SECURITIES AND EXCHANGE COMMISSION
                              WASHINGTON, DC 20549
                            _________________________

                                  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. 1) 1

                     American Physicians Service Group, Inc.

                                (Name of Issuer)

                          Common Stock, Par Value $0.10
                          -----------------------------
                         (Title of Class of Securities)

                                   028882-10-8
--------------------------------------------------------------------------------
                                 (CUSIP NUMBER)

                                December 31, 2003

             (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)


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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)
--------------------------------------------------------------------------------
        CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*

                                                                     (a) 0
                                                                     (b)
--------------------------------------------------------------------------------
        SEC USE ONLY

--------------------------------------------------------------------------------
        CITIZENSHIP OR PLACE OF ORGANIZATION        United States of America

--------------------------------------------------------------------------------
    NUMBER OF             SOLE VOTING POWER                             124,750
     SHARES
   BENEFICIALLY
    OWNED BY
     EACH
   REPORTING
  PERSON WITH
                          SHARED VOTING POWER                                 0
--------------------------------------------------------------------------------
                          SOLE DISPOSITIVE POWER                        124,750
--------------------------------------------------------------------------------
                          SHARED DISPOSITIVE POWER                            0
--------------------------------------------------------------------------------
        AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON    124,750
--------------------------------------------------------------------------------
        CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES
        CERTAIN SHARES*
--------------------------------------------------------------------------------
        PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW (9)                  5.35%
--------------------------------------------------------------------------------
        TYPE OF REPORTING PERSON*                                            IN
--------------------------------------------------------------------------------

                      *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, par value $0.10

Item 2(e).        CUSIP Number:

                           028882-10-8



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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:                        124,750
                  (b)  Percent of Class:                                   5.35%
                  (c)   Number of shares as to which such person has:

                      (i)  Sole power to vote or direct the vote:       124,750
                      (ii) Shared power to vote or to direct the vote:        0
                      (iii)Sole power to dispose or direct the
                           disposition of:                              124,750
                      (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 124,750 shares of the Issuer's
                           Common Stock, par value $0.10 per share ("Common



                                      -4-



                           Stock"), representing 5.35% of the Common Stock. Mr.
                           Zeff does not directly own any shares of Common
                           Stock, but he indirectly owns 124,750 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"), 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:  January 21, 2004

                                                  /s/Daniel Zeff
                                                  --------------------------
                                                  Daniel Zeff





         Attention: Intentional misstatements or omissions of fact constitute
Federal criminal violations (see 18 U.S.C. 1001).







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