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 * WASSERMAN YUVAL   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) President Thin Films Bus. Unit (Last) (First) (Middle) 1625 SHARP POINT DRIVE 3. Date of Earliest Transaction (Month/Day/Year) 01/03/2012 (Street) FORT COLLINS, CO 80525 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

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
Performance Stock Options (right to buy)	$ 11.02	01/03/2012		A	V	50,906		(1)	(2)	Common Stock	50,906	$ 0	50,906	D
Performance Stock Options (right to buy)	$ 11.02	01/03/2012		A	V	50,906		(1)	(2)	Common Stock	50,906	$ 0	101,812	D
Performance Stock Options (right to buy)	$ 11.02	01/03/2012		A	V	50,906		(1)	(2)	Common Stock	50,906	$ 0	152,718	D
Performance Units	(3)	01/03/2012		A	V	59,392		(4)	(2)	Common Stock	59,392	$ 0	59,392	D
Performance Units	(3)	01/03/2012		A	V	59,392		(4)	(2)	Common Stock	59,392	$ 0	118,784	D
Performance Units	(3)	01/03/2012		A	V	59,392		(4)	(2)	Common Stock	59,392	$ 0	178,176	D

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
WASSERMAN YUVAL 1625 SHARP POINT DRIVE FORT COLLINS, CO 80525			President Thin Films Bus. Unit

Signatures

/s/ Thomas O. McGimpsey (Attorney-in-Fact)		01/06/2012
**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)	These grants of performance options relate to the 2012, 2013 and 2014 performance periods and represent the maximum amount that may vest for each year, respectively, assuming the Company achieves the respective year's annual stretch goal for return on net assets ("RONA"). The performance options may vest fewer than the maximum amount, provided that the Company achieves positive operating income.
(2)	If the performance metrics for the reporting year have not been met as determined by the Compensation Committee, the unvested options and units for the applicable year will expire immediately. If any of the options vest, they will cancel ten years from the grant date.
(3)	Each performance unit represents a right to receive one share of common stock or the cash equivalent.
(4)	These awards of performance units relate to the 2012, 2013 and 2014 performance periods, respectively, and represent the maximum amount that may vest for each year assuming the Company achieves the respective year's annual stretch goal for RONA. The performance units may vest fewer than the maximum amount, provided that the Company achieves positive operating income.

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