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: April 29, 2005
                        (Date of earliest event reported)

    FIRST HORIZON ASSET SECURITIES INC., (as depositor under the Pooling and
 Servicing Agreement, dated as of April 1, 2005, providing for the issuance of
   the First Horizon Alternative Mortgage Securities Trust 2005-AA4, Mortgage
                  Pass-Through Certificates, Series 2005-AA4).

                       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                                       (Zip Code)
 (Address of Principal executive
             offices)

       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))


<PAGE>

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 April 26, 2005, with respect to the Registrant's
Mortgage Pass-Through Certificates, Series 2005-AA4 (the "Offered Securities").

      Pursuant to a Mortgage Loan Purchase Agreement dated as of April 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 April 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 April 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 $351,321,100 have been sold by the Registrant to (i) Merrill
Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") pursuant to an
Underwriting Agreement dated as of September 27, 2004 (the "Merrill Lynch
Underwriting Agreement"), as supplemented by a Terms Agreement dated as of April
22, 2005 (the "Merrill Lynch Terms Agreement"), each by and among Merrill Lynch,
the Registrant and FHHLC and (ii) 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 April
22, 2005 (the "CSFB Terms Agreement"), each by and among CSFB, the Registrant
and FHHLC. The Merrill Lynch Underwriting Agreement and the CSFB Underwriting
Agreement have been previously filed with the Commission and are incorporated
herein by reference as Exhibit 1.1 and Exhibit 1.2, respectively. The Merrill
Lynch Terms Agreement and the CSFB Terms Agreement are filed herewith as Exhibit
1.3 and Exhibit 1.4, respectively.


<PAGE>

Item 9.01 Financial Statements and Exhibits.

      (c)   Exhibits

            Exhibit No. Description

            1.1         Underwriting  Agreement  dated  September 27, 2004, by
                        and among Merrill Lynch, the Registrant and FHHLC *

            1.2         Underwriting  Agreement dated October 25, 2004, by and
                        among CSFB, the Registrant and FHHLC **

            1.3         Terms Agreement dated April 22, 2005 to Underwriting
                        Agreement dated September 27, 2004, by and among Merrill
                        Lynch, the Registrant and FHHLC

            1.4         Terms Agreement dated April 22, 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 April 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 April
                        29, 2005, by and between FHHLC, as Seller,  and FHASI,
                        as Purchaser


* Previously filed with the Commission on October 5, 2004, as Exhibit 1.1 to the
Registrant's Current Report on Form 8-K (No. 333-74467)

** 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)


<PAGE>

                                   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.



May 4, 2005             By:   /s/ Alfred Chang
                            --------------------------------------------
                                            Alfred Chang
                                            Vice President


Signature Page for Form 8-K
(2005-AA4 Issuance of Certificates)

<PAGE>

                              INDEX TO EXHIBITS

            Exhibit No. Description

            1.1         Underwriting  Agreement  dated  September 27, 2004, by
                        and among Merrill Lynch, the Registrant and FHHLC *

            1.2         Underwriting  Agreement dated October 25, 2004, by and
                        among CSFB, the Registrant and FHHLC **

            1.3         Terms Agreement dated April 22, 2005 to Underwriting
                        Agreement dated September 27, 2004, by and among Merrill
                        Lynch, the Registrant and FHHLC

            1.4         Terms Agreement dated April 22, 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 April 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 April
                        29, 2005, by and between FHHLC, as Seller,  and FHASI,
                        as Purchaser


* Previously filed with the Commission on October 5, 2004, as Exhibit 1.1 to the
Registrant's Current Report on Form 8-K (No. 333-74467)

** 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)
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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: April 29, 2005
                        (Date of earliest event reported)

    FIRST HORIZON ASSET SECURITIES INC., (as depositor under the Pooling and
 Servicing Agreement, dated as of April 1, 2005, providing for the issuance of
   the First Horizon Alternative Mortgage Securities Trust 2005-AA4, Mortgage
                  Pass-Through Certificates, Series 2005-AA4).

                       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                                       (Zip Code)
 (Address of Principal executive
             offices)

       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 April 26, 2005, with respect to the Registrant's
Mortgage Pass-Through Certificates, Series 2005-AA4 (the "Offered Securities").

      Pursuant to a Mortgage Loan Purchase Agreement dated as of April 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 April 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 April 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 $351,321,100 have been sold by the Registrant to (i) Merrill
Lynch, Pierce, Fenner & Smith Incorporated ("Merrill Lynch") pursuant to an
Underwriting Agreement dated as of September 27, 2004 (the "Merrill Lynch
Underwriting Agreement"), as supplemented by a Terms Agreement dated as of April
22, 2005 (the "Merrill Lynch Terms Agreement"), each by and among Merrill Lynch,
the Registrant and FHHLC and (ii) 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 April
22, 2005 (the "CSFB Terms Agreement"), each by and among CSFB, the Registrant
and FHHLC. The Merrill Lynch Underwriting Agreement and the CSFB Underwriting
Agreement have been previously filed with the Commission and are incorporated
herein by reference as Exhibit 1.1 and Exhibit 1.2, respectively. The Merrill
Lynch Terms Agreement and the CSFB 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  September 27, 2004, by
                        and among Merrill Lynch, the Registrant and FHHLC *

            1.2         Underwriting  Agreement dated October 25, 2004, by and
                        among CSFB, the Registrant and FHHLC **

            1.3         Terms Agreement dated April 22, 2005 to Underwriting
                        Agreement dated September 27, 2004, by and among Merrill
                        Lynch, the Registrant and FHHLC

            1.4         Terms Agreement dated April 22, 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 April 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 April
                        29, 2005, by and between FHHLC, as Seller,  and FHASI,
                        as Purchaser

* Previously filed with the Commission on October 5, 2004, as Exhibit 1.1 to the
Registrant's Current Report on Form 8-K (No. 333-74467)

** 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.

May 4, 2005             By:   /s/ Alfred Chang
                            --------------------------------------------
                                            Alfred Chang
                                            Vice President

Signature Page for Form 8-K
(2005-AA4 Issuance of Certificates)
INDEX TO EXHIBITS

            Exhibit No. Description

            1.1         Underwriting  Agreement  dated  September 27, 2004, by
                        and among Merrill Lynch, the Registrant and FHHLC *

            1.2         Underwriting  Agreement dated October 25, 2004, by and
                        among CSFB, the Registrant and FHHLC **

            1.3         Terms Agreement dated April 22, 2005 to Underwriting
                        Agreement dated September 27, 2004, by and among Merrill
                        Lynch, the Registrant and FHHLC

            1.4         Terms Agreement dated April 22, 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 April 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 April
                        29, 2005, by and between FHHLC, as Seller,  and FHASI,
                        as Purchaser

* Previously filed with the Commission on October 5, 2004, as Exhibit 1.1 to the
Registrant's Current Report on Form 8-K (No. 333-74467)

** 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)