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: January 30, 2004
                (Date of earliest event reported)

    FIRST HORIZON ASSET SECURITIES INC., (as depositor under
        the Pooling and Servicing Agreement, dated as of
      January 1, 2004, providing for the issuance of the
      First Horizon Mortgage Pass-Through Trust 2004-AR1,
     Mortgage Pass-Through Certificates, Series 2004-AR1).

               FIRST HORIZON ASSET SECURITIES INC.
     (Exact name of Registrant as specified in its charter)


      Delaware             333-110100           75-2808384
     (State of          (Commission File     (I.R.S. Employer
   Incorporation)             No.)          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


<PAGE>

Item 5.   Other Events.
          ------------

     Reference is hereby made to the Registrant's Registration
Statement on Form S-3 (File No. 333-110100) filed with the
Securities and Exchange Commission (the "Commission") on October 30,
2003 (the "Registration Statement"), pursuant to which the
Registrant registered $6,000,000,000 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 January 30, 2004, with respect to the Registrant's
Mortgage Pass-Through Certificates, Series 2004-AR1 (the "Offered
Securities").

     Pursuant to a Mortgage Loan Purchase Agreement dated as of
January 30, 2004 (the "MLPA"), by and between First Horizon Home
Loan Corporation ("FHHLC") and the Registrant, FHHLC sold a pool of
adjustable rate, one-to four-family residential, first lien mortgage
loans (the "Mortgage Loans") to the Registrant.  A copy of the MLPA
is filed herewith as Exhibit 10.1.

     On January 30, 2004, 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 January 1, 2004 (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 $175,620,100 have been sold by the Registrant to
Citigroup Global Markets Inc. ("Citigroup") pursuant to an
Underwriting Agreement dated as of December 20, 2001 (the
"Underwriting Agreement"), as supplemented by a Terms Agreement
dated as of January 27, 2004, each by and among Citigroup, the
Registrant and FHHLC.  The  Underwriting Agreement has been
previously filed with the Commission and is incorporated herein by
reference as Exhibit 1.1.



                               -2-

<PAGE>

Item 7.   Financial Statements and Exhibits.

     (c)  Exhibits

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

              1.1      Underwriting Agreement dated as of December 20,
                       2001, by and among Citigroup, the Registrant and
                       FHHLC *

              4.1      Pooling and Servicing Agreement dated as of
                       January 1, 2004, 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
                       January 30, 2004, by and between FHHLC, as Seller,
                       and the Registrant, as Purchaser













      *      Previously filed with the Commission January 7, 2002,
             as Exhibit 1.1 to the Registrant's Current Report on
             Form 8-K (No. 333-73524)



                               -3-



<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.



February 17, 2004         By:  /s/ Wade Walker
                              ----------------------------------
                              Wade Walker
                              Senior Vice President - Asset
                                Securitization









                               -4-

<PAGE>



                        INDEX TO EXHIBITS


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

              1.1      Underwriting Agreement dated as of December 20,
                       2001, by and among Citigroup, the Registrant and
                       FHHLC *

              4.1      Pooling and Servicing Agreement dated as of
                       January 1, 2004, 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
                       January 30, 2004, by and between FHHLC, as Seller,
                       and the Registrant, as Purchaser











      *      Previously filed with the Commission January 7, 2002,
             as Exhibit 1.1 to the Registrant's Current Report on
             Form 8-K (No. 333-73524)