- Form 13F Holdings Report (13F-HR)

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 13F

FORM 13F COVER PAGE

Report for the Quarter Ended September 30, 2008

AMERICAN FINANCIAL GROUP, INC.
One East Fourth Street, Cincinnati, Ohio 45202

(Name and Address of Institutional Investment Manager Filing this Report)

Form 13F File Number: 28-4389

The institutional investment manager filing this report and the person by whom it is signed hereby represent that the person signing the report is authorized to submit it, that all information contained herein is true, correct and complete, and that it is understood that all required items, statements, schedules, lists, and tables, are considered integral parts of this form.

Robert H. Ruffing Vice President and Controller (513) 579-2144
(Name, Title and Phone Number of Person Signing this Report on Behalf of Reporting Manager)

Signature:

/s/Robert H. Ruffing Cincinnati, Ohio November 12, 2008
-------------------------------
Robert H. Ruffing
Vice President and Controller

Report Type:
[X] 13F HOLDINGS REPORT.
[ ] 13F NOTICE.
[ ] 13F COMBINATION REPORT.

FORM 13F SUMMARY PAGE

Number of Other Included Managers: 2
 -----------

Form 13F Information Table Entry Total: 152
 -----------

Form 13F Information Table Value Total (thousands): $470,576
 -----------

Name and 13F file numbers of all Institutional Investment Managers with respect to which this schedule is filed (other than American Financial Group, Inc.):

Number 13F File Number Name of Subsidiary
------ --------------- ------------------------------------

 1. 28-498 Great American Insurance Company
 2. Unassigned Great American Life Insurance Company

 FORM 13F INFORMATION TABLE


 Column 4: Column 5: Column 8:
 Column 2: Market Shares or Column 6: Column 7: Voting Authority
 Column 1: Title of Column 3: Value Principal Investment Other ---------------------------
 Name of Issuer Class CUSIP (000's) Amount Discretion Managers Sole Shared None
 -------------- ---------------- ----------- --------- ------------ ---------- -------- ---------- ------ ---------


HOLDINGS OF GREAT AMERICAN INSURANCE COMPANY
--------------------------------------------
GLOBAL CROSSING LTD SHS NEW G3921A 17 5 99 6,521SH Defined " 6,521
TYCO INTL LTD BERMUDA SHS G9143X 20 8 1,729 49,375SH Defined " 49,375
TYCO ELECTRONICS LTD COM NEW G9144P 10 5 1,366 49,375SH Defined " 49,375
AFC ENTERPRISES INC COM 00104Q 10 7 36 4,957SH Defined " 4,957
AMR CORP COM 001765 10 6 393 40,000SH Defined " 40,000
ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 410 13,000SH Defined " 13,000
AMERICAN COMMERCIAL LINES COM NEW 025195 20 7 2,990 281,000SH Defined " 281,000
AMERICAN RAILCAR INDS INC COM 02916P 10 3 1,091 68,000SH Defined " 68,000
AMGEN INC COM 031162 10 0 2,074 35,000SH Defined " 35,000
ANWORTH MORTGAGE ASSET CP COM 037347 10 1 740 125,000SH Defined " 125,000
BLACK BOX CORP DEL COM 091826 10 7 3,845 111,350SH Defined " 111,350
BOSTON SCIENTIFIC CORP COM 101137 10 7 2,224 181,250SH Defined " 181,250
CBS CORP NEW CL B 124857 20 2 627 43,000SH Defined " 43,000
CV THERAPEUTICS INC COM 126667 10 4 853 79,000SH Defined " 79,000
CALAMP CORP COM 128126 10 9 184 139,750SH Defined " 139,750
CITADEL BROADCASTING CORP COM 17285T 10 6 214 274,053SH Defined " 274,053
CINTAS CORP COM 172908 10 5 3,948 137,500SH Defined " 137,500
CLEARWIRE CORP CL A 185385 30 9 475 40,000SH Defined " 40,000
COMCAST CORP NEW CL A 20030N 10 1 7,459 380,000SH Defined " 380,000
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q 10 4 3,346 240,000SH Defined " 240,000
COMPUCREDIT CORP COM 20478N 10 0 87 22,136SH Defined " 22,136
CONSTELLATION ENERGY GROUP I COM 210371 10 0 972 40,000SH Defined " 40,000
DELTA AIR LINES INC DEL COM NEW 247361 70 2 1,037 139,149SH Defined " 139,149
DISH NETWORK CORP CL A 25470M 10 9 791 37,675SH Defined " 37,675
ECHOSTAR CORP CL A 278768 10 6 597 24,786SH Defined " 24,786
EMBARQ CORP COM 29078E 10 5 451 11,130SH Defined " 11,130
FLAGSTAR BANCORP INC COM 337930 10 1 492 165,000SH Defined " 165,000
FLEETWOOD ENTERPRISES INC COM 339099 10 3 17 16,700SH Defined " 16,700
FULL HOUSE RESORTS INC COM 359678 10 9 116 75,171SH Defined " 75,171
GLOBALSTAR INC COM 378973 40 8 43 4,134SH Defined " 4,134
HOME DEPOT INC COM 437076 10 2 4,181 161,500SH Defined " 161,500
INFINERA CORPORATION COM 45667G 10 3 671 70,159SH Defined " 70,159
INSTEEL INDUSTRIES INC COM 45774W 10 8 435 32,000SH Defined " 32,000
INTERSTATE HOTELS & RESRTS I COM 46088S 10 6 167 70,987SH Defined " 70,987
KOHLS CORP COM 500255 10 4 9,101 197,500SH Defined " 197,500
LEGG MASON INC COM 524901 10 5 993 26,100SH Defined " 26,100
LODGENET INTERACTIVE CORP COM 540211 10 9 12 5,949SH Defined " 5,949
LOWES COS INC COM 548661 10 7 2,227 94,000SH Defined " 94,000
MTR GAMING GROUP INC COM 553769 10 0 250 75,250SH Defined " 75,250
MACYS INC COM 55616P 10 4 3,523 195,949SH Defined " 195,949
MICROSOFT CORP COM 594918 10 4 2,002 75,000SH Defined " 75,000
NATIONAL INTERSTATE CORP COM 63654U 10 0 245,106 10,200,000SH Defined " 10,200,000
NEWS CORP CL A 65248E 10 4 1,499 125,000SH Defined " 125,000
NEWS CORP CL B 65248E 20 3 559 46,000SH Defined " 46,000
NOVA BIOSOURCE FUELS INC COM 65488W 10 3 45 297,250SH Defined " 297,250
NORTHWEST AIRLS CORP COM 667280 40 8 632 70,000SH Defined " 70,000
O CHARLEYS INC COM 670823 10 3 739 84,500SH Defined " 84,500
PATTERSON UTI ENERGY INC COM 703481 10 1 801 40,000SH Defined " 40,000
PEPCO HOLDINGS INC COM 713291 10 2 928 40,500SH Defined " 40,500
PFIZER INC COM 717081 10 3 7,653 415,000SH Defined " 415,000
REDDY ICE HLDGS INC COM 75734R 10 5 89 24,500SH Defined " 24,500
SPDR TR UNIT SER 1 78462F 10 3 4,640 40,000SH Defined " 40,000
SARA LEE CORP COM 803111 10 3 632 50,000SH Defined " 50,000
SELECT COMFORT CORP COM 81616X 10 3 56 33,709SH Defined " 33,709
STAAR SURGICAL CO COM PAR $0.01 852312 30 5 205 45,606SH Defined " 45,606
TIME WARNER INC COM 887317 10 5 343 26,149SH Defined " 26,149
TORTOISE ENERGY CAP CORP COM 89147U 10 0 443 25,800SH Defined " 25,800
TRINITY INDS INC COM 896522 10 9 2,187 85,000SH Defined " 85,000
UAL CORP COM NEW 902549 80 7 203 23,051SH Defined " 23,051
VIRGIN MEDIA INC COM 92769L 10 1 5,829 737,807SH Defined " 737,807
WATTS WATER TECHNOLOGIES INC CL A 942749 10 2 821 30,000SH Defined " 30,000
ZENITH NATL INS CORP COM 989390 10 9 1,358 37,050SH Defined " 37,050

HOLDINGS OF GREAT AMERICAN
 LIFE INSURANCE COMPANY
----------------------------
TYCO INTL LTD BERMUDA SHS G9143X 20 8 2,736 78,125SH Defined " 78,125
TYCO ELECTRONICS LTD COM NEW G9144P 10 5 2,161 78,125SH Defined " 78,125
AFC ENTERPRISES INC COM 00104Q 10 7 54 7,436SH Defined " 7,436
ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 1,611 51,124SH Defined " 51,124
AMERICAN COMMERCIAL LINES COM NEW 025195 20 7 3,203 301,000SH Defined " 301,000
AMERICAN RAILCAR INDS INC COM 02916P 10 3 474 29,581SH Defined " 29,581
AMGEN INC COM 031162 10 0 2,074 35,000SH Defined " 35,000
ANWORTH MORTGAGE ASSET CP COM 037347 10 1 740 125,000SH Defined " 125,000
BLACK BOX CORP DEL COM 091826 10 7 2,325 67,345SH Defined " 67,345
CBS CORP NEW CL B 124857 20 2 1,392 95,500SH Defined " 95,500
CV THERAPEUTICS INC COM 126667 10 4 1,048 97,000SH Defined " 97,000
CALAMP CORP COM 128126 10 9 186 140,750SH Defined " 140,750
CITADEL BROADCASTING CORP COM 17285T 10 6 213 273,323SH Defined " 273,323
CINTAS CORP COM 172908 10 5 3,948 137,500SH Defined " 137,500
CLEARWIRE CORP CL A 185385 30 9 475 40,000SH Defined " 40,000
COMPASS DIVERSIFIED HOLDINGS SH BEN INT 20451Q 10 4 3,372 241,900SH Defined " 241,900
COMPUCREDIT CORP COM 20478N 10 0 34 8,672SH Defined " 8,672
DELTA AIR LINES INC DEL COM NEW 247361 70 2 745 99,945SH Defined " 99,945
DISH NETWORK CORP CL A 25470M 10 9 1,187 56,512SH Defined " 56,512
ECHOSTAR CORP CL A 278768 10 6 896 37,179SH Defined " 37,179
FLAGSTAR BANCORP INC COM 337930 10 1 492 165,000SH Defined " 165,000
FLEETWOOD ENTERPRISES INC COM 339099 10 3 26 25,000SH Defined " 25,000
FULL HOUSE RESORTS INC COM 359678 10 9 174 112,757SH Defined " 112,757
GLOBALSTAR INC COM 378973 40 8 128 12,402SH Defined " 12,402
HOME DEPOT INC COM 437076 10 2 4,440 171,500SH Defined " 171,500
INFINERA CORPORATION COM 45667G 10 3 855 89,388SH Defined " 89,388
INSTEEL INDUSTRIES INC COM 45774W 10 8 438 32,216SH Defined " 32,216
INTERSTATE HOTELS & RESRTS I COM 46088S 10 6 250 106,481SH Defined " 106,481
LEGG MASON INC COM 524901 10 5 479 12,597SH Defined " 12,597
LODGENET INTERACTIVE CORP COM 540211 10 9 18 8,923SH Defined " 8,923
LOWES COS INC COM 548661 10 7 2,483 104,804SH Defined " 104,804
MTR GAMING GROUP INC COM 553769 10 0 375 112,875SH Defined " 112,875
MACYS INC COM 55616P 10 4 2,158 120,000SH Defined " 120,000
MICROSOFT CORP COM 594918 10 4 667 25,000SH Defined " 25,000
NRG ENERGY INC COM NEW 629377 50 8 2,203 89,028SH Defined " 89,028
NATIONAL CITY CORP COM 635405 10 3 1,963 1,121,541SH Defined " 1,121,541
NEWS CORP CL A 65248E 10 4 1,499 125,000SH Defined " 125,000
NEWS CORP CL B 65248E 20 3 778 64,000SH Defined " 64,000
NOVA BIOSOURCE FUELS INC COM 65488W 10 3 45 297,750SH Defined " 297,750
NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN 10 0 591 78,300SH Defined " 78,300
O CHARLEYS INC COM 670823 10 3 1,358 155,256SH Defined " 155,256
PATTERSON UTI ENERGY INC COM 703481 10 1 801 40,000SH Defined " 40,000
PFIZER INC COM 717081 10 3 5,255 285,000SH Defined " 285,000
PIMCO HIGH INCOME FD COM SHS 722014 10 7 1,049 122,800SH Defined " 122,800
REDDY ICE HLDGS INC COM 75734R 10 5 68 18,650SH Defined " 18,650
SELECT COMFORT CORP COM 81616X 10 3 83 50,563SH Defined " 50,563
STAAR SURGICAL CO COM PAR $0.01 852312 30 5 285 63,409SH Defined " 63,409
TORTOISE ENERGY CAP CORP COM 89147U 10 0 1,475 85,900SH Defined " 85,900
TRINITY INDS INC COM 896522 10 9 2,187 85,000SH Defined " 85,000
UAL CORP COM NEW 902549 80 7 464 52,798SH Defined " 52,798
VIRGIN MEDIA INC COM 92769L 10 1 3,812 482,588SH Defined " 482,588

HOLDINGS OF OTHER ENTITIES
EACH HAVING LESS THAN
$100 MILLION IN 13F SECURITIES
------------------------------
ACE LTD SHS H0023R 10 5 3,339 63,000SH Sole 63,000
GLOBAL CROSSING LTD SHS NEW G3921A 17 5 216 14,224SH Defined 2 14,224
AMR CORP COM 001765 10 6 638 65,000SH Defined " 65,000
AMERICAN COMMERCIAL LINES COM NEW 025195 20 7 425 40,000SH Defined " 40,000
AMERICAN RAILCAR INDS INC COM 02916P 10 3 610 38,000SH Defined " 38,000
BERKLEY W R CORP COM 084423 10 2 2,755 117,000SH Sole 117,000
BOSTON SCIENTIFIC CORP COM 101137 10 7 307 25,000SH Defined 25,000
BRISTOL MYERS SQUIBB CO COM 110122 10 8 209 10,000SH Defined 1 10,000
CHUBB CORP COM 171232 10 1 3,898 71,000SH Sole 71,000
COMCAST CORP NEW CL A 20030N 10 1 14,625 745,000SH Defined 2 745,000
COMPUCREDIT CORP COM 20478N 10 0 59 15,000SH Defined " 15,000
DELTA AIR LINES INC DEL COM NEW 247361 70 2 748 100,233SH Defined 1,2 100,233
EATON VANCE TAX MNG GBL DV E COM 27829F 10 8 449 40,000SH Defined 1 30,000
EMBARQ CORP COM 29078E 10 5 30 750SH Defined 750
ING GLOBAL EQTY DIV & PREM O COM 45684E 10 7 194 17,500SH Defined 1 17,500
ISHARES TR MSCI EAFE IDX 464287 46 5 2,421 43,000SH Defined " 43,000
ISHARES TR DJ US TECH SEC 464287 72 1 972 20,500SH Defined " 20,500
LOWES COS INC COM 548661 10 7 1,303 55,000SH Defined 55,000
MANAGED HIGH YIELD PLUS FD I COM 561911 10 8 23 10,000SH Defined 1 10,000
METROPCS COMMUNICATIONS INC COM 591708 10 2 1,399 100,000SH Defined 100,000
NORTHWEST AIRLS CORP COM 667280 40 8 452 50,000SH Defined 50,000
O CHARLEYS INC COM 670823 10 3 610 69,698SH Defined 69,698
PEPCO HOLDINGS INC COM 713291 10 2 229 10,000SH Defined 1 10,000
PFIZER INC COM 717081 10 3 1,014 55,000SH Defined 55,000
PHILADELPHIA CONS HLDG CORP COM 717528 10 3 5,506 94,000SH Sole 94,000
POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X 10 4 990 24,400SH Defined 1 24,400
POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X 30 2 235 21,300SH Defined " 21,300
REDDY ICE HLDGS INC COM 75734R 10 5 292 79,881SH Defined 2 79,881
RELIANT ENERGY INC COM 75952B 10 5 85 11,547SH Sole 11,547
ROYAL BK SCOTLAND GROUP PLC ADR PREF SHS R 780097 74 7 84 10,000SH Defined 1 10,000
SPDR TR UNIT SER 1 78462F 10 3 5,684 49,000SH Defined " 49,000
SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y 20 9 1,207 40,150SH Defined " 40,150
SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y 30 8 968 35,060SH Defined " 35,060
SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y 40 7 1,426 51,120SH Defined " 51,120
SELECT SECTOR SPDR TR SBI INT-FINL 81369Y 60 5 1,193 60,000SH Defined " 60,000
SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y 88 6 249 7,500SH Defined " 7,500
UAL CORP COM NEW 902549 80 7 355 40,318SH Defined 2 40,318
VIRGIN MEDIA INC COM 92769L 10 1 5,372 680,000SH Defined " 680,000
WATTS WATER TECHNOLOGIES INC CL A 942749 10 2 7,196 263,100SH Defined " 263,100

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 REPORT TOTAL $470,576
 ==========

American Financial (NYSE:AFG)
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