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 *

SCHOLL RICHARD A 		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)
SVP and CTO
(Last)          (First)          (Middle)

1625 SHARP POINT DRIVE 		3. Date of Earliest Transaction (MM/DD/YYYY)

4/14/2004
(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                  209728   D  
 
Common Stock                  20292   I   By Spouse  

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)   $28.1563                   2/9/2000   (1) 2/9/2009   Common Stock   10000     10000   D  
 
Employee Stock Option (right to buy)   $43.6875                   1/13/2001   (1) 1/13/2010   Common Stock   10000     20000   D  
 
Employee Stock Option (right to buy)   $26.125                   2/7/2002   (1) 2/7/2011   Common Stock   5000     25000   D  
 
Employee Stock Option (right to buy)   $28.55                   4/11/2002   (1) 4/11/2011   Common Stock   5000     30000   D  
 
Employee Stock Option (right to buy)   $36.49                   5/24/2002   (3) 5/24/2011   Common Stock   1000     31000   D  
 
Employee Stock Option (right to buy)   $32.19                   7/11/2002   (1) 7/11/2011   Common Stock   5000     36000   D  
 
Employee Stock Option (right to buy)   $18.00                   10/10/2002   (1) 10/10/2011   Common Stock   5000     41000   D  
 
Employee Stock Option (right to buy)   $24.90                   2/12/2003   (1) 2/12/2012   Common Stock   10000     51000   D  
 
Employee Stock Option (right to buy)   $38.55                   4/16/2003   (1) 4/16/2012   Common Stock   10000     61000   D  
 
Employee Stock Option (right to buy)   $17.85                   7/18/2003   (1) 7/18/2012   Common Stock   10000     71000   D  
 
Employee Stock Option (right to buy)   $7.70                   10/17/2003   (1) 10/17/2012   Common Stock   10000     81000   D  
 
Employee Stock Option (right to buy)   $9.12                   2/12/2004   (1) 2/12/2013   Common Stock   5000     86000   D  
 
Employee Stock Option (right to buy)   $7.61                   4/16/2004   (1) 4/16/2013   Common Stock   5000     91000   D  
 
Employee Stock Option (right to buy)   $19.24                   7/23/2004   (1) 7/23/2013   Common Stock   5000     96000   D  
 
Employee Stock Option (right to buy)   $22.52                   10/15/2004   (1) 10/15/2013   Common Stock   5000     101000   D  
 
Employee Stock Option (right to buy)   $22.30                   2/11/2005   (1) 2/11/2014   Common Stock   2500     103500   D  
 
Employee Stock Option (right to buy)   $20.81   4/14/2004     A     2500       4/14/2005   (1) 4/14/2014   Common Stock   2500   $20.81   106000   (2) D  
 
Employee Stock Option (right to buy)   $20.81   4/14/2004     A     3750       4/14/2005   (1) 4/14/2014   Common Stock   3750   $20.81   74382   (4) I   By Spouse  

Explanation of Responses:
(1)  Stock options dated 02/09/1999, 01/13/2000, 02/07/2001, 04/11/2001, 07/11/2001, 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 and 04/14/2004 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. Scholl has Employee Stock Options (right to buy) for a total of 106,000 shares of Common stock.
(3)  Stock option dated May 24, 2001 is fully exercisable 1 year from the date of grant, which was May 24, 2002.
(4)  Mr. Scholl has Employee Stock Options (right to buy) for a total of 74,382 shares, indirectly by spouse, of Common stock with varying exercises prices and expiration dates.

Reporting Owners
Reporting Owner Name / Address
Relationships
Director 10% Owner Officer Other
SCHOLL RICHARD A
1625 SHARP POINT DRIVE
FORT COLLINS, CO US

SVP and CTO

Signatures
Michael El-Hillow - Attorney-in-Fact 4/15/2004
** 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).
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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