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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">SECURITIES
      AND EXCHANGE COMMISSION</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Washington,
      D.C. 20549</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FORM
      8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">CURRENT
      REPORT</font><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to Section 13 or 15(d) of the</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Securities
      Exchange Act of 1934</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date
      of
      Report: September 30, 2005</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Date
      of
      earliest event reported)</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
      HORIZON ASSET SECURITIES INC., <br>(as depositor under the Pooling and Servicing
      Agreement, dated as of September 1, 2005, providing for the issuance of <br>the
      First Horizon Mortgage Pass-Through Trust 2005-AR5, Mortgage Pass-Through
      Certificates, Series 2005-AR5). </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
      HORIZON ASSET SECURITIES INC.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Exact
      name of Registrant as specified in its charter)</font></div>
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              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Delaware</font></div>
            </td>
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            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75-2808384</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="27%">
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                of Incorporation)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Commission
                File No.)</font></div>
            </td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(I.R.S.
                Employer</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Identification
                No.)</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">4000
                Horizon Way</font></div>
            </td>
            <td valign="top" width="19%">&#160;</td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">75063</font></div>
            </td>
          </tr>
          <tr>
            <td valign="top" width="34%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Irving,
                Texas</font></div>
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Address
                of Principal executive offices)</font></div>
            </td>
            <td valign="top" width="19%">&#160;</td>
            <td valign="top" width="27%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(Zip
                Code)</font></div>
            </td>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Registrant&#8217;s
      Telephone Number, Including Area Code: (214) 441-4000</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
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            <td colspan="2" width="100%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Check
              the appropriate box if the Form 8-K filing is intended to simultaneously
              satisfy the filing obligation of the registrant under any of the following
              provisions:</font></td>
          </tr>
          <tr>
            <td width="5%"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">r</font>&#160;</td>
            <td align="justify" valign="bottom" width="95%">
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
          </tr>
          <tr>
            <td width="5%"><font style="FONT-FAMILY: Wingdings">r</font>&#160;</td>
            <td align="justify" valign="bottom" width="95%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>
          <tr>
            <td width="5%"><font style="FONT-FAMILY: Wingdings">r</font>&#160;</td>
            <td align="justify" valign="bottom" width="95%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))</font></div>
            </td>
          </tr>
          <tr>
            <td width="5%"><font style="FONT-FAMILY: Wingdings">r</font>&#160;</td>
            <td align="justify" valign="bottom" width="95%">
              <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#8234;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))</font></div>
            </td>
          </tr>

      </table>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Item
      8.01.</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Other
      Events</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Reference
      is hereby made to the Registrant&#8217;s Registration Statement on Form S-3 (File No.
      333-125158) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
      on July 29, 2005 (the &#8220;Registration Statement&#8221;), pursuant to which the
      Registrant registered $12,000,000,000 aggregate principal amount of its mortgage
      pass-through certificates, issuable in various series, for sale in accordance
      with the provisions of the Securities Act of 1933, as amended. Reference is
      also
      hereby made to the Prospectus and the related Prospectus Supplement
      (collectively, the &#8220;Prospectus&#8221;), which was filed with the Commission pursuant
      to Rule 424(b)(5) on September 28, 2005, with respect to the Registrant&#8217;s
      Mortgage Pass-Through Certificates, Series 2005-AR5 (the &#8220;Offered
      Securities&#8221;).</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Pursuant
      to a Mortgage Loan Purchase Agreement dated as of September 30, 2005 (&#8220;MLPA&#8221;),
      by and between First Horizon Home Loan Corporation (&#8220;FHHLC&#8221;) and First Horizon
      Asset Securities Inc. (&#8220;FHASI&#8221;), FHHLC sold four pools of adjustable rate, fully
      amortizing, one-to four-family residential, first lien mortgage loans (the
      &#8220;Mortgage Loans&#8221;) to FHASI. A copy of the MLPA is filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">On
      September 30, 2005, the Registrant caused the issuance and sale of the Offered
      Securities. The Offered Securities evidence a beneficial ownership interest
      in
      the Mortgage Loans. The Offered Securities were created pursuant to a Pooling
      and Servicing Agreement dated as of September 1, 2005 (the &#8220;Pooling and
      Servicing Agreement&#8221;) by and among the Registrant, as Depositor, FHHLC, as
      Master Servicer, and The Bank of New York, as Trustee. A copy of the Pooling
      and
      Servicing Agreement is filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      4.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
      </font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 36pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">The
      Offered Securities, having an aggregate principal balance of approximately
      $214,523,100 have been sold by the Registrant to (i) Citigroup Global Markets
      Inc. (&#8220;Citigroup&#8221;) pursuant to an Underwriting Agreement dated as of August 24,
      2005 (the &#8220;Citigroup Underwriting Agreement&#8221;), as supplemented by a Terms
      Agreement dated as of September 26, 2005 (the &#8220;Citigroup Terms Agreement&#8221;), each
      by and among Citigroup, the Registrant and FHHLC and (ii) Banc of America
      Securities LLC pursuant to an Underwriting Agreement dated as of August 23,
      2005
      (the &#8220;BOA Underwriting Agreement&#8221;), as supplemented by a Terms Agreement dated
      as of September 26, 2005 (the &#8220;BOA Terms Agreement&#8221;), each by and among BOA, the
      Registrant and FHHLC. The Citigroup Underwriting Agreement and the BOA
      Underwriting Agreement have been previously filed with the Commission and are
      incorporated herein by reference as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      1.1 and 1.2</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively. The Citigroup Terms Agreement and the BOA Terms Agreement are
      filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      1.3</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">
      and
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      1.4</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively.</font></div>
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    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB1" style="MARGIN-LEFT: 36pt"></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(c)</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibits</font></div>
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            <td width="6%">&#160;</td>
            <td width="8%"><u><font size="2">Exhibit No.</font></u>&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
          </tr>
          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%">
            </td>
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            <td width="6%">&#160;</td>
            <td width="8%"><font size="2">1.1</font>&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%"><font size="2">Underwriting Agreement dated August
              24, 2005,
              by and among Citigroup, the Registrant and FHHLC
              *</font>&#160;&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%">&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%"><font size="2">1.2</font>&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%"><font size="2">Underwriting Agreement dated August
              23, 2005,
              by and among BOA, the Registrant and FHHLC **</font>&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%">&#160;</td>
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          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%"><font size="2">1.3</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font>&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%"><font size="2">Terms Agreement dated September 26,
              2005 to
              Underwriting Agreement dated August 24, 2005, by and among Citigroup,
              the
              Registrant and FHHLC</font>&#160;</td>
          </tr>
          <tr bgcolor="#ffffff">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="2%">&#160;</td>
            <td width="84%">&#160;</td>
          </tr>
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            <td width="84%"><font size="2">Mortgage Loan Purchase Agreement dated
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              Purchaser&#160;</font>&#160;</td>
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      Previously filed with the Commission on September 7, 2005, as Exhibit 1.1 to
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      Registrant&#8217;s Current Report on Form 8-K (No. 333-125158 )</font></div>
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        Previously filed with the Commission on September 7, 2005, as Exhibit 1.1
        to the
        Registrant&#8217;s Current Report on Form 8-K (No. 333-125158 )</font></div>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
              HORIZON ASSET SECURITIES INC.</font></td>
          </tr>
          <tr valign="top" bgcolor="#ffffff">
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Date:&#160;October
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>/s/
              Alfred
              Chang&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;
              </u></font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alfred
              Chang</font></td>
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        Page for Form 8-K</font></div>
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        Issuance of Certificates)</font></div>
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      TO
      EXHIBITS</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div align="center">
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              <td width="2%">&#160;</td>
              <td width="84%">&#160;</td>
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              <td width="8%"><u><font size="2">Exhibit No.</font></u>&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Description</u></font></td>
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              <td width="84%"><font size="2">Underwriting Agreement dated August
                24, 2005,
                by and among Citigroup, the Registrant and FHHLC
                *</font>&#160;&#160;</td>
            </tr>
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              <td width="6%">&#160;</td>
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              <td width="2%">&#160;</td>
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              <td width="84%"><font size="2">Underwriting Agreement dated August
                23, 2005,
                by and among BOA, the Registrant and FHHLC **</font>&#160;</td>
            </tr>
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              <td width="6%">&#160;</td>
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              <td width="2%">&#160;</td>
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              <td width="84%"><font size="2">Terms Agreement dated September 26,
                2005 to
                Underwriting Agreement dated August 24, 2005, by and among Citigroup,
                the
                Registrant and FHHLC</font>&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%">&#160;</td>
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              <td width="2%">&#160;</td>
              <td width="84%"><font size="2">Terms Agreement dated September 26,
                2005 to
                Underwriting Agreement dated August 23, 2005, by and among BOA, the
                Registrant and FHHLC</font>&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%">&#160;</td>
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              <td valign="top" width="8%"><font size="2">4.1</font>&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%"><font size="2">Pooling and Servicing Agreement dated
                as of
                September 1, 2005, by and among the Registrant, as Depositor, FHHLC,
                as
                Master Servicer, and The Bank of New York, as Trustee</font>&#160;</td>
            </tr>
            <tr bgcolor="#ffffff">
              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%">&#160;</td>
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              <td width="6%">&#160;</td>
              <td width="8%"><font size="2">10.1</font>&#160;</td>
              <td width="2%">&#160;</td>
              <td width="84%"><font size="2">Mortgage Loan Purchase Agreement dated
                as of
                September 30, 2005, by and between FHHLC, as Seller, and FHASI, as
                Purchaser&#160;</font>&#160;</td>
            </tr>

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{"company-data": {"conformed-name": "FIRST HORIZON ASSET SECURITIES INC", "cik": "0001081915", "assigned-sic": "6189", "irs-number": "752808384", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-74467", "film-number": "051128756"}, "business-address": {"street1": "4000 HORIZON WAY", "city": "IRVING", "state": "TX", "zip": "75063", "phone": "9724845600"}, "mail-address": {"street1": "4000 HORIZON WAY", "city": "IRVING", "state": "TX", "zip": "78063"}}
SECURITIES
      AND EXCHANGE COMMISSION
Washington,
      D.C. 20549
FORM
      8-K
CURRENT
      REPORT
Pursuant
      to Section 13 or 15(d) of the
Securities
      Exchange Act of 1934
Date
      of
      Report: September 30, 2005
(Date
      of
      earliest event reported)
FIRST
      HORIZON ASSET SECURITIES INC.,
(as depositor under the Pooling and Servicing
      Agreement, dated as of September 1, 2005, providing for the issuance of
the
      First Horizon Mortgage Pass-Through Trust 2005-AR5, Mortgage Pass-Through
      Certificates, Series 2005-AR5).
FIRST
      HORIZON ASSET SECURITIES INC.
(Exact
      name of Registrant as specified in its charter)
Delaware
333-125158
75-2808384
(State
                of Incorporation)
(Commission
                File No.)
(I.R.S.
                Employer
Identification
                No.)
4000
                Horizon Way
75063
Irving,
                Texas
(Address
                of Principal executive offices)
(Zip
                Code)
Registrant's
      Telephone Number, Including Area Code: (214) 441-4000
Check
              the appropriate box if the Form 8-K filing is intended to simultaneously
              satisfy the filing obligation of the registrant under any of the following
              provisions:
r
‪
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
r
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
r
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
r
‪
Pre-commencement
                communications pursuant to Rule 13e-4(c) under the Exchange Act (17
                CFR
                240.13e-4(c))
Item
      8.01.
Other
      Events
.
Reference
      is hereby made to the Registrant's Registration Statement on Form S-3 (File No.
      333-125158) filed with the Securities and Exchange Commission (the "Commission")
      on July 29, 2005 (the "Registration Statement"), pursuant to which the
      Registrant registered $12,000,000,000 aggregate principal amount of its mortgage
      pass-through certificates, issuable in various series, for sale in accordance
      with the provisions of the Securities Act of 1933, as amended. Reference is
      also
      hereby made to the Prospectus and the related Prospectus Supplement
      (collectively, the "Prospectus"), which was filed with the Commission pursuant
      to Rule 424(b)(5) on September 28, 2005, with respect to the Registrant's
      Mortgage Pass-Through Certificates, Series 2005-AR5 (the "Offered
      Securities").
Pursuant
      to a Mortgage Loan Purchase Agreement dated as of September 30, 2005 ("MLPA"),
      by and between First Horizon Home Loan Corporation ("FHHLC") and First Horizon
      Asset Securities Inc. ("FHASI"), FHHLC sold four pools of adjustable rate, fully
      amortizing, one-to four-family residential, first lien mortgage loans (the
      "Mortgage Loans") to FHASI. A copy of the MLPA is filed herewith as
Exhibit
      10.1
.
On
      September 30, 2005, the Registrant caused the issuance and sale of the Offered
      Securities. The Offered Securities evidence a beneficial ownership interest
      in
      the Mortgage Loans. The Offered Securities were created pursuant to a Pooling
      and Servicing Agreement dated as of September 1, 2005 (the "Pooling and
      Servicing Agreement") by and among the Registrant, as Depositor, FHHLC, as
      Master Servicer, and The Bank of New York, as Trustee. A copy of the Pooling
      and
      Servicing Agreement is filed herewith as
Exhibit
      4.1
.
The
      Offered Securities, having an aggregate principal balance of approximately
      $214,523,100 have been sold by the Registrant to (i) Citigroup Global Markets
      Inc. ("Citigroup") pursuant to an Underwriting Agreement dated as of August 24,
      2005 (the "Citigroup Underwriting Agreement"), as supplemented by a Terms
      Agreement dated as of September 26, 2005 (the "Citigroup Terms Agreement"), each
      by and among Citigroup, the Registrant and FHHLC and (ii) Banc of America
      Securities LLC pursuant to an Underwriting Agreement dated as of August 23,
      2005
      (the "BOA Underwriting Agreement"), as supplemented by a Terms Agreement dated
      as of September 26, 2005 (the "BOA Terms Agreement"), each by and among BOA, the
      Registrant and FHHLC. The Citigroup Underwriting Agreement and the BOA
      Underwriting Agreement have been previously filed with the Commission and are
      incorporated herein by reference as
Exhibit
      1.1 and 1.2
,
      respectively. The Citigroup Terms Agreement and the BOA Terms Agreement are
      filed herewith as
Exhibit
      1.3
and
Exhibit
      1.4
,
      respectively.
Item
      9.01
Financial
      Statements and Exhibits
.
(c)
Exhibits
Exhibit No.
Description
1.1
Underwriting Agreement dated August
              24, 2005,
              by and among Citigroup, the Registrant and FHHLC
              *
1.2
Underwriting Agreement dated August
              23, 2005,
              by and among BOA, the Registrant and FHHLC **
1.3
Terms Agreement dated September 26,
              2005 to
              Underwriting Agreement dated August 24, 2005, by and among Citigroup,
              the
              Registrant and FHHLC
1.4
Terms Agreement dated September 26,
              2005 to
              Underwriting Agreement dated August 23, 2005, by and among BOA, the
              Registrant and FHHLC
4.1
Pooling and Servicing Agreement dated
              as of
              September 1, 2005, by and among the Registrant, as Depositor, FHHLC,
              as
              Master Servicer, and The Bank of New York, as Trustee
10.1
Mortgage Loan Purchase Agreement dated
              as of
              September 30, 2005, by and between FHHLC, as Seller, and FHASI, as
              Purchaser
*
      Previously filed with the Commission on September 7, 2005, as Exhibit 1.1 to
      the
      Registrant's Current Report on Form 8-K (No. 333-125158 )
**
        Previously filed with the Commission on September 7, 2005, as Exhibit 1.1
        to the
        Registrant's Current Report on Form 8-K (No. 333-125158 )
Signatures
Pursuant
      to the requirements of the Securities Exchange Act of 1934, the Registrant
      as of
      the date first written above has duly caused this Report to be signed on its
      behalf by the undersigned hereunto duly authorized.
FIRST
              HORIZON ASSET SECURITIES INC.
Date: October
              4, 2005
By:
/s/
              Alfred
              Chang
Alfred
              Chang
Vice President
Signature
        Page for Form 8-K
(2005-AR5
        Issuance of Certificates)
INDEX
      TO
      EXHIBITS
Exhibit No.
Description
1.1
Underwriting Agreement dated August
                24, 2005,
                by and among Citigroup, the Registrant and FHHLC
                *
1.2
Underwriting Agreement dated August
                23, 2005,
                by and among BOA, the Registrant and FHHLC **
1.3
Terms Agreement dated September 26,
                2005 to
                Underwriting Agreement dated August 24, 2005, by and among Citigroup,
                the
                Registrant and FHHLC
1.4
Terms Agreement dated September 26,
                2005 to
                Underwriting Agreement dated August 23, 2005, by and among BOA, the
                Registrant and FHHLC
4.1
Pooling and Servicing Agreement dated
                as of
                September 1, 2005, by and among the Registrant, as Depositor, FHHLC,
                as
                Master Servicer, and The Bank of New York, as Trustee
10.1
Mortgage Loan Purchase Agreement dated
                as of
                September 30, 2005, by and between FHHLC, as Seller, and FHASI, as
                Purchaser