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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>
      <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></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"><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: July 29, 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., (as depositor under the Pooling and Servicing
        Agreement, dated as of July 1, 2005, providing for the issuance of the First
        Horizon Alternative Mortgage Securities Trust 2005-AA7, Mortgage Pass-Through
        Certificates, Series 2005-AA7). </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 align="left">
        <table border="0" cellpadding="0" cellspacing="0" width="100%">

            <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">Delaware</font></div>
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            <tr>
              <td valign="top" width="27%">
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                  of Incorporation)</font></div>
              </td>
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                  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>
            </tr>

        </table>
      </div>
      <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>
        <table cellpadding="0" cellspacing="0" width="100%">

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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>
            </tr>

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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><br>
        <div>
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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">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></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="bottom" width="80%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">&#8234;&#9633;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Written
                    communications pursuant to Rule 425 under the Securities Act
                    (17 CFR
                    230.425)</font></div>
                </td>
              </tr>
              <tr>
                <td align="justify" valign="bottom" width="80%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">&#8234;&#9633;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><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 align="justify" valign="bottom" width="80%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">&#8234;&#9633;</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 align="justify" valign="bottom" width="80%">
                  <div style="DISPLAY: block; MARGIN-LEFT: 27pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 18pt; FONT-FAMILY: Times New Roman">&#8234;&#9633;</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>
      <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="left"><br></div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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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><br>
      <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.
        333-119657) filed with the Securities and Exchange Commission (the &#8220;Commission&#8221;)
        on October 20, 2004 (the &#8220;Registration Statement&#8221;), pursuant to which the
        Registrant registered $10,000,000,000 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 July 27, 2005, with respect to the Registrant&#8217;s Mortgage
        Pass-Through Certificates, Series 2005-AA7 (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 July 29, 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 two 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
        July
        29, 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 July 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
        $597,205,100 have been sold by the Registrant to Credit Suisse First Boston
        LLC
        (&#8220;CSFB&#8221;) pursuant to an Underwriting Agreement dated as of October 25, 2004 (the
        &#8220;CSFB Underwriting Agreement&#8221;), as supplemented by a Terms Agreement dated as of
        July 25, 2005 (the &#8220;CSFB Terms Agreement&#8221;), each by and among CSFB, the
        Registrant and FHHLC. The CSFB Underwriting Agreement has been previously
        filed
        with the Commission and is incorporated herein by reference as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        1.1</u></font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">.
        The
        CSFB Terms Agreement is filed herewith as </font><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman"><u>Exhibit
        1.2</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"><br></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="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
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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="5%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                  No.&#160;</font></td>
                <td width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                <td align="justify" valign="bottom" width="80%" style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description</font></td>
                <td width="5%">&#160;</td>
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                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%">&#160;</td>
                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%">&#160;</td>
                <td width="5%">&#160;</td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
                  <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">1.1</font></div>
                </td>
                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%" style="BORDER-BOTTOM: medium none">
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                    Agreement dated October 25, 2004, by and among CSFB, the Registrant
                    and
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                </td>
                <td width="5%">&#160;</td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%">&#160;</td>
                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%">&#160;</td>
                <td width="5%">&#160;</td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
                  <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">1.2</font></div>
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                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%" style="BORDER-BOTTOM: medium none">
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                    Agreement dated July 25, 2005 to Underwriting Agreement dated
                    October 25,
                    2004, by and among CSFB, the Registrant and FHHLC</font></div>
                </td>
                <td width="5%">&#160;</td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%">&#160;</td>
                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%">&#160;</td>
                <td width="5%">&#160;</td>
              </tr>
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                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
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                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%" style="BORDER-BOTTOM: medium none">
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                    and Servicing Agreement dated as of July 1, 2005, by and among
                    the
                    Registrant, as Depositor, FHHLC, as Master Servicer, and The
                    Bank of New
                    York, as Trustee</font></div>
                </td>
                <td width="5%">&#160;</td>
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                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%">&#160;</td>
                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%">&#160;</td>
                <td width="5%">&#160;</td>
              </tr>
              <tr>
                <td width="5%">&#160;</td>
                <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
                  <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">10.1</font></div>
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                <td width="2%">&#160;</td>
                <td align="justify" valign="top" width="80%" style="BORDER-BOTTOM: medium none">
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                    Loan Purchase Agreement dated as of July 29, 2005, by and between
                    FHHLC,
                    as Seller, and FHASI, as Purchaser</font></div>
                </td>
                <td width="5%">&#160;</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">&#160;</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"><br>
        <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">*
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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 id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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        <div align="left"><br>&#160;</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"><u>Signatures</u></font></div>
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        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.</font></div>
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              <td width="49%"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
            </tr>
            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
              <td colspan="2"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">FIRST
                HORIZON ASSET SECURITIES INC.</font></td>
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            <tr valign="top" bgcolor="#ffffff">
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;<br>&#160;</font></td>
              <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">August
                3, 2005</font></td>
              <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">/s/&#160;Alfred
                Chang</font></td>
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            <tr valign="top" bgcolor="#ffffff">
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              <td><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Alfred
                Chang<br>Vice President</font></td>
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      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify"><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font><font id="TAB2" style="COLOR: black; LETTER-SPACING: 27pt">&#160;</font></div>
      <div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; LINE-HEIGHT: 1.25; MARGIN-RIGHT: 0pt" align="justify">&#160;</div>
      <div id="PGBRK" style="MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt">
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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">
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                <tr>
                  <td width="5%" style="BORDER-BOTTOM: #ffffff solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">&#160;</font></td>
                  <td align="justify" valign="bottom" width="8%" style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Exhibit
                    No.&#160;</font></td>
                  <td width="2%" style="BORDER-BOTTOM: #ffffff solid">&#160;</td>
                  <td align="justify" valign="bottom" width="80%" style="BORDER-BOTTOM: #000000 thin solid"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Description</font></td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%">&#160;</td>
                  <td width="2%">&#160;</td>
                  <td align="justify" valign="top" width="80%">&#160;</td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
                    <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">1.1</font></div>
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                  <td width="2%">&#160;</td>
                  <td align="justify" valign="top" width="80%" style="BORDER-BOTTOM: medium none">
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                      Agreement dated October 25, 2004, by and among CSFB, the Registrant
                      and
                      FHHLC *</font></div>
                  </td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%">&#160;</td>
                  <td width="2%">&#160;</td>
                  <td align="justify" valign="top" width="80%">&#160;</td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
                    <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">1.2</font></div>
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                  <td width="2%">&#160;</td>
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                      Agreement dated July 25, 2005 to Underwriting Agreement dated
                      October 25,
                      2004, by and among CSFB, the Registrant and FHHLC</font></div>
                  </td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%">&#160;</td>
                  <td width="2%">&#160;</td>
                  <td align="justify" valign="top" width="80%">&#160;</td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
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                      and Servicing Agreement dated as of July 1, 2005, by and among
                      the
                      Registrant, as Depositor, FHHLC, as Master Servicer, and The
                      Bank of New
                      York, as Trustee</font></div>
                  </td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%">&#160;</td>
                  <td width="2%">&#160;</td>
                  <td align="justify" valign="top" width="80%">&#160;</td>
                  <td width="5%">&#160;</td>
                </tr>
                <tr>
                  <td width="5%">&#160;</td>
                  <td align="justify" valign="top" width="8%" style="BORDER-BOTTOM: medium none">
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                  </td>
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                      Loan Purchase Agreement dated as of July 29, 2005, by and between
                      FHHLC,
                      as Seller, and FHASI, as Purchaser</font></div>
                  </td>
                  <td width="5%">&#160;</td>
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          <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">*
            Previously filed with the Commission on November 3, 2004, as Exhibit
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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": "05995611"}, "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: July 29, 2005
(Date
        of
        earliest event reported)
FIRST
        HORIZON ASSET SECURITIES INC., (as depositor under the Pooling and Servicing
        Agreement, dated as of July 1, 2005, providing for the issuance of the First
        Horizon Alternative Mortgage Securities Trust 2005-AA7, Mortgage Pass-Through
        Certificates, Series 2005-AA7).
FIRST
        HORIZON ASSET SECURITIES INC.
(Exact
        name of Registrant as specified in its charter)
Delaware
333-119657
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:
‪□
Written
                    communications pursuant to Rule 425 under the Securities Act
                    (17 CFR
                    230.425)
‪□
Soliciting
                    material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
                    240.14a-12)
‪□
Pre-commencement
                    communications pursuant to Rule 14d-2(b) under the Exchange Act
                    (17 CFR
                    240.14d-2(b))
‪□
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.
        333-119657) filed with the Securities and Exchange Commission (the "Commission")
        on October 20, 2004 (the "Registration Statement"), pursuant to which the
        Registrant registered $10,000,000,000 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 July 27, 2005, with respect to the Registrant's Mortgage
        Pass-Through Certificates, Series 2005-AA7 (the "Offered
        Securities").
Pursuant
        to a Mortgage Loan Purchase Agreement dated as of July 29, 2005 ("MLPA"), by and
        between First Horizon Home Loan Corporation ("FHHLC") and First Horizon Asset
        Securities Inc. ("FHASI"), FHHLC sold two 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
        July
        29, 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 July 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
        $597,205,100 have been sold by the Registrant to Credit Suisse First Boston
        LLC
        ("CSFB") pursuant to an Underwriting Agreement dated as of October 25, 2004 (the
        "CSFB Underwriting Agreement"), as supplemented by a Terms Agreement dated as of
        July 25, 2005 (the "CSFB Terms Agreement"), each by and among CSFB, the
        Registrant and FHHLC. The CSFB Underwriting Agreement has been previously
        filed
        with the Commission and is incorporated herein by reference as
Exhibit
        1.1
.
        The
        CSFB Terms Agreement is filed herewith as
Exhibit
        1.2
.
Item
        9.01
Financial
        Statements and Exhibits
.
(c)
Exhibits
Exhibit
                  No.
Description
1.1
Underwriting
                    Agreement dated October 25, 2004, by and among CSFB, the Registrant
                    and
                    FHHLC *
1.2
Terms
                    Agreement dated July 25, 2005 to Underwriting Agreement dated
                    October 25,
                    2004, by and among CSFB, the Registrant and FHHLC
4.1
Pooling
                    and Servicing Agreement dated as of July 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 July 29, 2005, by and between
                    FHHLC,
                    as Seller, and FHASI, as Purchaser
*
          Previously filed with the Commission on November 3, 2004, as Exhibit 1.2
          to the
          Registrant's Current Report on Form 8-K (No. 333-74467)
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.
August
                3, 2005
By:
/s/ Alfred
                Chang
Alfred
                Chang
Vice President
INDEX
        TO
        EXHIBITS
Exhibit
                    No.
Description
1.1
Underwriting
                      Agreement dated October 25, 2004, by and among CSFB, the Registrant
                      and
                      FHHLC *
1.2
Terms
                      Agreement dated July 25, 2005 to Underwriting Agreement dated
                      October 25,
                      2004, by and among CSFB, the Registrant and FHHLC
4.1
Pooling
                      and Servicing Agreement dated as of July 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 July 29, 2005, by and between
                      FHHLC,
                      as Seller, and FHASI, as Purchaser
*
            Previously filed with the Commission on November 3, 2004, as Exhibit
            1.2 to the
            Registrant's Current Report on Form 8-K (No. 333-74467)