SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
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SCHEDULE 13G
(Rule 13d-102)
INFORMATION TO BE INCLUDED IN STATEMENTS
FILED PURSUANT TO RULES 13d-1(b), (c) AND (d)
AND AMENDMENTS THERETO FILED PURSUANT TO 13d-2(b)
(Amendment No. ____4________)1
AMERICAN PHYSICIANS SERVICE GROUP, INC.
(Name of Issuer)
Common
(Title of Class of Securities)
028882108
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(CUSIP NUMBER)
March 30, 2005
(Date of Event Which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:
/ / Rule 13d-1(b)
/X/ Rule 13d-1(c)
/ / Rule 13d-1(d)
_________________________
1 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 disclosures provided in a prior cover page.
The information required on 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 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).
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NAME OF REPORTING PERSONS: Daniel Zeff
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
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CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) 0
(b)
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SEC USE ONLY
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CITIZENSHIP OR PLACE OF ORGANIZATION United States of America
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NUMBER OF SOLE VOTING POWER 258,449
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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SHARED VOTING POWER 0
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SOLE DISPOSITIVE POWER 258,449
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SHARED DISPOSITIVE POWER 0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 258,449
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CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
CERTAIN SHARES*
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PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9) 10.43%
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TYPE OF REPORTING PERSON* IN
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*SEE INSTRUCTION BEFORE FILLING OUT!
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Item 1(a). Name of Issuer:
AMERICAN PHYSICIANS SERVICE GROUP, INC.
Item 1(b). Address of Issuer's Principal Executive Offices:
1301 Capital of Texas Highway
Austin, TX 78746
Item 2(a). Name of Person Filing:
Daniel Zeff
(the "Reporting Person")
Item 2(b). Address of Principal Business Office or, if None, Residence:
The principal business address of the Reporting
Person is:
c/o Zeff Holding Company, LLC
50 California Street, Suite 1500
San Francisco, CA 94111
Item 2(c). Citizenship:
Mr. Zeff is a United States citizen.
Item 2(d). Title of Class of Securities:
Common Stock, $.10 par value
Item 2(e). CUSIP Number: 028882108
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Item 3. If this statement is filed pursuant to Rule 13d-1(b), or
13d-2(b) or (c), check whether the person filing is
a: Not Applicable
(a) [ ] Broker or dealer registered under
Section 15 of the Exchange Act;
(b) [ ] Bank as defined in Section 3(a)(6) of
the Exchange Act;
(c) [ ] Insurance Company as defined in Section
3(a)(19) of the Exchange Act;
(d) [ ] Investment Company registered under
Section 8 of the Investment Company Exchange
Act;
(e) [ ] Investment Adviser in accordance with
Rule 13d-1(b)(1)(ii)(E);
(f) [ ] Employee Benefit Plan or Endowment Fund
in accordance with Rule 13d-1(b)(1)(ii)(F);
(g) [ ] Parent Holding Company or Control Person
in accordance with Rule 13d-1(b)(1)(ii)(G);
(h) [ ] Saving Association as defined in Section
3(b) of The Federal Deposit Insurance Act;
(i) [ ] Church Plan that is excluded from the
definition of an Investment Company under
Section 3(c)(14) of the Investment Company
Act;
(j) [ ] Group, in accordance with Rule
13d-1(b)(1)(ii)(J).
Item 4. Ownership.
A. Daniel Zeff
(a) Amount beneficially owned: 258,449
(b) Percent of Class: 10.43%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 258,449
(ii) Shared power to vote or to direct the vote: 0
(iii)Sole power to dispose or direct the disposition of: 258,449
(iv) Shared power to dispose or to direct the disposition of: 0
As calculated in accordance with Rule 13d-3 of the
Securities Exchange Act of 1934, as amended, Daniel
Zeff beneficially owns 258,449 shares
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of the Issuer's Common Stock, $0.10 par value
("Common Stock"), representing 10.43% of the Common
Stock. Mr. Zeff does not directly own any shares of
Common Stock, but he indirectly owns 258,449 shares
of Common Stock in his capacity as the sole manager
and member of Zeff Holding Company, LLC a Delaware
limited liability company ("ZHC") which in turn
serves as the general partner for Zeff Capital
Partners I, L.P. ("ZCP"), a Delaware Limited
Partnership. Mr. Zeff also provides discretionary
investment management services to Zeff Capital
Offshore Fund ("ZCF"), a class of shares of Spectrum
Galaxy Fund Ltd., a company incorporated in the
British Virgin Islands.
Item 5. Ownership of Five Percent or Less of a Class.
If this statement is being filed to report the fact
that as of the date hereof the reporting person has
ceased to be the beneficial owner of more than five
percent of the class of securities, check the
following: [ ]
Item 6. Ownership of More than Five Percent on Behalf of Another
Person.
Each of ZCP and ZCF have the right to receive and the
power to direct the receipt of dividends from, and
the proceeds from the sale of, the shares of Common
Stock held by them.
Item 7. Identification and Classification of the Subsidiary Which
Acquired the Security Being Reported on by the Parent
Holding Company.
Not Applicable
Item 8. Identification and Classification of Members of the Group.
Not Applicable
Item 9. Notice of Dissolution of Group.
Not Applicable
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Item 10. Certification.
By signing below I certify that, to the best of my knowledge and
belief, the securities referred to above were not acquired and are not held for
the purpose of or with the effect of changing or influencing the control of the
issuer of the securities and were not acquired and are not held in connection
with or as a participant in any transaction having that purpose or effect.
SIGNATURE
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.
Dated: April 12, 2005
/s/ Daniel Zeff
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Daniel Zeff
Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).
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