SEC Filing | Security National Financial Corporation

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------------------------------- OMB APPROVAL ------------ OMB Number: 3235-0145 UNITED STATES Expires: December 31, 2005 SECURITIES AND EXCHANGE COMMISSION Estimated average burden Washington, D.C. 20549 Hours per response........11 ------------------------------- SCHEDULE 13D Under the Securities Exchange Act of 1934 (Amendment No. 2)* Security National Financial Corporation ________________________________________________________________________________ (Name of Issuer) Class A Common Stock ________________________________________________________________________________ (Title of Class Securities) 814785309 _______________________________________________________________________________ (CUSIP Number) Lynne Silverstein (310) 752-1442 Ault Glazer & Company Investment Management LLC, 100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401 ________________________________________________________________________________ (Name, Address and Telephone Number of Person Authorized to Receive Notices and Communications July 31, 2003 ________________________________________________________________________________ (Date of Event Which Requires Filing of this Statement) If the filing person has previously filed a statement on Schedule 13G to report the acquisition that is the subject of this Schedule 13D, and is filing this schedule because of Sections 240.13d-1(e), 240.13d-1(f) or 240.13d-1(g), check the following box. |_| Note: Schedules filed in paper format shall include a signed original and five copies of the schedule, including all exhibits. See Section 240.13d-7 for other parties to whom copies are to be sent. *The remainder of this cover page shall be filled out for a reporting person's initial filing on this form with respect to the subject class of securities, and for any subsequent amendment containing information which would alter the disclosure provided in a prior cover page. The information required in the remainder of this cover page shall not be deemed to be "filed" for the purpose of Section 18 of the Securities Exchange Act of 1934 ("Act") or otherwise subject to the liabilities of that section of the Act but shall be subject to all other provisions of the Act (however, see the Notes). Potential persons who are to respond to the collection of information contained in this form are not required to respond unless the form displays a current valid OMB control number. SEC 1746 (2-98) Page 1 of 7 pages

CUSIP No. 814785309 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Ault Glazer & Company Investment Management LLC ________________________________________________________________________________ 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_]................................................................ (b) [_]................................................................ ________________________________________________________________________________ 3. SEC Use Only............................................................ ________________________________________________________________________________ 4. Source of Funds (See Instructions) OO................................... ________________________________________________________________________________ 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)...................................................... ________________________________________________________________________________ 6. Citizenship or Place of Organization Delaware......................... ________________________________________________________________________________ 7. Sole Voting Power 424,147................................ _______________________________________________________________ Number of Shares Bene- 8. Shared Voting Power 0................................... ficially Owned _______________________________________________________________ by Each Reporting 9. Sole Dispositive Power 424,147 .......................... Person With: _______________________________________________________________ 10. Shared Dispositive Power ............................... ________________________________________________________________________________ 11. Aggregate Amount Beneficially Owned by Each Reporting Person 424,147.. 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ................................................. 13. Percent of Class Represented by Amount in Row (11) 9.0%............... ________________________________________________________________________________ 14. Type of Reporting Person (See Instructions) ________________________________________________________________________________ IA........................................................................... ....................................................................... ....................................................................... ....................................................................... ....................................................................... ....................................................................... ....................................................................... Page 2 of 7 pages

CUSIP No. 814785309 1. Name of Reporting Persons. I.R.S. Identification Nos. of above persons (entities only). Milton C. Ault, III ________________________________________________________________________________ 2. Check the Appropriate Box if a Member of a Group (See Instructions) (a) [_]................................................................ (b) [_]................................................................ ________________________________________________________________________________ 3. SEC Use Only............................................................ ________________________________________________________________________________ 4. Source of Funds (See Instructions) OO................................... ________________________________________________________________________________ 5. Check if Disclosure of Legal Proceeding Is Required Pursuant to Items 2(d) or 2(e)...................................................... ________________________________________________________________________________ 6. Citizenship or Place of Organization USA.............................. ________________________________________________________________________________ 7. Sole Voting Power 424,147................................ _______________________________________________________________ Number of Shares Bene- 8. Shared Voting Power 0................................... ficially Owned _______________________________________________________________ by Each Reporting 9. Sole Dispositive Power 424,147 .......................... Person With: _______________________________________________________________ 10. Shared Dispositive Power 0.............................. ________________________________________________________________________________ 11. Aggregate Amount Beneficially Owned by Each Reporting Person 424,147.. 12. Check if the Aggregate Amount in Row (11) Excludes Certain Shares (See Instructions) ................................................. 13. Percent of Class Represented by Amount in Row (11) 9.0%............... ________________________________________________________________________________ 14. Type of Reporting Person (See Instructions) ________________________________________________________________________________ IN/HC........................................................................ ....................................................................... ....................................................................... ....................................................................... ....................................................................... ....................................................................... ....................................................................... Page 3 of 7 pages

Page 4 of 7 Item 1 Security and Issuer This statement relates to the Class A Common Stock, $2.00 par value ("Common Stock"), issued by Security National Financial Corporation, a Utah Corporation ("SNF"). The address of the principal executive offices of SNF is 5300 South 360West, Suite 250, Salt Lake City, Utah, 84123. Item 2 Identity and Background Name: Ault Glazer & Company Investment Management LLC ("Adviser") Place of Organization: Delaware Principal Business: Investment Adviser Address: 100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Name: Milton C. Ault, III ("Ault") Address: 100 Wilshire Blvd, 15th Floor, Santa Monica, CA 90401 Criminal Proceedings: None Applicable Civil, Judicial or Administrative Proceedings: None Citizenship: United States Ault is the controlling and managing member of Adviser. Adviser's beneficial ownership of the Common Stock is direct as a result of Adviser's discretionary authority to buy, sell and vote shares of such Common Stock for its investment advisory clients. Ault's beneficial ownership of the Common Stock is indirect as a result of Ault's control of Adviser. Item 3 Source and amount of Funds or other Consideration The aggregate amount of funds used by Adviser to purchase 424,147 shares of Common Stock was approximately $2,418,645. Such amount was derived from advisory client accounts. Item 4 Purpose of Transaction The shares were originally purchased by the Reporting Persons for investment purposes. The Reporting Persons have concerns regarding the ability and willingness of current SNF management to maximize shareholder value. The Adviser has made recommendations to SNF management that management of SNF work with the Adviser to unlock what the Adviser believes to be the true shareholder value of SNF. The Adviser had previously requested it be allowed to appoint two members to the SNF board of directors. Management of SNF has denied that request.

Page 5 of 7 The Adviser currently is in discussions regarding potential transactions and/or other ways in which the Adviser may be able to unlock SNF shareholder value. These discussion may result in additional actions by the Reporting Persons, including the acquisition or disposition of additional securities of SNF, and/or recommendations, or demands, to SNF management that management effect one or more of the following changes: an extraordinary corporate transaction (which could include the sale or spinoff of one or more of SNF's business lines); a sale or transfer of a material amount of assets of SNF; a material change in the present capitalization or dividend policy of SNF, and a class of equity securities of SNF becoming eligible for termination of registration pursuant to Section 12(g)(4) of the Securities Exchange Act of 1934. Subject to availability at prices deemed favorable, the Reporting Persons may acquire additional shares of Common Stock of SNF from time to time in the open market, in privately negotiated transactions or otherwise. The Reporting Persons may dispose of shares of Common Stock of SNF from time to time in the open market, in privately negotiated transactions or otherwise. Although the foregoing represents the range of activities presently contemplated by the Reporting Persons with respect to SNF and the Common Stock, it should be noted that the possible activities of the Reporting Persons are subject to change at any time. Except as set forth above, the Reporting Persons has no present plans or intentions that relate to or that would result in any of the transactions described in clauses (a) through (j) of Item 4 of Schedule 13D. Item 5 Interest in Securities of the Issuer (a) As of July 31, 2003, the Reporting Persons directly or indirectly beneficially owned 424,147 shares, or 9.0%, of Common Stock of SNF (the percentage of the shares of Common Stock owned is based on 4,705,586 shares of Common Stock outstanding reported by SNF on March 31, 2003). (1) Adviser owned 424,147 shares (9.0 %) (2) Ault owned 424,147 shares (9.0%) (b) The responses of the Reporting Persons to Items 7 through 11 of the portions of the cover page of this Schedule 13D which relate to beneficial ownership of shares of the Common Stock are incorporated herein by reference. (c) A list of transactions in the past 60 days. - -------------------------- ------------- ---------------- -------------- ----------------- Party Date Amount Bought Price per Where & How (Sold) Share Effected - -------------------------- ------------- ---------------- -------------- ----------------- Adviser 06/03/2003 (200) 5.81 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 06/04/2003 (400) 5.91 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 06/13/2003 300 6.06 Open market - -------------------------- ------------- ---------------- -------------- -----------------

Page 6 of 7 - -------------------------- ------------- ---------------- -------------- ----------------- Party Date Amount Bought Price per Where & How (Sold) Share Effected - -------------------------- ------------- ---------------- -------------- ----------------- 06/17/2003 (500) 5.97 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 06/18/2003 300 5.90 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 06/30/2003 2,000 6.28 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 06/30/2003 1,000 6.04 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/01/2003 500 6.03 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/21/2003 800 5.85 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/22/2003 200 5.98 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/28/2003 (500) 5.52 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/29/2003 (100) 5.47 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/30/2003 550 5.64 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/30/2003 (150) 5.54 Open market - -------------------------- ------------- ---------------- -------------- ----------------- 07/31/2003 4,500 6.01 Open market - -------------------------- ------------- ---------------- -------------- ----------------- (d) Not Applicable (e) Not Applicable Item 6 Contracts, Arrangements, Understandings or Relationships with Respect to Securities of the Issuer Ault controls and manages the Adviser who makes voting and dispositive decisions for its investment advisory clients. Item 7 Material to Be Filed as Exhibits Exhibit A: Joint Filing Agreement Pursuant to Rule 13d-1 After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct. Date: August 12, 2003 Ault Glazer & Company Investment Management LLC /s/ Milton C. Ault -------------------------------------------- Milton C. Ault, III, Managing Member Milton C. Ault, III /s/ Milton C. Ault --------------------------------------------

Page 7 of 7 EXHIBIT A --------- Joint Filing Agreement Pursuant to Rule 13d-1 --------------------------------------------- This agreement is made pursuant to Rule 13d-1(k)(1) under the Securities and Exchange Act of 1934 (the "Act") by and among the parties listed below, each referred to herein as a "Joint Filer." The Joint Filers agree that a statement of beneficial ownership as required by Sections 13(g) or 13(d) of the Act and the Rules thereunder may be filed on each of their behalf on Schedule 13G or Schedule 13D, as appropriate, and that said joint filing may thereafter be amended by further joint filings. The Joint Filers state that they each satisfy the requirements for making a joint filing under Rule 13d-1. Dated: August 12, 2003 Ault Glazer & Company Investment Management LLC /s/ Milton C. Ault -------------------------------------------- Milton C. Ault, III, Managing Member Milton C. Ault, III /s/ Milton C. Ault --------------------------------------------