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

                                    FORM 13F

                              FORM 13F COVER PAGE


                  Report for the Quarter Ended - September 30, 2005



                          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 14, 2005
- -------------------------------
Robert H. Ruffing
Vice President and Controller


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








                                 Page 1 of 4

FORM 13F SUMMARY PAGE --------------------- Number of Other Included Managers: 1 ----------- Form 13F Information Table Entry Total: 119 ----------- Form 13F Information Table Value Total (thousands): $ 1,334,936 ----------- 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 Page 2

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 96 6,521SH Defined 1 6,521 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 597 13,000SH Defined " 13,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 3,701 123,200SH Defined " 123,200 AMERICAN INTL GROUP INC COM 026874 10 7 1,797 29,000SH Defined " 29,000 ARCHER DANIELS MIDLAND CO COM 039483 10 2 1,258 51,000SH Defined " 51,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 3,950 169,000SH Defined " 169,000 CV THERAPEUTICS INC COM 126667 10 4 2,006 75,000SH Defined " 75,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 2,822 92,000SH Defined " 92,000 CITIGROUP INC COM 172967 10 1 15,704 345,000SH Defined " 345,000 COMCAST CORP NEW CL A 20030N 10 1 592 20,153SH Defined " 20,153 COMCAST CORP NEW CL A SPL 20030N 20 0 2,727 94,760SH Defined " 94,760 DISNEY WALT CO COM DISNEY 254687 10 6 4,054 168,000SH Defined " 168,000 DORAL FINL CORP COM 25811P 10 0 151 11,550SH Defined " 11,550 ENERGY EAST CORP COM 29266M 10 9 511 20,300SH Defined " 20,300 FEDERAL NATL MTG ASSN COM 313586 10 9 2,062 46,000SH Defined " 46,000 FIFTH THIRD BANCORP COM 316773 10 0 7,003 190,563SH Defined " 190,563 GENTEK INC COM NEW 37245X 20 3 363 25,000SH Defined " 25,000 GREAT AMERN FINL RES INC COM 389915 10 9 771,320 38,565,995SH Defined " 38,565,995 INSTEEL INDUSTRIES INC COM 45774W 10 8 469 30,700SH Defined " 30,700 INTEGRATED ELECTRICAL SVC COM 45811E 10 3 784 280,000SH Defined " 280,000 JPMORGAN & CHASE & CO COM 46625H 10 0 4,411 130,000SH Defined " 130,000 MARSH SUPERMARKETS INC CL B 571783 20 8 7,147 602,644SH Defined " 602,644 MARSH SUPERMARKETS INC CL A 571783 30 7 8,156 709,844SH Defined " 709,844 MERCK & CO INC COM 589331 10 7 1,361 50,000SH Defined " 50,000 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 391 13,568SH Defined " 13,568 NTL INC DEL COM 62940M 10 4 9,521 142,523SH Defined " 142,523 NATIONAL CITY CORP COM 635405 10 3 89,465 2,675,392SH Defined " 2,675,392 NATIONAL INTERSTATE CORP COM 63654U 10 0 176,460 10,200,000SH Defined " 10,200,000 NEWS CORP CL B 65248E 20 3 990 60,000SH Defined " 60,000 PNC FINL SVCS GROUP INC COM 693475 10 5 3,713 64,000SH Defined " 64,000 PEPCO HOLDINGS INC COM 713291 10 2 942 40,500SH Defined " 40,500 PFIZER INC COM 717081 10 3 8,864 355,000SH Defined " 355,000 QWEST COMMUNICATIONS INTL IN COM 749121 10 9 73 17,902SH Defined " 17,902 SBC COMMUNICATIONS INC COM 78387G 10 3 1,438 60,000SH Defined " 60,000 SARA LEE CORP COM 803111 10 3 948 50,000SH Defined " 50,000 SEACOR HOLDINGS INC COM 811904 10 1 251 3,463SH Defined " 3,463 SUNTERRA CORP COM NEW 86787D 20 8 853 65,000SH Defined " 65,000 TIME WARNER INC COM 887317 10 5 474 26,149SH Defined " 26,149 TORTOISE ENERGY CAP CORP COM 89147U 10 0 213 9,000SH Defined " 9,000 TYCO INTL LTD NEW COM 902124 10 6 2,228 80,000SH Defined " 80,000 US BANCORP DEL COM NEW 902973 30 4 3,370 120,000SH Defined " 120,000 VIACOM INC CL B 925524 30 8 2,839 86,000SH Defined " 86,000 WACHOVIA CORP 2ND NEW COM 929903 10 2 4,788 100,600SH Defined " 100,600 WASHINGTON MUT INC COM 939322 10 3 1,574 40,134SH Defined " 40,134 ZENITH NATL INS CORP COM 989390 10 9 1,548 24,700SH Defined " 24,700

HOLDINGS OF OTHER ENTITIES EACH HAVING LESS THAN $100 MILLION IN 13F SECURITIES - ------------------------------ GLOBAL CROSSING LTD SHS NEW G3921A 17 5 209 14,224SH Defined 1 14,224 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 2,349 51,124SH Defined " 51,124 ALLIANCE RES PARTNER L P UT LTD PART 01877R 10 8 919 20,000SH Other 20,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 3,725 124,000SH Defined 1 124,000 ALPHA NATURAL RESOURCES INC COM 02076X 10 2 2,644 88,000SH Other 88,000 AMERICAN INTL GROUP INC COM 026874 10 7 1,908 30,800SH Defined 1 30,800 ARCHER DANIELS MIDLAND CO COM 039483 10 2 1,258 51,000SH Defined " 51,000 ARCHER DANIELS MIDLAND CO COM 039483 10 2 937 38,000SH Other 38,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 4,020 172,000SH Defined 1 172,000 BOSTON SCIENTIFIC CORP COM 101137 10 7 3,576 153,000SH Other 153,000 BRISTOL MYERS SQUIBB CO COM 110122 10 8 241 10,000SH Defined 1 10,000 BRISTOL MYERS SQUIBB CO COM 110122 10 8 241 10,000SH Other 10,000 CV THERAPEUTICS INC COM 126667 10 4 2,461 92,000SH Defined 1 92,000 CV THERAPEUTICS INC COM 126667 10 4 535 20,000SH Other 20,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 6,502 212,000SH Defined 1 212,000 CABLEVISION SYS CORP CL A NY CABLVS 12686C 10 9 2,454 80,000SH Other 80,000 CINERGY CORP COM 172474 10 8 258 5,814SH Defined 1 5,814 CITIGROUP INC COM 172967 10 1 5,104 112,133SH Defined " 112,133 CITIGROUP INC COM 172967 10 1 3,414 75,000SH Other 75,000 COMCAST CORP NEW CL A SPL 20030N 20 0 9,325 324,000SH Defined 1 324,000 COMCAST CORP NEW CL A SPL 20030N 20 0 1,295 45,000SH Other 45,000 DISNEY WALT CO COM DISNEY 254687 10 6 4,054 168,000SH Defined 1 168,000 DISNEY WALT CO COM DISNEY 254687 10 6 3,740 155,000SH Other 155,000 DORAL FINL CORP COM 25811P 10 0 322 24,650SH Defined 1 24,650 ENERGY EAST CORP COM 29266M 10 9 504 20,000SH Defined " 20,000 FEDERAL NATL MTG ASSN COM 313586 10 9 2,062 46,000SH Defined " 46,000 FEDERAL NATL MTG ASSN COM 313586 10 9 1,703 38,000SH Other 38,000 FIFTH THIRD BANCORP COM 316773 10 0 7,133 194,100SH Defined 1 194,100 FIFTH THIRD BANCORP COM 316773 10 0 3,197 87,000SH Other 87,000 GENTEK INC COM NEW 37245X 20 3 580 40,000SH Defined 1 40,000 JOHN HANCOCK BK &THRIFT OPP SH BEN INT 409735 10 7 632 67,200SH Other 67,200 HOST MARRIOTT CORP NEW COM 44107P 10 4 171 10,110SH Other 10,110 INSTEEL INDUSTRIES INC COM 45774W 10 8 5,139 336,134SH Defined 1 336,134 INTEGRATED ELECTRICAL SVC COM 45811E 10 3 1,321 471,700SH Defined " 471,700 ISHARES TR DJ US TELECOMM 464287 71 3 288 12,165SH Defined " 12,165 ISHARES TR DJ US TECH SEC 464287 72 1 693 14,245SH Defined " 14,245 JPMORGAN & CHASE & CO COM 46625H 10 0 679 20,000SH Defined " 20,000 JPMORGAN & CHASE & CO COM 46625H 10 0 1,697 50,000SH Other 50,000 LAIDLAW INTL INC COM 50730R 10 2 1,657 68,543SH Defined 1 68,543 MERCK & CO INC COM 589331 10 7 272 10,000SH Defined " 10,000 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 631 21,925SH Defined " 21,925 MITTAL STEEL CO N V NY REG SH CL A 60684P 10 1 864 30,000SH Other 30,000 NRG ENERGY INC COM NEW 629377 50 8 1,849 43,411SH Defined 1 43,411 NTL INC DEL COM 62940M 10 4 20,846 312,065SH Defined " 312,065 NTL INC DEL COM 62940M 10 4 4,316 64,618SH Other 64,618 NATIONAL CITY CORP COM 635405 10 3 2,553 76,359SH Defined 1 76,359 NATIONAL CITY CORP COM 635405 10 3 431 12,903SH Other 12,903 NEWS CORP CL B 65248E 20 3 1,320 80,000SH Defined 1 80,000 NUVEEN FLTNG RTE INCM OPP FD COM SHS 6706EN 10 0 1,016 78,300SH Defined " 78,300 PEPCO HOLDINGS INC COM 713291 10 2 233 10,000SH Defined " 10,000 PFIZER INC COM 717081 10 3 4,869 195,000SH Defined " 195,000 PFIZER INC COM 717081 10 3 2,747 110,000SH Other 110,000 PIMCO HIGH INCOME FD COM SHS 722014 10 7 5,199 348,900SH Defined 1 348,900 SBC COMMUNICATIONS INC COM 78387G 10 3 479 20,000SH Defined " 20,000 SANTANDER BANCORP COM 802809 10 3 820 33,275SH Defined " 33,275 SEACOR HOLDINGS INC COM 811904 10 1 1,174 16,176SH Defined " 16,176 SEACOR HOLDINGS INC COM 811904 10 1 383 5,280SH Sole 5,280 SELECT SECTOR SPDR TR SBI MATERIALS 81369Y 10 0 330 12,000SH Defined 1 12,000 SELECT SECTOR SPDR TR SBI HEALTHCARE 81369Y 20 9 1,078 34,400SH Defined " 34,400 SELECT SECTOR SPDR TR SBI CONS DISCR 81369Y 40 7 726 22,340SH Defined " 22,340 SELECT SECTOR SPDR TR SBI INT-FINL 81369Y 60 5 1,725 58,448SH Defined " 58,448 SELECT SECTOR SPDR TR SBI INT-INDS 81369Y 70 4 814 27,000SH Defined " 27,000 SELECT SECTOR SPDR TR SBI INT-UTILS 81369Y 88 6 710 21,140SH Defined " 21,140 SUNTERRA CORP COM NEW 86787D 20 8 1,970 150,000SH Defined " 150,000 TORTOISE ENERGY CAP CORP COM 89147U 10 0 2,593 109,400SH Defined " 109,400 TYCO INTL LTD NEW COM 902124 10 6 5,431 195,000SH Defined " 195,000 TYCO INTL LTD NEW COM 902124 10 6 3,621 130,000SH Other 130,000 US BANCORP DEL COM NEW 902973 30 4 3,370 120,000SH Defined 1 120,000 US BANCORP DEL COM NEW 902973 30 4 1,922 68,462SH Other 68,462 VIACOM INC CL B 925524 30 8 6,305 191,000SH Defined 1 191,000 VIACOM INC CL B 925524 30 8 3,770 114,200SH Other 114,200 WACHOVIA CORP 2ND NEW COM 929903 10 2 3,807 80,000SH Defined 1 80,000 WACHOVIA CORP 2ND NEW COM 929903 10 2 1,666 35,000SH Other 35,000 WASHINGTON MUT INC COM 939322 10 3 2,164 55,179SH Defined 1 55,179 ---------- REPORT TOTAL $1,334,936 ==========