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 Mortgage Pass-Through Trust 2005-AR2, Mortgage Pass-Through
                        Certificates, Series 2005-AR2).

                       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-AR2 (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 four pools of adjustable
rate, fully amortizing, one-to four-family residential, first lien mortgage
loans (the "Mortgage Loans") to FHASI. A copy of the MLPA is filed herewith as
Exhibit 10.1.

      On 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 $279,453,100 have been sold by the Registrant to (i) Lehman
Brothers, Inc. ("Lehman") pursuant to an Underwriting Agreement dated as of
August 26, 2002 (the "Lehman Underwriting Agreement"), as supplemented by a
Terms Agreement dated as of April 25, 2005 (the "Lehman Terms Agreement"), each
by and among Lehman, 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 25, 2005 (the "CSFB Terms Agreement"), each by and
among CSFB, the Registrant and FHHLC. The Lehman 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 Lehman 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 August 26, 2002, by and
                        among Lehman, 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 25, 2005 to Underwriting
                        Agreement dated August 26, 2002, by and among Lehman,
                        the Registrant and FHHLC

            1.4         Terms Agreement dated April 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 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 September 4, 2002, as Exhibit 1.1
      to the Registrant's Current Report on Form 8-K (No. 333-73524)

**    Previously filed with the Commission on November 3, 2004, as Exhibit 1.1
      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


<PAGE>

                                INDEX TO EXHIBITS

         Exhibit No.       Description
         -----------       -----------

            1.1         Underwriting Agreement dated August 26, 2002, by and
                        among Lehman, 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 25, 2005 to Underwriting
                        Agreement dated August 26, 2002, by and among Lehman,
                        the Registrant and FHHLC

            1.4         Terms Agreement dated April 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 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 September 4, 2002, as Exhibit 1.1
      to the Registrant's Current Report on Form 8-K (No. 333-73524)

**    Previously filed with the Commission on November 3, 2004, as Exhibit 1.1
      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 Mortgage Pass-Through Trust 2005-AR2, Mortgage Pass-Through
                        Certificates, Series 2005-AR2).

                       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-AR2 (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 four pools of adjustable
rate, fully amortizing, one-to four-family residential, first lien mortgage
loans (the "Mortgage Loans") to FHASI. A copy of the MLPA is filed herewith as
Exhibit 10.1.

      On 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 $279,453,100 have been sold by the Registrant to (i) Lehman
Brothers, Inc. ("Lehman") pursuant to an Underwriting Agreement dated as of
August 26, 2002 (the "Lehman Underwriting Agreement"), as supplemented by a
Terms Agreement dated as of April 25, 2005 (the "Lehman Terms Agreement"), each
by and among Lehman, 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 25, 2005 (the "CSFB Terms Agreement"), each by and
among CSFB, the Registrant and FHHLC. The Lehman 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 Lehman 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 August 26, 2002, by and
                        among Lehman, 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 25, 2005 to Underwriting
                        Agreement dated August 26, 2002, by and among Lehman,
                        the Registrant and FHHLC

            1.4         Terms Agreement dated April 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 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 September 4, 2002, as Exhibit 1.1
      to the Registrant's Current Report on Form 8-K (No. 333-73524)

**    Previously filed with the Commission on November 3, 2004, as Exhibit 1.1
      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
INDEX TO EXHIBITS

         Exhibit No.       Description
         -----------       -----------

            1.1         Underwriting Agreement dated August 26, 2002, by and
                        among Lehman, 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 25, 2005 to Underwriting
                        Agreement dated August 26, 2002, by and among Lehman,
                        the Registrant and FHHLC

            1.4         Terms Agreement dated April 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 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 September 4, 2002, as Exhibit 1.1
      to the Registrant's Current Report on Form 8-K (No. 333-73524)

**    Previously filed with the Commission on November 3, 2004, as Exhibit 1.1
      to the Registrant's Current Report on Form 8-K (No. 333-74467)