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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="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">Washington,
      D.C. 20549</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">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: March 30, 2006</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 March 1, 2006, providing for the issuance of the
<br>First Horizon Mortgage Pass-Through Trust 2006-AR1, Mortgage Pass-Through
      Certificates, Series 2006-AR1). </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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div>
      <table cellpadding="0" cellspacing="0" width="100%">

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            <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">Delaware</font></div>
            </td>
            <td valign="top" width="27%">
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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%">
              <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">(State
                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><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"><br></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="left">
      <table cellpadding="0" cellspacing="0" width="100%">

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            <td valign="top" width="50%">
              <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="50%">
              <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="50%">
              <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="50%">
              <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"><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">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>
    <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="3%"><font style="DISPLAY: inline; FONT-FAMILY: Wingdings">o</font>&#160;</td>
            <td align="justify" valign="bottom" width="97%">
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                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)</font></div>
            </td>
          </tr>
          <tr>
            <td width="3%"><font face="Wingdings">o</font>&#160;</td>
            <td align="justify" valign="bottom" width="97%">
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                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)</font></div>
            </td>
          </tr>
          <tr>
            <td width="3%"><font face="Wingdings">o</font>&#160;</td>
            <td align="justify" valign="bottom" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><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="3%"><font face="Wingdings">o</font>&#160;</td>
            <td align="justify" valign="bottom" width="97%">
              <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: -27pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 14pt; FONT-FAMILY: Times New Roman">&#8234;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</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>
    </div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><br></div>
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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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        </div>
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      <div id="HDR">
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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 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 March 29, 2006, with respect to the Registrant&#8217;s Mortgage
      Pass-Through Certificates, Series 2006-AR1 (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 March 30, 2006 (&#8220;MLPA I&#8221;), by
      and between First Horizon Home Loan Corporation (&#8220;FHHLC&#8221;) and First Tennessee
      Bank National Association (&#8220;FTBNA&#8221;), FHHLC sold four pools of primarily 30-year
      adjustable rate, first lien, fully amortizing, one-to-four family residential
      mortgage loans (the &#8220;Mortgage Loans&#8221;) to FTBNA. Pursuant to a Mortgage Loan
      Purchase Agreement dated as of March 30, 2006 (&#8220;MLPA II&#8221;), by and between FTBNA
      and the Registrant, FTBNA sold the Mortgage Loans to the Registrant. Copies
      of
      MLPA I and MLPA II are 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">
      and
</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
      10.2</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively.</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
      March
      30, 2006, 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 March 1, 2006 (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
      $210,874,100 have been sold by the Registrant to (i) FTBNA pursuant to an
      Underwriting Agreement dated as of March 24, 2006 (the &#8220;FTBNA Underwriting
      Agreement&#8221;), as supplemented by a Terms Agreement dated as of March 24, 2006
      (the &#8220;FTBNA Terms Agreement&#8221;), each by and among FTBNA, the Registrant and FHHLC
      and (ii) Banc of America Securities LLC pursuant to an Underwriting Agreement
      dated as of March 24, 2006 (the &#8220;BOA Underwriting Agreement&#8221;), as supplemented
      by a Terms Agreement dated as of March 24, 2006 (the &#8220;BOA Terms Agreement&#8221;),
      each by and among BOA, the Registrant and FHHLC. The FTBNA Underwriting
      Agreement, the BOA Underwriting Agreement, the FTBNA 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>Exhibits
      1.1, 1.2, 1.3 and 1.4</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">,
      respectively.</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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        <div style="WIDTH: 100%; TEXT-ALIGN: center">&#160;</div>
        <div style="WIDTH: 100%; TEXT-ALIGN: center">
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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
      9.01</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>Financial
      Statements and Exhibits</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: 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>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
    <div align="center">
      <table bgcolor="white" cellpadding="0" cellspacing="0" width="100%">

          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%"><u><font size="2">Exhibit No.</font></u>&#160;</td>
            <td width="86%"><u><font size="2">Description</font></u>&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="86%">&#160;</td>
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          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%"><font size="2">1.1</font></td>
            <td width="86%"><font size="2">Underwriting Agreement dated March 24,
              2006,
              by and among FTBNA, the Registrant and FHHLC&#160;</font>&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="86%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td valign="top" width="8%"><font size="2">1.2</font></td>
            <td width="86%"><font size="2">Underwriting Agreement dated March 24,
              2006,
              by and among BOA, the Registrant and FHHLC&#160;</font>&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="86%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td valign="top" width="8%"><font size="2">1.3</font></td>
            <td width="86%"><font size="2">Terms Agreement dated March 24, 2006
              to
              Underwriting Agreement dated March 24, 2006, by and among FTBNA, the
              Registrant and FHHLC</font>&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td width="8%">&#160;</td>
            <td width="86%">&#160;</td>
          </tr>
          <tr bgcolor="white">
            <td width="6%">&#160;</td>
            <td valign="top" width="8%"><font size="2">1.4</font></td>
            <td width="86%"><font size="2">Terms Agreement dated March 24, 2006
              to
              Underwriting Agreement dated March 24, 2006, by and among BOA, the
              Registrant and FHHLC</font>&#160;</td>
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            <td width="86%"><font size="2">Pooling and Servicing Agreement dated
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              March 1, 2006, by and among the Registrant, as Depositor, FHHLC, as
              Master
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              as of
              March 30, 2006, by and between FTBNA, as Seller, and the Registrant,
              as
              Purchaser&#160;</font>&#160;</td>
          </tr>

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      as of
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      behalf by the undersigned hereunto duly authorized.</font></div>
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            <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">FIRST
              HORIZON
              ASSET SECURITIES INC.</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">&#160;<br>&#160;</font></td>
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            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">April
              5,
              2006</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: ">By:&#160;&#160;</font></td>
            <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: "><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;&#160;&#160;&#160;&#160;&#160;
              </u></font></td>
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              President</font></td>
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      Page for Form 8-K</font></div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">(2006-AR1
        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">&#160;</div>
    <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">
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              <td width="6%">&#160;</td>
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              <td width="86%"><u><font size="2">Description</font></u>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="6%">&#160;</td>
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              <td width="86%">&#160;</td>
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                24, 2006,
                by and among FTBNA, the Registrant and FHHLC&#160;</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="86%">&#160;</td>
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                24, 2006,
                by and among BOA, the Registrant and FHHLC&#160;</font>&#160;</td>
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            <tr bgcolor="white">
              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="86%">&#160;</td>
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                to
                Underwriting Agreement dated March 24, 2006, by and among FTBNA,
                the
                Registrant and FHHLC</font>&#160;</td>
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              <td width="8%">&#160;</td>
              <td width="86%">&#160;</td>
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                to
                Underwriting Agreement dated March 24, 2006, by and among BOA, the
                Registrant and FHHLC</font>&#160;</td>
            </tr>
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              <td width="6%">&#160;</td>
              <td width="8%">&#160;</td>
              <td width="86%">&#160;</td>
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                as of
                March 1, 2006, by and among the Registrant, as Depositor, FHHLC,
                as Master
                Servicer, and The Bank of New York, as Trustee</font>&#160;</td>
            </tr>
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              <td width="6%">&#160;</td>
              <td valign="top" width="8%">&#160;</td>
              <td width="86%">&#160;</td>
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              <td width="86%"><font size="2">Mortgage Loan Purchase Agreement dated
                as of
                March 30, 2006, by and between FHHLC, as Seller, and FTBNA, as
                Purchaser</font>&#160;</td>
            </tr>
            <tr bgcolor="white">
              <td width="6%">&#160;</td>
              <td valign="top" width="8%">&#160;</td>
              <td width="86%">&#160;</td>
            </tr>
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              <td width="6%">&#160;</td>
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              <td width="86%"><font size="2">Mortgage Loan Purchase Agreement dated
                as of
                March 30, 2006, by and between FTBNA, as Seller, and the Registrant,
                as
                Purchaser&#160;</font>&#160;</td>
            </tr>

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{"company-data": {"conformed-name": "First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-AR1", "cik": "0001353370", "assigned-sic": "6189", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "333-125158-20", "film-number": "06742670"}, "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: March 30, 2006
(Date
      of
      earliest event reported)
FIRST
      HORIZON ASSET SECURITIES INC.,
(as depositor under the Pooling and Servicing
      Agreement, dated as of March 1, 2006, providing for the issuance of the
First Horizon Mortgage Pass-Through Trust 2006-AR1, Mortgage Pass-Through
      Certificates, Series 2006-AR1).
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:
o
‪
Written
                communications pursuant to Rule 425 under the Securities Act (17
                CFR
                230.425)
o
‪
Soliciting
                material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                240.14a-12)
o
‪
Pre-commencement
                communications pursuant to Rule 14d-2(b) under the Exchange Act (17
                CFR
                240.14d-2(b))
o
‪
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 March 29, 2006, with respect to the Registrant's Mortgage
      Pass-Through Certificates, Series 2006-AR1 (the "Offered
      Securities").
Pursuant
      to a Mortgage Loan Purchase Agreement dated as of March 30, 2006 ("MLPA I"), by
      and between First Horizon Home Loan Corporation ("FHHLC") and First Tennessee
      Bank National Association ("FTBNA"), FHHLC sold four pools of primarily 30-year
      adjustable rate, first lien, fully amortizing, one-to-four family residential
      mortgage loans (the "Mortgage Loans") to FTBNA. Pursuant to a Mortgage Loan
      Purchase Agreement dated as of March 30, 2006 ("MLPA II"), by and between FTBNA
      and the Registrant, FTBNA sold the Mortgage Loans to the Registrant. Copies
      of
      MLPA I and MLPA II are filed herewith as
Exhibit
      10.1
and
Exhibit
      10.2
,
      respectively.
On
      March
      30, 2006, 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 March 1, 2006 (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
      $210,874,100 have been sold by the Registrant to (i) FTBNA pursuant to an
      Underwriting Agreement dated as of March 24, 2006 (the "FTBNA Underwriting
      Agreement"), as supplemented by a Terms Agreement dated as of March 24, 2006
      (the "FTBNA Terms Agreement"), each by and among FTBNA, the Registrant and FHHLC
      and (ii) Banc of America Securities LLC pursuant to an Underwriting Agreement
      dated as of March 24, 2006 (the "BOA Underwriting Agreement"), as supplemented
      by a Terms Agreement dated as of March 24, 2006 (the "BOA Terms Agreement"),
      each by and among BOA, the Registrant and FHHLC. The FTBNA Underwriting
      Agreement, the BOA Underwriting Agreement, the FTBNA Terms Agreement and the
      BOA
      Terms Agreement are filed herewith as
Exhibits
      1.1, 1.2, 1.3 and 1.4
,
      respectively.
Item
      9.01
Financial
      Statements and Exhibits
.
(c)
Exhibits
Exhibit No.
Description
1.1
Underwriting Agreement dated March 24,
              2006,
              by and among FTBNA, the Registrant and FHHLC
1.2
Underwriting Agreement dated March 24,
              2006,
              by and among BOA, the Registrant and FHHLC
1.3
Terms Agreement dated March 24, 2006
              to
              Underwriting Agreement dated March 24, 2006, by and among FTBNA, the
              Registrant and FHHLC
1.4
Terms Agreement dated March 24, 2006
              to
              Underwriting Agreement dated March 24, 2006, by and among BOA, the
              Registrant and FHHLC
4.1
Pooling and Servicing Agreement dated
              as of
              March 1, 2006, 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
              March 30, 2006, by and between FHHLC, as Seller, and FTBNA, as
              Purchaser
10.2
Mortgage Loan Purchase Agreement dated
              as of
              March 30, 2006, by and between FTBNA, as Seller, and the Registrant,
              as
              Purchaser
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.
April
              5,
              2006
By:
/s/
              Alfred
              Chang
Alfred Chang
Vice
              President
Signature
      Page for Form 8-K
(2006-AR1
        Issuance of Certificates)
INDEX
      TO
      EXHIBITS
Exhibit No.
Description
1.1
Underwriting Agreement dated March
                24, 2006,
                by and among FTBNA, the Registrant and FHHLC
1.2
Underwriting Agreement dated March
                24, 2006,
                by and among BOA, the Registrant and FHHLC
1.3
Terms Agreement dated March 24, 2006
                to
                Underwriting Agreement dated March 24, 2006, by and among FTBNA,
                the
                Registrant and FHHLC
1.4
Terms Agreement dated March 24, 2006
                to
                Underwriting Agreement dated March 24, 2006, by and among BOA, the
                Registrant and FHHLC
4.1
Pooling and Servicing Agreement dated
                as of
                March 1, 2006, 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
                March 30, 2006, by and between FHHLC, as Seller, and FTBNA, as
                Purchaser
10.2
Mortgage Loan Purchase Agreement dated
                as of
                March 30, 2006, by and between FTBNA, as Seller, and the Registrant,
                as
                Purchaser