SEC Form 4

FORM 4		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 or Section 30(h) of the Investment Company Act of 1940	OMB APPROVAL OMB Number: 3235-0287 Estimated average burden hours per response: 0.5
	Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

1. Name and Address of Reporting Person* BAUMANN FRANK (Last) (First) (Middle) HORIZON HEALTH CORPORATION 1500 WATERS RIDGE DRIVE (Street) LEWISVILLE TX 75057-6011 (City) (State) (Zip)	2. Issuer Name and Ticker or Trading Symbol HORIZON HEALTH CORP /DE/ [ HORC ]	5. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director 10% Owner X Officer (give title below) Other (specify below) Sr Vice President, Operations
	3. Date of Earliest Transaction (Month/Day/Year) 08/18/2003
	4. If Amendment, Date of 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

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
Common Stock	08/18/2003		M		480	A	$4.5625	0	D
Common Stock	08/18/2003		M		585	A	$7	0	D
Common Stock	08/18/2003		M		1,600	A	$7.75	0	D
Common Stock	08/18/2003		M		2,000	A	$7.75	0	D
Common Stock	08/18/2003		M		800	A	$7	0	D
Common Stock	08/19/2003		M		1,033	A	$5.5	0	D
Common Stock	08/19/2003		F		1,033	D	$18.25	0	D
Common Stock	08/19/2003		S		5,465	D	$17.92	526	D
Common Stock								2,287.39	I	By 401 (k) Plan(1)

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 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: 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	$4.5625	08/18/2003		M			480	09/01/2001(2)	09/01/2010	Common Stock	480	$0	4,545(8)	D
Employee Stock Option - Right to Buy	$7	08/18/2003		M			585	09/01/1999(3)	09/01/2008	Common Stock	585	$0	585(8)	D
Employee Stock Option - Right to Buy	$7.75	08/18/2003		M			1,600	03/19/2000(4)	03/19/2009	Common Stock	1,600	$0	4,800(8)	D
Employee Stock Option - Right to Buy	$7.75	08/18/2003		M			2,000	05/17/2000(5)	05/17/2009	Common Stock	2,000	$0	4,000(8)	D
Employee Stock Option - Right to Buy	$7	08/18/2003		M			800	09/01/1999(6)	09/01/2008	Common Stock	800	$0	1,600(8)	D
Employee Stock Option - Right to Buy	$5.5	08/19/2003		M			1,033	11/01/2000(7)	11/01/2009	Common Stock	1,033	$0	4,967(8)	D

Explanation of Responses:

1. As of August 20, 2003 the reporting person had acquired 2,287.39 shares of HORC common stock under the HORC 401(k) plan. The information in this report is based on an account summary provided by Wachovia Retirement Services dated as of August 20, 2003.

2. These options became exercisable in five equal annual installments commencing September 1, 2001.

3. These options became exercisable in five equal annual installments commencing September 1, 1999.

4. These options became exercisable in five equal annual installments commencing March 19, 2000.

5. These options became exercisable in four equal annual installments commencing May 17, 2000.

6. These options became exercisable in five equal annual installments commencing September 1, 1999.

7. These options became exercisable in five equal annual installments commencing November 1, 2000.

8. Excludes previously reported options with different exercise prices, vesting terms and expiration dates.

	Frank Baumann	08/21/2003
	** Signature of Reporting Person	Date
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