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

                                    FORM 13F

                              FORM 13F COVER PAGE


                  Report for the Quarter Ended September 30, 2006



                          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 13, 2006
- -------------------------------
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: 3 ----------- Form 13F Information Table Entry Total: 190 ----------- Form 13F Information Table Value Total (thousands): $ 1,582,032 ----------- 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 Financial Resources Inc 3. 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 5 134 6,521SH Defined 1 6,521 AT&T INC COM 00206R 10 2 1,972 60,555SH Defined " 60,555 ALASKA AIR GROUP INC COM 011659 10 9 1,598 42,000SH Defined " 42,000 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 453 13,000SH Defined " 13,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 5,458 346,300SH Defined " 346,300 ARCHER DANIELS MIDLAND CO COM 039483 10 2 2,311 61,000SH Defined " 61,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 4,160 281,250SH Defined " 281,250 CBS CORP NEW CL B 124857 20 2 1,211 43,000SH Defined " 43,000 CV THERAPEUTICS INC COM 126667 10 4 880 79,000SH Defined " 79,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 1,860 81,900SH Defined " 81,900 CATERPILLAR INC DEL COM 149123 10 1 1,645 25,000SH Defined " 25,000 CITIGROUP INC COM 172967 10 1 17,136 345,000SH Defined " 345,000 DISNEY WALT CO COM DISNEY 254687 10 6 8,438 273,000SH Defined " 273,000 DORAL FINL CORP COM 25811P 10 0 76 11,550SH Defined " 11,550 EBAY INC COM 278642 10 3 1,702 60,000SH Defined " 60,000 EMBARQ CORP COM 29078E 10 5 538 11,130SH Defined " 11,130 ENERGY EAST CORP COM 29266M 10 9 482 20,300SH Defined " 20,300 FEDERAL NATL MTG ASSN COM 313586 10 9 3,299 59,000SH Defined " 59,000 FIFTH THIRD BANCORP COM 316773 10 0 2,002 52,563SH Defined " 52,563 FLAGSTAR BANCORP INC COM 337930 10 1 2,401 165,000SH Defined " 165,000 FLEETWOOD ENTERPRISES INC COM 339099 10 3 112 16,700SH Defined " 16,700 FOUNDATION COAL HLDGS INC COM 35039W 10 0 647 20,000SH Defined " 20,000 GENERAL ELECTRIC CO COM 369604 10 3 1,059 30,000SH Defined " 30,000 GENTEK INC COM NEW 37245X 20 3 146 5,300SH Defined " 5,300 GREAT AMERN FINL RES INC COM 389915 10 9 807,186 38,565,995SH Defined " 38,565,995 HARTFORD FINL SVCS GROUP INC COM 416515 10 4 3,470 40,000SH Defined " 40,000 HOME DEPOT INC COM 437076 10 2 4,679 129,000SH Defined " 129,000 JP MORGAN CHASE & CO COM 46625H 10 0 1,644 35,000SH Defined " 35,000 JOHNSON & JOHNSON COM 478160 10 4 3,896 60,000SH Defined " 60,000 LOWES COS INC COM 548661 10 7 1,684 60,000SH Defined " 60,000 M D C HLDGS INC COM 552676 10 8 1,756 37,800SH Defined " 37,800 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 5,439 156,568SH Defined " 156,568 NTL INC DEL COM 62941W 10 1 15,711 617,807SH Defined " 617,807 NATIONAL CITY CORP COM 635405 10 3 79,619 2,175,392SH Defined " 2,175,392 NATIONAL INTERSTATE CORP COM 63654U 10 0 250,920 10,200,000SH Defined " 10,200,000 NEWS CORP CL A 65248E 10 4 2,456 125,000SH Defined " 125,000 NEWS CORP CL B 65248E 20 3 3,406 165,000SH Defined " 165,000 PEPCO HOLDINGS INC COM 713291 10 2 979 40,500SH Defined " 40,500 PFIZER INC COM 717081 10 3 11,769 415,000SH Defined " 415,000 PULTE HOMES INC COM 745867 10 1 1,306 41,000SH Defined " 41,000 SARA LEE CORP COM 803111 10 3 804 50,000SH Defined " 50,000 SEACOR HOLDINGS INC COM 811904 10 1 286 3,463SH Defined " 3,463 SPRINT NEXTEL CORP COM FON 852061 10 0 9,005 525,100SH Defined " 525,100 TERRA INDS INC COM 880915 10 3 173 22,500SH Defined " 22,500 TERRA NITROGEN CO L P COM UNIT 881005 20 1 397 15,200SH Defined " 15,200 TIME WARNER INC COM 887317 10 5 477 26,149SH Defined " 26,149 TOLL BROTHERS INC COM 889478 10 3 2,064 73,500SH Defined " 73,500 TORTOISE ENERGY CAP CORP COM 89147U 10 0 619 25,800SH Defined " 25,800 TYCO INTL LTD NEW COM 902124 10 6 5,528 197,500SH Defined " 197,500 UAL CORP COM NEW 902549 80 7 1,084 40,813SH Defined " 40,813 US BANCORP DEL COM NEW 902973 30 4 731 22,000SH Defined " 22,000 VIACOM INC NEW CL B 92553P 20 1 2,528 68,000SH Defined " 68,000 WALTER INDS INC COM 93317Q 10 5 2,390 56,000SH Defined " 56,000 YAHOO INC COM 984332 10 6 2,022 80,000SH Defined " 80,000 ZENITH NATL INS CORP COM 989390 10 9 1,478 37,050SH Defined " 37,050

HOLDINGS OF GREAT AMERICAN LIFE INSURANCE COMPANY - ---------------------------- ALASKA AIR GROUP INC COM 011659 10 9 3,850 101,200SH Defined 1,2,3 101,200 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 1,780 51,124SH Defined " 51,124 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 6,271 397,900SH Defined " 397,900 ARCHER DANIELS MIDLAND CO COM 039483 10 2 2,311 61,000SH Defined " 61,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 4,574 309,250SH Defined " 309,250 CBS CORP NEW CL B 124857 20 2 2,690 95,500SH Defined " 95,500 CV THERAPEUTICS INC COM 126667 10 4 1,081 97,000SH Defined " 97,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 2,855 125,700SH Defined " 125,700 CATERPILLAR INC DEL COM 149123 10 1 3,290 50,000SH Defined " 50,000 CITIGROUP INC COM 172967 10 1 5,464 110,000SH Defined " 110,000 DISNEY WALT CO COM DISNEY 254687 10 6 8,438 273,000SH Defined " 273,000 DORAL FINL CORP COM 25811P 10 0 102 15,440SH Defined " 15,440 EBAY INC COM 278642 10 3 1,702 60,000SH Defined " 60,000 EMBARQ CORP COM 29078E 10 5 576 11,910SH Defined " 11,910 FEDERAL HOME LN MTG CORP COM 313400 30 1 4,842 73,000SH Defined " 73,000 FEDERAL NATL MTG ASSN COM 313586 10 9 3,299 59,000SH Defined " 59,000 FIFTH THIRD BANCORP COM 316773 10 0 1,946 51,100SH Defined " 51,100 FLAGSTAR BANCORP INC COM 337930 10 1 2,401 165,000SH Defined " 165,000 FLEETWOOD ENTERPRISES INC COM 339099 10 3 168 25,000SH Defined " 25,000 FOUNDATION COAL HLDGS INC COM 35039W 10 0 1,295 40,000SH Defined " 40,000 GENERAL ELECTRIC CO COM 369604 10 3 3,159 89,500SH Defined " 89,500 GENTEK INC COM NEW 37245X 20 3 548 19,850SH Defined " 19,850 HARTFORD FINL SVCS GROUP INC COM 416515 10 4 3,470 40,000SH Defined " 40,000 HOME DEPOT INC COM 437076 10 2 5,314 146,500SH Defined " 146,500 JP MORGAN CHASE & CO COM 46625H 10 0 178 3,800SH Defined " 3,800 JOHNSON & JOHNSON COM 478160 10 4 3,896 60,000SH Defined " 60,000 LOWES COS INC COM 548661 10 7 3,334 118,804SH Defined " 118,804 M D C HLDGS INC COM 552676 10 8 2,016 43,400SH Defined " 43,400 MICROSOFT CORP COM 594918 10 4 1,094 40,000SH Defined " 40,000 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 5,490 158,025SH Defined " 158,025 NRG ENERGY INC COM NEW 629377 50 8 1,208 26,675SH Defined " 26,675 NTL INC DEL COM 62941W 10 1 26,513 1,042,588SH Defined " 1,042,588 NEWS CORP CL A 65248E 10 4 2,456 125,000SH Defined " 125,000 NEWS CORP CL B 65248E 20 3 3,818 185,000SH Defined " 185,000 NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN 10 0 1,058 78,300SH Defined " 78,300 PFIZER INC COM 717081 10 3 8,083 285,000SH Defined " 285,000 PIMCO HIGH INCOME FD COM SHS 722014 10 7 1,934 122,800SH Defined " 122,800 PULTE HOMES INC COM 745867 10 1 2,103 66,000SH Defined " 66,000 SEACOR HOLDINGS INC COM 811904 10 1 873 10,585SH Defined " 10,585 SPRINT NEXTEL CORP COM FON 852061 10 0 11,914 694,700SH Defined " 694,700 TERRA INDS INC COM 880915 10 3 636 82,500SH Defined " 82,500 TERRA NITROGEN CO L P COM UNIT 881005 20 1 400 15,300SH Defined " 15,300 TOLL BROTHERS INC COM 889478 10 3 2,064 73,500SH Defined " 73,500 TORTOISE ENERGY CAP CORP COM 89147U 10 0 2,892 120,500SH Defined " 120,500 TYCO INTL LTD NEW COM 902124 10 6 8,747 312,500SH Defined " 312,500 UAL CORP COM NEW 902549 80 7 1,879 70,732SH Defined " 70,732 US BANCORP DEL COM NEW 902973 30 4 698 21,000SH Defined " 21,000 VIACOM INC NEW CL B 92553P 20 1 4,480 120,500SH Defined " 120,500 WALTER INDS INC COM 93317Q 10 5 5,723 134,100SH Defined " 134,100 YAHOO INC COM 984332 10 6 5,208 206,000SH Defined " 206,000

HOLDINGS OF OTHER ENTITIES EACH HAVING LESS THAN $100 MILLION IN 13F SECURITIES - ------------------------------ GLOBAL CROSSING LTD SHS NEW G3921A 17 5 291 14,224SH Defined 1,2,3 14,224 AT&T INC COM 00206R 10 2 651 20,000SH Defined 1 20,000 ALASKA AIR GROUP INC COM 011659 10 9 2,038 53,600SH Defined " 53,600 ALASKA AIR GROUP INC COM 011659 10 9 1,948 51,200SH Other 51,200 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 696 20,000SH Other 20,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 630 40,000SH Defined 1 40,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 3,176 201,500SH Other 201,500 ARCHER DANIELS MIDLAND CO COM 039483 10 2 1,061 28,000SH Other 28,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 370 25,000SH Defined 1 25,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 3,121 211,000SH Other 211,000 BRISTOL MYERS SQUIBB CO COM 110122 10 8 249 10,000SH Defined 1 10,000 BRISTOL MYERS SQUIBB CO COM 110122 10 8 249 10,000SH Other 10,000 CBS CORP NEW CL B 124857 20 2 1,609 57,100SH Other 57,100 CV THERAPEUTICS INC COM 126667 10 4 234 21,000SH Other 21,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 1,138 50,100SH Other 50,100 CATERPILLAR INC DEL COM 149123 10 1 1,645 25,000SH Defined 1 25,000 CITIGROUP INC COM 172967 10 1 106 2,133SH Defined " 2,133 CITIGROUP INC COM 172967 10 1 3,725 75,000SH Other 75,000 DISNEY WALT CO COM DISNEY 254687 10 6 5,718 185,000SH Other 185,000 DOMINION RES INC VA NEW COM 25746U 10 9 259 3,380SH Defined 1 3,380 DUKE ENERGY CORP NEW COM 26441C 10 5 274 9,069SH Defined " 9,069 EBAY INC COM 278642 10 3 851 30,000SH Other 30,000 EMBARQ CORP COM 29078E 10 5 36 750SH Defined 1 750 EMBARQ CORP COM 29078E 10 5 122 2,530SH Other 2,530 ENERGY EAST CORP COM 29266M 10 9 474 20,000SH Defined 1 20,000 FEDERAL HOME LN MTG CORP COM 313400 30 1 4,842 73,000SH Defined " 73,000 FEDERAL HOME LN MTG CORP COM 313400 30 1 2,255 34,000SH Other 34,000 FEDERAL NATL MTG ASSN COM 313586 10 9 2,069 37,000SH Other 37,000 FIFTH THIRD BANCORP COM 316773 10 0 876 23,000SH Other 23,000 FOUNDATION COAL HLDGS INC COM 35039W 10 0 647 20,000SH Defined 1 20,000 FOUNDATION COAL HLDGS INC COM 35039W 10 0 647 20,000SH Other 20,000 GENERAL ELECTRIC CO COM 369604 10 3 2,101 59,500SH Defined 1 59,500 GENERAL ELECTRIC CO COM 369604 10 3 1,800 51,000SH Other 51,000 HSBC HLDGS PLC ADR A 1/40PF A 404280 60 4 626 25,000SH Defined 1 25,000 JOHN HANCOCK BK &THRIFT OPP SH BEN INT 409735 10 7 653 67,200SH Other 67,200 HOME DEPOT INC COM 437076 10 2 635 17,500SH Defined 1 17,500 HOME DEPOT INC COM 437076 10 2 2,974 82,000SH Other 82,000 ISHARES TR DJ US TELECOMM 464287 71 3 383 13,836SH Defined 1 13,836 ISHARES TR DJ US TECH SEC 464287 72 1 1,062 20,688SH Defined " 20,688 ING GLOBAL EQTY DIV & PREM O COM 45684E 10 7 204 10,000SH Defined " 10,000 JP MORGAN CHASE & CO COM 46625H 10 0 610 13,000SH Other 13,000 JOHNSON & JOHNSON COM 478160 10 4 1,299 20,000SH Other 20,000 LOWES COS INC COM 548661 10 7 1,543 55,000SH Defined 1 55,000 LOWES COS INC COM 548661 10 7 1,543 55,000SH Other 55,000 M D C HLDGS INC COM 552676 10 8 255 5,500SH Defined 1 5,500 M D C HLDGS INC COM 552676 10 8 1,226 26,400SH Other 26,400 MANAGED HIGH YIELD PLUS FD I COM 561911 10 8 53 10,000SH Defined 1 10,000 MICROSOFT CORP COM 594918 10 4 1,094 40,000SH Defined " 40,000 MICROSOFT CORP COM 594918 10 4 547 20,000SH Other 20,000 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 2,223 64,000SH Other 64,000 NRG ENERGY INC COM NEW 629377 50 8 808 17,839SH Defined 1,2,3 17,839 NTL INC DEL COM 62941W 10 1 6,270 246,545SH Other 246,545 NATIONAL CITY CORP COM 635405 10 3 2,795 76,359SH Defined 1 76,359 NATIONAL CITY CORP COM 635405 10 3 472 12,903SH Other 12,903 NEWS CORP CL A 65248E 10 4 786 40,000SH Other 40,000 NEWS CORP CL B 65248E 20 3 413 20,000SH Other 20,000 PEPCO HOLDINGS INC COM 713291 10 2 242 10,000SH Defined 1 10,000 PFIZER INC COM 717081 10 3 1,560 55,000SH Defined " 55,000 PFIZER INC COM 717081 10 3 4,112 145,000SH Other 145,000 POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X 30 2 233 15,000SH Defined 1 15,000 POWERSHARES ETF TRUST INTL DIV ACHV 73935X 71 6 221 12,849SH Defined " 12,849 PULTE HOMES INC COM 745867 10 1 797 25,000SH Defined " 25,000 PULTE HOMES INC COM 745867 10 1 1,370 43,000SH Other 43,000 RELIANT ENERGY INC COM 75952B 10 5 142 11,547SH Sole 11,547 SEACOR HOLDINGS INC COM 811904 10 1 461 5,591SH Defined 1 5,591 SEACOR HOLDINGS INC COM 811904 10 1 436 5,280SH Sole 5,280 SELECT SECTOR SPDR TR SBI MATERIALS 81369Y 10 0 244 7,700SH Defined 1 7,700 SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y 20 9 2,503 75,419SH Defined " 75,419 SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y 40 7 1,534 43,887SH Defined " 43,887 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y 60 5 1,171 33,830SH Defined " 33,830 SELECT SECTOR SPDR TR SBI INT-INDS 81369Y 70 4 728 21,835SH Defined " 21,835 SPRINT NEXTEL CORP COM FON 852061 10 0 2,882 168,000SH Defined " 168,000 SPRINT NEXTEL CORP COM FON 852061 10 0 3,920 228,600SH Other 228,600 TERRA INDS INC COM 880915 10 3 463 60,000SH Defined 1 60,000 TERRA INDS INC COM 880915 10 3 116 15,000SH Other 15,000 TOLL BROTHERS INC COM 889478 10 3 927 33,000SH Other 33,000 TYCO INTL LTD NEW COM 902124 10 6 3,639 130,000SH Other 130,000 UAL CORP COM NEW 902549 80 7 1,053 39,603SH Defined 1,2,3 39,603 UAL CORP COM NEW 902549 80 7 297 11,167SH Other 11,167 US BANCORP DEL COM NEW 902973 30 4 514 15,462SH Other 15,462 VIACOM INC NEW CL B 92553P 20 1 3,052 82,100SH Other 82,100 WALTER INDS INC COM 93317Q 10 5 3,334 78,100SH Defined 1 78,100 WALTER INDS INC COM 93317Q 10 5 1,195 28,000SH Other 28,000 YAHOO INC COM 984332 10 6 3,185 126,000SH Defined 1 126,000 YAHOO INC COM 984332 10 6 1,972 78,000SH Other 78,000 ---------- REPORT TOTAL $1,582,032 ==========