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

                                    FORM 13F

                              FORM 13F COVER PAGE


                 Report for the Quarter Ended December 31, 2009



                          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         February 11, 2010
- -------------------------------
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: 61 ----------- Form 13F Information Table Value Total (thousands): $260,616 ----------- 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 - -------------------------------------------- AMERICAN COMMERCIAL LINES COM PAR $0.01 025195 40 5 1,288 70,250SH Defined 1 70,250 AMERICAN RAILCAR INDS INC COM 02916P 10 3 749 68,000SH Defined " 68,000 ANWORTH MORTGAGE ASSET CP COM 037347 10 1 875 125,000SH Defined " 125,000 BANK OF AMERICA CORPORATION COM 060505 10 4 1,628 108,120SH Defined " 108,120 CALAMP CORP COM 128126 10 9 481 139,750SH Defined " 139,750 DELTA AIR LINES INC DEL COM NEW 247361 70 2 151 13,239SH Defined " 13,239 DISH NETWORK CORP CL A 25470M 10 9 783 37,675SH Defined " 37,675 ECHOSTAR CORP CL A 278768 10 6 499 24,786SH Defined " 24,786 FLAGSTAR BANCORP INC COM 337930 10 1 99 165,000SH Defined " 165,000 FULL HOUSE RESORTS INC COM 359678 10 9 126 36,661SH Defined " 36,661 INSTEEL INDUSTRIES INC COM 45774W 10 8 320 24,609SH Defined " 24,609 INTERSTATE HOTELS & RESRTS I COM 46088S 10 6 156 70,987SH Defined " 70,987 MYR GROUP INC DEL COM 55405W 10 4 6,950 384,615SH Defined " 384,615 NATIONAL INTERSTATE CORP COM 63654U 10 0 172,992 10,200,000SH Defined " 10,200,000 O CHARLEYS INC COM 670823 10 3 193 29,500SH Defined " 29,500 OMEROS CORP COM 682143 10 2 716 102,040SH Defined " 102,040 PATTERSON UTI ENERGY INC COM 703481 10 1 614 40,000SH Defined " 40,000 REDDY ICE HLDGS INC COM 75734R 10 5 105 24,500SH Defined " 24,500 TIME WARNER INC COM NEW 887317 30 3 254 8,716SH Defined " 8,716 TORTOISE ENERGY CAP CORP COM 89147U 10 0 590 25,800SH Defined " 25,800 VIRGIN MEDIA INC COM 92769L 10 1 12,417 737,807SH Defined " 737,807

HOLDINGS OF GREAT AMERICAN LIFE INSURANCE COMPANY - ---------------------------- AMERICAN COMMERCIAL LINES COM PAR $0.01 025195 40 5 1,379 75,250SH Defined 2 75,250 AMERICAN RAILCAR INDS INC COM 02916P 10 3 326 29,581SH Defined " 29,581 ANWORTH MORTGAGE ASSET CP COM 037347 10 1 875 125,000SH Defined " 125,000 CIT GROUP INC COM NEW 125581 80 1 836 30,272SH Defined " 30,272 CALAMP CORP COM 128126 10 9 484 140,750SH Defined " 140,750 DELTA AIR LINES INC DEL COM NEW 247361 70 2 118 10,370SH Defined " 10,370 DISH NETWORK CORP CL A 25470M 10 9 1,174 56,512SH Defined " 56,512 ECHOSTAR CORP CL A 278768 10 6 749 37,179SH Defined " 37,179 FLAGSTAR BANCORP INC COM 337930 10 1 99 165,000SH Defined " 165,000 FULL HOUSE RESORTS INC COM 359678 10 9 144 41,767SH Defined " 41,767 INSTEEL INDUSTRIES INC COM 45774W 10 8 289 22,216SH Defined " 22,216 INTERSTATE HOTELS & RESRTS I COM 46088S 10 6 234 106,481SH Defined " 106,481 NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN 10 0 843 78,300SH Defined " 78,300 O CHARLEYS INC COM 670823 10 3 133 20,256SH Defined " 20,256 OMEROS CORP COM 682143 10 2 1,074 153,061SH Defined " 153,061 PATTERSON UTI ENERGY INC COM 703481 10 1 614 40,000SH Defined " 40,000 PIMCO HIGH INCOME FD COM SHS 722014 10 7 1,332 122,800SH Defined " 122,800 REDDY ICE HLDGS INC COM 75734R 10 5 80 18,650SH Defined " 18,650 TORTOISE ENERGY CAP CORP COM 89147U 10 0 1,965 85,900SH Defined " 85,900 VIRGIN MEDIA INC COM 92769L 10 1 8,122 482,588SH Defined " 482,588

HOLDINGS OF OTHER ENTITIES EACH HAVING LESS THAN $100 MILLION IN 13F SECURITIES - ------------------------------ ACE LTD SHS H0023R 10 5 3,175 63,000SH Sole 63,000 AMERICAN COMMERCIAL LINES COM PAR $0.01 025195 40 5 183 10,000SH Defined 2 10,000 AMERICAN RAILCAR INDS INC COM 02916P 10 3 419 38,000SH Defined " 38,000 BANK OF AMERICA CORPORATION COM 060505 10 4 4,871 323,480SH Defined 1 323,480 BERKLEY W R CORP COM 084423 10 2 2,883 117,000SH Sole 117,000 CIT GROUP INC COM NEW 125581 80 1 316 11,458SH Defined 11,458 CHUBB CORP COM 171232 10 1 3,492 71,000SH Sole 71,000 DELTA AIR LINES INC DEL COM NEW 247361 70 2 55 4,727SH Defined 1,2 4,727 EATON VANCE TAX MNG GBL DV E COM 27829F 10 8 493 40,000SH Defined 1 40,000 ISHARES TR INDEX MSCI EAFE IDX 464287 46 5 2,377 43,000SH Defined " 43,000 KEYCORP NEW COM 493267 10 8 373 67,222SH Defined " 67,222 MANAGED HIGH YIELD PLUS FD I COM 561911 10 8 20 10,000SH Defined " 10,000 O CHARLEYS INC COM 670823 10 3 160 24,398SH Defined 24,398 POWERSHARES ETF TRUST DYNAMIC MKT PT 73935X 10 4 928 24,400SH Defined 1 24,400 POWERSHARES ETF TRUST HI YLD EQ DVDN 73935X 30 2 163 21,300SH Defined " 21,300 REDDY ICE HLDGS INC COM 75734R 10 5 343 79,881SH Defined 2 79,881 SPDR TR UNIT SER 1 78462F 10 3 4,903 44,000SH Defined 1 44,000 SELECT SECTOR SPDR TR SBI CONS STPLS 81369Y 30 8 928 35,060SH Defined " 35,060 SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y 88 6 233 7,500SH Defined " 7,500 VIRGIN MEDIA INC COM 92769L 10 1 11,445 680,000SH Defined 2 680,000 ---------- REPORT TOTAL $260,616 ==========