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: August 25, 2005

                        (Date of earliest event reported)

                       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
         Irving, Texas                                          75063
(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))


<PAGE>


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  dated July 29, 2005 and the
related  Prospectus  Supplement  dated  August  23,  2005,  (collectively,   the
"Prospectus"),  which  will  be  filed  with  the  Commission  pursuant  to Rule
424(b)(5), with respect to the Registrant's Mortgage Pass-Through  Certificates,
Series 2005-5 (the "Offered Securities").

      The  Registrant  is  filing  this  Current  Report on Form 8-K to file the
supplemental tax opinion of Andrews Kurth LLP as Exhibit 8.2 to the Registration
Statement and the related consent as Exhibit 23.2.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

       (c) Exhibits

           EXHIBIT NO.       DESCRIPTION
           -----------       -----------

                   8.2       Supplemental Tax Opinion of Andrews Kurth LLP

                  23.2       Consent of Andrews  Kurth LLP  (contained in the
                             opinion filed as Exhibit 8.2)

                                      -2-

<PAGE>


                                   SIGNATURES
                                   ----------

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.



                                    FIRST HORIZON ASSET SECURITIES INC.



August 25, 2005                     By: /s/ ALFRED CHANG
                                        ----------------------------------
                                          Alfred Chang
                                          Vice President
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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: August 25, 2005

                        (Date of earliest event reported)

                       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
         Irving, Texas                                          75063
(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. 333-125158) 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  dated July 29, 2005 and the
related  Prospectus  Supplement  dated  August  23,  2005,  (collectively,   the
"Prospectus"),  which  will  be  filed  with  the  Commission  pursuant  to Rule
424(b)(5), with respect to the Registrant's Mortgage Pass-Through  Certificates,
Series 2005-5 (the "Offered Securities").

      The  Registrant  is  filing  this  Current  Report on Form 8-K to file the
supplemental tax opinion of Andrews Kurth LLP as Exhibit 8.2 to the Registration
Statement and the related consent as Exhibit 23.2.

Item 9.01. FINANCIAL STATEMENTS AND EXHIBITS.

       (c) Exhibits

           EXHIBIT NO.       DESCRIPTION
           -----------       -----------

                   8.2       Supplemental Tax Opinion of Andrews Kurth LLP

                  23.2       Consent of Andrews  Kurth LLP  (contained in the
                             opinion filed as Exhibit 8.2)

                                      -2-
SIGNATURES
                                   ----------

      Pursuant to the  requirements of the Securities  Exchange Act of 1934, the
Registrant  has duly  caused  this  Report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.

                                    FIRST HORIZON ASSET SECURITIES INC.

August 25, 2005                     By: /s/ ALFRED CHANG
                                        ----------------------------------
                                          Alfred Chang
                                          Vice President