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, Section 17(a) of the Public
Utility Holding Company Act of 1935 or Section 30(f) of the Investment Company Act of 1940
                      

1. Name and Address of Reporting Person *

SCHATZ DOUGLAS S & SCHATZ JILL E FAMILY TRUST 		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                      __ X __ 10% Owner
_____ Officer (give title below)      _____ Other (specify below)
(Last)          (First)          (Middle)

PO BOX 481 		3. Date of Earliest Transaction (MM/DD/YYYY)

5/8/2009
(Street)

FORT COLLINS, CO 80522
(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

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
Put Option (right to sell) under Prepaid Forward Contract     (1) (2) (3) 5/8/2009     J  (1) (2) (3)    200000       5/11/2010   5/11/2010   Common Stock   200000     (1) (2) (3) 200000   D   (4)  

Explanation of Responses:
( 1)  On May 8, 2009, the Douglas S. Schatz and Jill E. Schatz Family Trust entered into a variable prepaid forward contract with a securities broker. Upon execution of the contract, the broker delivered to the Family Trust a cash payment of $1,441,909. Upon settlement of the contract on May 11, 2010, the Family Trust may deliver to the broker between 160,000 and 200,000 shares of AEIS common stock, depending on the market price of the AEIS common stock on the two trading days prior to the settlement date. In the alternative, at the Family Trust's option, the Family Trust may deliver cash in an amount equal to the fair market value of the shares that the Family Trust would otherwise deliver upon settlement. Accordingly, the Family Trust may retain some or all of the shares subject to the contract.
( 2)  The Family Trust has pledged to the securities broker 200,000 shares of the common stock held directly by the Family Trust, to secure the Family Trust's performance of the contract upon settlement; however, unless and until common stock is delivered to the securities broker upon settlement of the contract, the Family Trust will retain all voting and dividend rights in respect of such shares. In connection with the Family Trust's pledge of 200,000 shares to the securities broker, Silicon Valley Bank released such shares from the pledge agreement under which the Family Trust previously had pledged such shares to Silicon Valley Bank as collateral for a line of credit entered into by the Family Trust, Douglas Schatz and Jill Schatz.
( 3)  All other shares of AEI common stock held directly by the Family Trust remain pledged as collateral for the Silicon Valley Bank line of credit. The Family Trust intends to enter into additional variable prepaid forward contracts with the securities broker for up to an additional 800,000 shares. The Family Trust has paid an affiliate of the securities broker a commission in connection with the variable prepaid forward contract.
( 4)  The shares subject to the variable prepaid forward contract are owned directly by the Douglas S. Schatz & Jill E. Schatz Family Trust, a ten percent owner of the issuer, and indirectly by Douglas S. Schatz and Jill E. Schatz, co-trustees of the trust. Douglas S. Schatz is Chairman of the Board of the issuer.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SCHATZ DOUGLAS S & SCHATZ JILL E FAMILY TRUST
PO BOX 481
FORT COLLINS, CO 80522
X


Signatures
/S/ Thomas O. McGimpsey (Power of Attorney) 5/12/2009
** 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.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.
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