/05/2004 A 5,000 05/05/2004( 4 ) 05/05/2014 Common Stock 5,000 $ 14.4 40,644 ( 5 ) D

Reporting Owners Reporting Owner Name / Address Relationships Director 10% Owner Officer Other STAREK GERALD M 1625 SHARP POINT DRIVE FORT COLLINS, COUS X Signatures Michael El-Hillow - Attorney-in-Fact 05/06/2004 Signature of Reporting Person Date

Explanation of Responses:

( 1 )Options had been granted as options to purchase common stock of RF Power Products, Inc. Options were assumed by the Issuer and converted into options to purchase Common Stock of the Issuer pursuant to the Issuer's acquisition of RF Power Products as of October 8, 1998. Options are exercisable immediately. ( 2 )The director stock option granted on October 8, 1998 is immediately exercisable as to 2,500 shares of Common Stock and will vest as to 2,500 shares on each of October 8, 2000 and October 8, 2001. ( 3 )The director stock options granted on October 8, 1999, October 8, 2000, October 8, 2001 and October 8, 2002 will vest as to 2,500 shares of Common Stock on the third anniversary of the grant date. ( 4 )The director stock options granted on May 7, 2003 and May 5, 2004 are immediately fully exercisable. ( 5 )Mr. Starek has Director Stock Options (right to buy) for a total of 40,644 shares of Common Stock with the above exercise prices and expiration dates.

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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