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. ______7______)(1)
AMERICAN PHYSICIANS SERVICE GROUP, INC.
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(Name of Issuer)
Common Stock
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(Title of Class of Securities)
028882108
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(CUSIP NUMBER)
June 21, 2007
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(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) X
(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 118,856
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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SHARED VOTING POWER 0
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SOLE DISPOSITIVE POWER 118,856
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SHARED DISPOSITIVE POWER 0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 118,856
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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) 2.5%
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TYPE OF REPORTING PERSON* IN
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-2-
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NAME OF REPORTING PERSONS: Spectrum Galaxy Fund Ltd.
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) X
(b)
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SEC USE ONLY
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CITIZENSHIP OR PLACE OF ORGANIZATION British Virgin Islands
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NUMBER OF SOLE VOTING POWER 38,584
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
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SHARED VOTING POWER 0
--------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER 38,584
--------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 38,584
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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) 0.8%
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TYPE OF REPORTING PERSON* CO
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-3-
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NAME OF REPORTING PERSONS: Zeff Capital Partners I, L.P.
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) X
(b)
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SEC USE ONLY
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CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF SOLE VOTING POWER 80,272
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------------------
SHARED VOTING POWER 0
--------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER 80,272
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SHARED DISPOSITIVE POWER 0
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AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 80,272
--------------------------------------------------------------------------------
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) 1.7%
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TYPE OF REPORTING PERSON* PN
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-4-
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NAME OF REPORTING PERSONS: Zeff Holding Company, LLC
I.R.S. IDENTIFICATION NO. OF ABOVE PERSONS (ENTITIES ONLY)
--------------------------------------------------------------------------------
CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*
(a) X
(b)
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SEC USE ONLY
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CITIZENSHIP OR PLACE OF ORGANIZATION Delaware
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NUMBER OF SOLE VOTING POWER 80,272
SHARES
BENEFICIALLY
OWNED BY
EACH
REPORTING
PERSON WITH
--------------------------------------------------------------------------------
SHARED VOTING POWER 0
--------------------------------------------------------------------------------
SOLE DISPOSITIVE POWER 80,272
--------------------------------------------------------------------------------
SHARED DISPOSITIVE POWER 0
--------------------------------------------------------------------------------
AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON 80,272
--------------------------------------------------------------------------------
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) 1.7%
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TYPE OF REPORTING PERSON* OO
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-5-
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:
This statement is filed as a joint statement pursuant
to Rule 13d-1(k) promulgated under the Securities
Exchange Act of 1934 (the "Exchange Act") by Zeff
Capital Partners I, L.P., a Delaware limited
partnership ("Capital"), Zeff Holding Company, LLC, a
Delaware limited liability company ("Holding"),
Spectrum Galaxy Fund Ltd., a company incorporated in
the British Virgin Islands ("Spectrum") and Daniel
Zeff, an individual ("Zeff") (Capital, Holding,
Spectrum and Zeff are hereinafter collectively
referred to as the "Reporting Persons"). Zeff
provides discretionary investment management services
to Zeff Capital Offshore Fund, a class of shares of
Spectrum. Zeff is the sole manager and member of
Holding, which in turn serves as the general partner
for Capital. Accordingly, the Reporting Persons are
making a group filing because, due to the
relationship between them, the Reporting Persons may
be deemed to constitute a "group" for the purposes of
Section 13(d)(3) of the Exchange Act.
Item 2(b). Address of Principal Business Office or, if None, Residence:
The address of the principal place of business and
principal office of each of the Reporting Persons is:
50 California Street, Suite 1500
San Francisco, CA 94111
Item 2(c). Citizenship:
Zeff is a United States citizen. Spectrum is
organized under the laws of the British Virgin
Islands. Capital and Holding are organized under the
laws of the State of Delaware.
Item 2(d). Title of Class of Securities:
Common Stock, par value $0.10 ("Common Stock")
Item 2(e). CUSIP Number:
028882108
-6-
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: 118,856
(b) Percent of Class: 2.5%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 118,856
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 118,856
(iv) Shared power to dispose or to direct the disposition of: 0
B. Spectrum
(a) Amount beneficially owned: 38,584
(b) Percent of Class: 0.8%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 38,584
(ii) Shared power to vote or to direct the vote: 0
-7-
(iii) Sole power to dispose or direct the disposition of: 38,584
(iv) Shared power to dispose or to direct the disposition of: 0
C. Capital
(a) Amount beneficially owned: 80,272
(b) Percent of Class: 1.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 80,272
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 80,272
(iv) Shared power to dispose or to direct the disposition of: 0
D. Holding
(a) Amount beneficially owned: 80,272
(b) Percent of Class: 1.7%
(c) Number of shares as to which such person has:
(i) Sole power to vote or direct the vote: 80,272
(ii) Shared power to vote or to direct the vote: 0
(iii) Sole power to dispose or direct the disposition of: 80,272
(iv) Shared power to dispose or to direct the disposition of: 0
As calculated in accordance with Rule 13d-3
of the Exchange Act, Zeff beneficially owns 118,856
shares of the Issuer's Common Stock, representing
2.5% of the Common Stock. Zeff does not directly own
any shares of Common Stock. Zeff's beneficial
ownership is comprised of 80,272 shares of Common
Stock held by Capital and 38,584 shares of Common
Stock held by Spectrum. Zeff beneficially owns the
shares of Common Stock held by Capital in his
capacity as the sole manager and member of Holding,
which in turn serves as the general partner of
Capital. Zeff beneficially owns the shares of Common
Stock held by Spectrum in his capacity as investment
manager to Zeff Capital Offshore Fund, a class of
shares of Spectrum.
-8-
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: [ X ]
Item 6. Ownership of More than Five Percent on Behalf of Another Person.
Capital has the right to receive and the power to
direct the receipt of dividends from, and the
proceeds from the sale of, the 80,272 shares of
Common Stock held by it, which power is exercisable
by Mr. Zeff as sole manager of Holding, Capital's
general partner.
Spectrum has the sole power to receive and to direct
the receipt of dividends from, and the proceeds from
the sale of, the 38,584 shares of Common Stock held
by it, which power is exercisable by Mr. Zeff as
investment manager.
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.
Please see Exhibit 1, Joint Filing Agreement.
Item 9. Notice of Dissolution of Group.
Not Applicable
-9-
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: June 26, 2007 /s/ Daniel Zeff
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Daniel Zeff
ZEFF HOLDING COMPANY, LLC
By: /s/ Daniel Zeff
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Name: Daniel Zeff
Title: Manager
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
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Name: Daniel Zeff
Title: Manager
SPECTRUM GALAXY FUND LTD.
By: /s/ Dion R. Friedland
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Name: Dion R. Friedland
Title: Director
Attention: Intentional misstatements or omissions of fact constitute Federal
criminal violations (see 18 U.S.C. 1001).
-10-
Exhibit 1
Joint Filing Agreement
In accordance with Rule 13d-1(k) under the Securities Exchange Act of 1934,
as amended, the undersigned hereby agree to the joint filing on behalf of each
of them of a statement on Schedule 13G (including amendments thereto) with
respect to the Common Stock of AMERICAN PHYSICIANS SERVICE GROUP, INC., and that
this Agreement be included as an Exhibit to such joint filing. This Agreement
may be executed in any number of counterparts all of which taken together shall
constitute one and the same instrument.
In witness hereof, the undersigned hereby executed this Agreement this 26 day of
June, 2007.
/s/ Daniel Zeff
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Daniel Zeff
ZEFF HOLDING COMPANY, LLC
By: /s/ Daniel Zeff
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Name: Daniel Zeff
Title: Manager
ZEFF CAPITAL PARTNERS I, L.P.
By: Zeff Holding Company, LLC,
as general partner
By: /s/ Daniel Zeff
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Name: Daniel Zeff
Title: Manager
SPECTRUM GALAXY FUND LTD.
By: /s/ Dion R. Friedland
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Name: Dion R. Friedland
Title: Director