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

                                    FORM 13F

                              FORM 13F COVER PAGE


                 Report for the Quarter Ended June 30, 2012



                          AMERICAN FINANCIAL GROUP, INC.
                 301 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.

                                  Brian S. Hertzman
                       Assistant Vice President and Controller
                                   (513) 579-2153
                -----------------------------------------------
                (Name, Title and Phone Number of Person Signing
                 this Report on Behalf of Reporting Manager)



Signature:

/s/Brian S. Hertzman                   Cincinnati, Ohio         August 13, 2012
-------------------------------
Brian S. Hertzman
Assistant 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:                   184
                                                      -----------

Form 13F Information Table Value Total (thousands):   $1,127,108
                                                      -----------



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
--------------------------------------------
                                                                                                 
ABBOTT LABS			      COM	 002824 10 0	 4,513	    70,000SH   Defined	   1	     70,000
AIR PRODS & CHEMS INC                 COM        009158 10 6    11,107     137,584SH   Defined     1        137,584
AMERICAN RAILCAR INDS INC             COM        02916P 10 3     1,436      53,000SH   Defined     1         53,000
ANWORTH MORTGAGE ASSET CP             COM        037347 10 1       881     125,000SH   Defined     1        125,000
APPLE INC                             COM        037833 10 0     5,840      10,000SH   Defined     1         10,000
ARCH COAL INC			      COM	 039380 10 0	 5,133	   745,000SH   Defined	   1	    745,000
BANK OF AMERICA CORPORATION           COM        060505 10 4     4,974     608,120SH   Defined     1        608,120
BEST BUY INC			      COM	 086516 10 1	 3,894	   185,800SH   Defined	   1	    185,800
CALAMP CORP                           COM        128126 10 9     1,024     139,750SH   Defined     1        139,750
CAPITOL FED FINL INC		      COM	 14057J 10 1	   428	    36,000SH   Defined     1         36,000
CHEVRON CORP NEW                      COM        166764 10 0     8,577      81,300SH   Defined     1         81,300
CITIGROUP INC                       COM NEW      172967 42 4    11,649     425,000SH   Defined     1        425,000
COMCAST CORP NEW                     CL A        20030N 10 1    12,900     403,500SH   Defined     1        403,500
CUMULUS MEDIA INC                    CL A        231082 10 8        54      17,777SH   Defined     1         17,777
DELTA AIR LINES INC DEL             COM NEW      247361 70 2       451      41,216SH   Defined     1         41,216
DISH NETWORK CORP                    CL A        25470M 10 9     1,076      37,675SH   Defined     1         37,675
ECHOSTAR CORP                        CL A        278768 10 6       655      24,786SH   Defined     1         24,786
ELLINGTON FINANCIAL LLC               COM        288522 30 3     6,617     312,700SH   Defined     1        312,700
EMERSON ELEC CO                       COM        291011 10 4     6,288     135,000SH   Defined     1        135,000
FIRST FINL BANCORP OH                 COM        320209 10 9     3,516     220,000SH   Defined     1        220,000
FLAGSTAR BANCORP INC                COM NEW      337930 50 7        14      16,500SH   Defined     1         16,500
FULL HOUSE RESORTS INC		      COM        359678 10 9       102      35,331SH   Defined     1         35,331
GENERAL ELECTRIC CO     	      COM        369604 10 3    14,067     675,000SH   Defined     1        675,000
HCA HOLDINGS INC 		      COM        40412C 10 1     9,237     303,559SH   Defined     1        303,559
HANMI FINL CORP			    COM NEW	 410495 20 4	 2,178	   207,813SH   Defined	   1	    207,813
HEINZ H J CO                          COM        423074 10 3    11,297     207,750SH   Defined     1        207,750
HEWLETT PACKARD CO		      COM	 428236 10 3    11,020     548,000SH   Defined     1        548,000
HOMESTREET INC			      COM	 43785V 10 2	 1,280	    40,000SH   Defined	   1	     40,000
HUNTINGTON INGALLS INDS INC           COM        446413 10 6       805      20,000SH   Defined     1         20,000
INSTEEL INDUSTRIES INC                COM        45774W 10 8       274      24,609SH   Defined     1         24,609
INTEL CORP                            COM        458140 10 0    14,098     529,000SH   Defined     1        529,000
INTERNATIONAL BUSINESS MACHS          COM        459200 10 1    14,815      75,750SH   Defined     1         75,750
INTERPUBLIC GROUP COS INC             COM        460690 10 0        54       5,000SH   Defined     1          5,000
JPMORGAN CHASE & CO                   COM        46625H 10 0    12,148     340,000SH   Defined     1        340,000
JOHNSON & JOHNSON                     COM        478160 10 4    16,282     241,000SH   Defined     1        241,000
KELLOGG CO                            COM        487836 10 8    10,796     218,850SH   Defined     1        218,850
KIMBERLY CLARK CORP                   COM        494368 10 3    16,754     200,000SH   Defined     1        200,000
KOHLS CORP                            COM        500255 10 4    12,737     280,000SH   Defined     1        280,000
KRAFT FOODS INC                      CL A        50075N 10 4    18,277     473,250SH   Defined     1        473,250
LEUCADIA NATL CORP                    COM        527288 10 4       162       7,633SH   Defined     1          7,633
LINCOLN NATL CORP IND                 COM        534187 10 9     1,094      50,000SH   Defined     1         50,000
LOCKHEED MARTIN CORP                  COM        539830 10 9     4,398      50,500SH   Defined     1         50,500
LOWES COS INC                         COM        548661 10 7       910      32,000SH   Defined     1         32,000
MYR GROUP INC DEL		      COM	 55405W 10 4	 6,562	   384,615SH   Defined	   1	    384,615
MCGRAW HILL COS INC                   COM        580645 10 9     4,500     100,000SH   Defined     1        100,000
MEDTRONIC INC                         COM        585055 10 6     4,648     120,000SH   Defined     1        120,000
MERCK & CO INC NEW                    COM        58933Y 10 5    10,479     251,000SH   Defined     1        251,000
METLIFE INC                           COM        59156R 10 8     4,304     139,500SH   Defined     1        139,500
MICROSOFT CORP                        COM        594918 10 4    19,929     651,500SH   Defined     1        651,500
MOTRICITY INC                         COM        620107 10 2        35      56,525SH   Defined     1         56,525
NATIONAL INTERSTATE CORP              COM        63654U 10 0   271,218  10,200,000SH   Defined     1     10,200,000
NEW YORK CMNTY BANCORP INC            COM        649445 10 3     4,386     350,000SH   Defined     1        350,000
OMEROS CORP                           COM        682143 10 2     1,020     102,040SH   Defined     1        102,040
OMNICOM GROUP INC                     COM        681919 10 6     4,714      97,000SH   Defined     1         97,000
PATTERSON UTI ENERGY INC              COM        703481 10 1       582      40,000SH   Defined     1         40,000
PEOPLES UNITED FINANCIAL INC	      COM	 712704 10 5     9,636     830,000SH   Defined     1        830,000
PEPSICO INC                           COM        713448 10 8    15,195     215,050SH   Defined     1        215,050
PFIZER INC                            COM        717081 10 3     9,614     418,000SH   Defined     1        418,000
PROCTER & GAMBLE CO                   COM        742718 10 9     7,963     130,000SH   Defined     1        130,000
PRUDENTIAL FINL INC                   COM        744320 10 2     2,179      45,000SH   Defined     1         45,000
RAYTHEON CO                         COM NEW      755111 50 7     4,273      75,500SH   Defined     1         75,500
STAPLES INC                           COM        855030 10 2     3,263     250,000SH   Defined     1        250,000
TARGET CORP		 	      COM        87612E 10 6    16,293     280,000SH   Defined	   1        280,000
3M CO                                 COM        88579Y 10 1    14,470     161,500SH   Defined     1        161,500
TIME WARNER INC                     COM NEW      887317 30 3     7,266     188,716SH   Defined     1        188,716
TORTOISE ENERGY CAP CORP              COM        89147U 10 0       671      25,800SH   Defined     1         25,800
UNITED CONTL HLDGS INC                COM        910047 10 9     3,163     130,024SH   Defined     1        130,024
VERISK ANALYTICS INC                 CL A        92345Y 10 6    98,415   1,997,861SH   Defined     1      1,997,861
VIRGIN MEDIA INC                      COM        92769L 10 1    17,995     737,807SH   Defined     1        737,807
WAL-MART STORES INC		      COM        931142 10 3    13,247     190,000SH   Defined     1        190,000
WALGREEN CO                           COM        931422 10 9     7,291     246,500SH   Defined     1        246,500
WASTE MGMT INC DEL                    COM        94106L 10 9    15,361     459,900SH   Defined     1        459,900
WELLS FARGO & CO NEW                  COM        949746 10 1    11,370     340,000SH   Defined     1        340,000





HOLDINGS OF GREAT AMERICAN
  LIFE INSURANCE COMPANY
---------------------------
AIR PRODS & CHEMS INC                 COM        009158 10 6     4,440      55,000SH   Defined     2         55,000
ALLIANCE RES PARTNER L P          UT LTD PART    01877R 10 8     2,869      51,119SH   Defined     2         51,119
AMERICAN RAILCAR INDS INC             COM        02916P 10 3       624      23,031SH   Defined     2         23,031
ANNALY CAP MGMT INC                   COM        035710 40 9     1,342      80,000SH   Defined     2         80,000
ANWORTH MORTGAGE ASSET CP             COM        037347 10 1       881     125,000SH   Defined     2        125,000
APPLE INC                             COM        037833 10 0     5,840      10,000SH   Defined     2         10,000
BEST BUY INC			      COM        086516 10 1	 1,844      88,000SH   Defined	   2	     88,000
BP PLC	                         SPONSORED ADR   055622 10 4    18,446     455,000SH   Defined     2        455,000
CALAMP CORP                           COM        128126 10 9     1,032     140,750SH   Defined     2        140,750
CISCO SYS INC                         COM        17275R 10 2    13,049     760,000SH   Defined     2        760,000
CITIGROUP INC                       COM NEW      172967 42 4     5,756     210,000SH   Defined     2        210,000
COMCAST CORP NEW                     CL A        20030N 10 1    11,829     370,000SH   Defined     2        370,000
CUMULUS MEDIA INC                    CL A        231082 10 8        93      31,032SH   Defined     2         31,032
DELTA AIR LINES INC DEL             COM NEW      247361 70 2       294      26,829SH   Defined     2         26,829
DEX ONE CORP                          COM        25212W 10 0        10      10,772SH   Defined     2         10,772
DISH NETWORK CORP                    CL A        25470M 10 9     1,613      56,512SH   Defined     2         56,512
ECHOSTAR CORP                        CL A        278768 10 6       982      37,179SH   Defined     2         37,179
ELLINGTON FINANCIAL LLC               COM        288522 30 3    14,836     701,153SH   Defined     2        701,153
ENTERPRISE PRODS PARTNERS L           COM        293792 10 7     1,244      24,276SH   Defined     2         24,276
FLAGSTAR BANCORP INC                COM NEW      337930 50 7        14      16,500SH   Defined     2         16,500
FULL HOUSE RESORTS INC                COM        359678 10 9        91      31,617SH   Defined     2         31,617
GENERAL ELECTRIC CO                   COM        369604 10 3     9,899     475,000SH   Defined     2        475,000
HANMI FINL CORP			    COM NEW	 410495 20 4	 4,045     385,938SH   Defined	   2	    385,938
HEWLETT PACKARD CO                    COM        428236 10 3     3,700     184,000SH   Defined     2        184,000
HOMESTREET INC			      COM	 43785V 10 2	 3,839	   120,000SH   Defined	   2	    120,000
INSTEEL INDUSTRIES INC                COM        45774W 10 8       248      22,216SH   Defined     2         22,216
JPMORGAN CHASE & CO                   COM        46625H 10 0     3,216      90,000SH   Defined     2         90,000
LEUCADIA NATL CORP                    COM        527288 10 4       177       8,315SH   Defined     2          8,315
LINCOLN NATL CORP IND                 COM        534187 10 9     3,718     170,000SH   Defined     2        170,000
MARATHON OIL CORP                     COM        565849 10 6     6,904     270,000SH   Defined     2        270,000
METLIFE INC                           COM        59156R 10 8     9,739     315,700SH   Defined     2        315,700
MOTRICITY INC                         COM        620107 10 2        53      84,788SH   Defined     2         84,788
OMEROS CORP                           COM        682143 10 2     1,531     153,061SH   Defined     2        153,061
ORACLE CORP                           COM        68389X 10 5    14,108     475,000SH   Defined     2        475,000
PATTERSON UTI ENERGY INC              COM        703481 10 1       582      40,000SH   Defined     2         40,000
PHARMACYCLICS INC                     COM        716933 10 6     2,184      40,000SH   Defined     2         40,000
PLAINS ALL AMERN PIPELINE L      UNIT LTD PARTN  726503 10 5     2,828      35,000SH   Defined     2         35,000
PRUDENTIAL FINL INC                   COM        744320 10 2     7,749     160,000SH   Defined     2        160,000
REDWOOD TR INC                        COM        758075 40 2     3,120     250,000SH   Defined     2        250,000
RESEARCH IN MOTION LTD		      COM	 760975 10 2	   739	   100,000SH   Defined	   2	    100,000
SOUTHWEST AIRLS CO                    COM        844741 10 8     2,259     245,000SH   Defined     2        245,000
TARGET CORP                           COM        87612E 10 6     1,746      30,000SH   Defined     2         30,000
TORTOISE ENERGY CAP CORP              COM        89147U 10 0     2,235      85,900SH   Defined     2         85,900
TWO HBRS INVT CORP                    COM        90187B 10 1     3,056     295,000SH   Defined     2        295,000
UNITED CONTL HLDGS INC		      COM	 910047 10 9     2,798	   115,000SH   Defined	   2	    115,000
VIRGIN MEDIA INC                      COM        92769L 10 1    10,045     411,838SH   Defined     2        411,838
VODAFONE GROUP PLC NEW 		 SPONS ADR NEW   92857W 20 9    10,300	   365,500SH   Defined	   2	    365,500
WAL-MART STORES INC                   COM        931142 10 3       697      10,000SH   Defined     2         10,000





HOLDINGS OF OTHER ENTITIES
EACH HAVING LESS THAN
$100 MILLION IN 13F SECURITIES
------------------------------
ACE LTD                               SHS        H0023R 10 5     4,670      63,000SH    Sole                 63,000
AT&T INC                              COM        00206R 10 2       731      20,500SH   Defined     1         20,500
ABBOTT LABS                           COM        002824 10 0       587       9,100SH   Defined	   1          9,100
ACTUATE CORP                          COM        00508B 10 2       113      16,313SH   Defined     1         16,313
AMERICAN EQTY INVT LIFE HLD           COM        025676 20 6       113      10,223SH   Defined     1         10,223
AMERICAN RAILCAR INDS INC             COM        02916P 10 3       801      29,550SH   Defined     2         29,550
ARCH COAL INC			      COM	 039380 10 0	   758     110,000SH   Defined	   	    110,000
BANK OF AMERICA CORPORATION           COM        060505 10 4     3,873     473,480SH   Defined     1        473,480
BERKLEY W R CORP                      COM        084423 10 2     4,554     117,000SH    Sole                117,000
BEST BUY INC			      COM	 086516 10 1	 1,807	    86,200SH   Defined	   	     86,200
BLDRS INDEX FDS TR              EMER MK 50 ADR   09348R 30 0       477      12,704SH   Defined     1         12,704
BP PLC	                         SPONSORED ADR   055622 10 4     1,824      45,000SH   Defined               45,000
CAMPBELL SOUP CO                      COM        134429 10 9       501      15,000SH   Defined     1         15,000
CARDINAL FINL CORP                    COM        14149F 10 9       126      10,296SH   Defined     1         10,296
CHEVRON CORP NEW                      COM        166764 10 0       369       3,500SH   Defined	   1          3,500
CHUBB CORP                            COM        171232 10 1     5,170      71,000SH    Sole                 71,000
CONOCOPHILLIPS                        COM        20825C 10 4       391       7,000SH   Defined     1          7,000
DELTA AIR LINES INC DEL             COM NEW      247361 70 2       142      13,003SH   Defined    1,2        13,003
DOLAN CO                              COM        25659P 40 2        70      10,341SH   Defined     1         10,341
DU PONT E I DE NEMOURS & CO           COM        263534 10 9       278       5,500SH   Defined     1          5,500
EATON CORP                            COM        278058 10 2       456      11,500SH   Defined     1         11,500
ELLINGTON FINANCIAL LLC		      COM	 288522 30 3	   846	    40,000SH   Defined     	     40,000
GENERAL ELECTRIC CO                   COM        369604 10 3       729      35,000SH   Defined     1         35,000
GENERAL MLS INC                       COM        370334 10 4       578      15,000SH   Defined     1         15,000
GLOBAL CASH ACCESS HLDGS INC	      COM	 378967 10 3	    93	    12,942SH   Defined     1         12,942
HEWLETT PACKARD CO		      COM	 428236 10 3     1,367      68,000SH   Defined               68,000
HOMESTREET INC			      COM        43785V 10 2     2,559      80,000SH   Defined               80,000
ILLINOIS TOOL WKS INC                 COM        452308 10 9       291       5,500SH   Defined     1          5,500
INTERPUBLIC GROUP COS INC             COM        460690 10 0       651      60,000SH   Defined               60,000
INDEXIQ ETF TR                  IQ GLB RES ETF   45409B 88 3       304      11,216SH   Defined     1         11,216
ISHARES TR                      MSCI EAFE INDEX  464287 46 5       507      10,150SH   Defined     1         10,150
ISHARES TR                       S&P MIDCAP 400  464287 50 7       237       2,515SH   Defined     1          2,515
JOHNSON & JOHNSON                     COM        478160 10 4       554       8,200SH   Defined     1          8,200
KEYCORP NEW                           COM        493267 10 8       404      52,222SH   Defined     1         52,222
KIMBERLY CLARK CORP                   COM        494368 10 3       683       8,150SH   Defined     1          8,150
LTX-CREDENCE CORP                   COM NEW      502403 20 7       102      15,188SH   Defined     1         15,188
LEGGETT & PLATT INC                   COM        524660 10 7       602      28,500SH   Defined     1         28,500
LEUCADIA NATL CORP                    COM        527288 10 4        11         526SH   Defined     1            526
LILLY ELI & CO                        COM        532457 10 8       687      16,000SH   Defined     1         16,000
LOCKHEED MARTIN CORP                  COM        539830 10 9       705       8,100SH   Defined     1          8,100
MANAGED HIGH YIELD PLUS FD I          COM        561911 10 8        22      10,000SH   Defined     1         10,000
MERCK & CO INC NEW                    COM        58933Y 10 5       835      20,000SH   Defined               20,000
MICROSOFT CORP                        COM        594918 10 4       459      15,000SH   Defined     1         15,000
OMNICOM GROUP INC                     COM        681919 10 6     1,847      38,000SH   Defined               38,000
PETROQUEST ENERGY INC                 COM        716748 10 8        72      14,327SH   Defined     1         14,327
PFIZER INC                            COM        717081 10 3       460      20,000SH   Defined               20,000
PHILIP MORRIS INTL INC                COM        718172 10 9       567       6,500SH   Defined     1          6,500
POWERSHARES ETF TRUST            DYNAMIC MKT PT  73935X 10 4     1,210      26,391SH   Defined     1         26,391
POWERSHARES ETF TRUST            HI YLD EQ DVDN  73935X 30 2       281      29,947SH   Defined     1         29,947
PROCTER & GAMBLE CO                   COM        742718 10 9       575       9,391SH   Defined     1          9,391
PRUDENTIAL FINL INC                   COM        744320 10 2       969      20,000SH   Defined               20,000
RAYTHEON CO                         COM NEW      755111 50 7       685      12,100SH   Defined     1         12,100
RESEARCH IN MOTION LTD                COM        760975 10 2       296      40,000SH   Defined               40,000
REVENUESHARES ETF TR              SMALL CAP FD   761396 30 8       237       7,019SH   Defined     1          7,019
SPDR S&P 500 ETF TR                 TR UNIT      78462F 10 3       201       1,479SH   Defined     1          1,479
SYSCO CORP                            COM        871829 10 7       566      19,000SH   Defined     1         19,000
THOMSON REUTERS CORP                  COM        884903 10 5       512      18,000SH   Defined     1         18,000
UNITED CONTL HLDGS INC 		      COM        910047 10 9     1,338      55,000SH   Defined     2         55,000
VANGUARD INDEX FDS                  REIT ETF     922908 55 3       452       6,911SH   Defined     1          6,911
VIACOM INC NEW                       CL B        92553P 20 1     5,642     120,000SH   Defined              120,000
VIRGIN MEDIA INC                      COM        92769L 10 1    14,367     589,050SH   Defined     2        589,050
VODAFONE GROUP PLC NEW		 SPONS ADR NEW   92857W 20 9	 2,663	    94,500SH   Defined               94,500
WISCONSIN ENERGY CORP                 COM        976657 10 6       633      16,000SH   Defined     1         16,000


                                                             ----------
                                 REPORT TOTAL                $1,127,108
                                                             ==========