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
                                                                                  
OMB APPROVAL
OMB Number: 3235-0287
Estimated average burden
hours per response... 0.5
                      
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 BRENDA 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)

_____ Director                      _____ 10% Owner
__ X __ Officer (give title below)      _____ Other (specify below)
SVP and GM Power Systems
(Last)          (First)          (Middle)

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

7/20/2004
(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                  20292   D  
 
Common Stock                  209824   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)   $8.625                   4/23/1998   (4) 4/23/2007   Common Stock   2100     2100   D  
 
Employee Stock Option (right to buy)   $12.75                   1/9/1999   (1) 1/9/2008   Common Stock   782     2882   D  
 
Employee Stock Option (right to buy)   $28.1563                   2/9/2000   (1) 2/9/2009   Common Stock   1000     3882   D  
 
Employee Stock Option (right to buy)   $43.6875                   1/13/2001   (1) 1/13/2010   Common Stock   2000     5882   D  
 
Employee Stock Option (right to buy)   $26.125                   2/7/2002   (1) 2/7/2011   Common Stock   1250     7132   D  
 
Employee Stock Option (right to buy)   $28.55                   4/11/2002   (1) 4/11/2011   Common Stock   1250     8382   D  
 
Employee Stock Option (right to buy)   $36.49                   5/24/2002   (5) 5/24/2011   Common Stock   1000     9382   D  
 
Employee Stock Option (right to buy)   $32.19                   7/11/2002   (1) 7/11/2011   Common Stock   1250     10632   D  
 
Employee Stock Option (right to buy)   $18.00                   10/10/2002   (1) 10/10/2011   Common Stock   1250     11882   D  
 
Employee Stock Option (right to buy)   $24.90                   2/12/2003   (1) 2/12/2012   Common Stock   6250     18132   D  
 
Employee Stock Option (right to buy)   $38.55                   4/16/2003   (1) 4/16/2012   Common Stock   6250     24382   D  
 
Employee Stock Option (right to buy)   $17.85                   7/18/2003   (1) 7/18/2012   Common Stock   6250     30632   D  
 
Employee Stock Option (right to buy)   $7.70                   10/17/2003   (1) 10/17/2012   Common Stock   6250     36882   D  
 
Employee Stock Option (right to buy)   $14.50                   12/11/2003   (1) 12/11/2012   Common Stock   10000     46882   D  
 
Employee Stock Option (right to buy)   $9.12                   2/12/2004   (1) 2/12/2013   Common Stock   5000     51882   D  
 
Employee Stock Option (right to buy)   $7.61                   4/16/2004   (1) 4/16/2013   Common Stock   5000     56882   D  
 
Employee Stock Option (right to buy)   $19.24                   7/23/2004   (1) 7/23/2013   Common Stock   5000     61882   D  
 
Employee Stock Option (right to buy)   $22.52                   10/15/2004   (1) 10/15/2013   Common Stock   5000     66882   D  
 
Employee Stock Option (right to buy)   $22.30                   2/11/2005   (1) 2/11/2014   Common Stock   3750     70632   D  
 
Employee Stock Option (right to buy)   $20.81                   4/14/2005   (1) 4/14/2014   Common Stock   3750     74382   D  
 
Employee Stock Option (right to buy)   $12.80   7/20/2004     A     3750       7/20/2005   (1) 7/20/2014   Common Stock   3750   $12.80   78132   (2) D  
 
Employee Stock Option (right to buy)   $12.80   7/20/2004     A     2500       7/20/2005   (1) 7/20/2014   Common Stock   2500   $12.80   108500   (3) I   By Spouse  

Explanation of Responses:
(1)  Stock options dated 01/09/1998, 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, 12/11/2002, 02/12/2003, 04/16/2003, 07/23/2003, 10/15/2003, 2/11/2004, 04/14/2004 and 07/20/2004 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)  Mrs. Scholl has Employee Stock Options (right to buy) for a total of 78,132 shares of Common Stock.
(3)  Mrs. Scholl has additional Employee Stock Options (right to buy) for a total of 108,500 shares, indirectly by spouse, of Common Stock with varying exercise prices and expiration dates.
(4)  Stock option dated 04/23/1997 is such that 1/5 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 4 years thereafter.
(5)  Stock option dated May 24, 2001 is fully exercisable 1 year from the date of grant, which was May 24, 2002.

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

SVP and GM Power Systems

Signatures
Michael El-Hillow - Attorney-in-Fact 7/21/2004
** 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.
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.