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

        FIRST HORIZON ASSET SECURITIES INC., (as depositor
      under the Pooling and Servicing Agreement, dated as of
    June 1, 2004, providing for the issuance of the First Horizon
 Alternative Mortgage Securities Trust 2004-AA2, Mortgage Pass-Through
                Certificates, Series 2004-AA2).


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


      Delaware             333-110100           75-2808384
     (State of        (Commission File No.)  (I.R.S. Employer
   Incorporation)                            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 June 29, 2004, with respect to the Registrant's Mortgage
Pass-Through Certificates, Series 2004-AA2 (the "Offered Securities").

     Pursuant to a Mortgage Loan Purchase Agreement dated as of June 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 June 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 June 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 $207,696,100 have been sold by the Registrant to Credit Suisse
First Boston LLC ("CSFB") pursuant to an Underwriting Agreement dated as of
August 26, 2003 (the "Underwriting Agreement"), as supplemented by a Terms
Agreement dated as of June 24, 2004, each by and among CSFB, 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 August 26, 2003,
                         by and among CSFB, the Registrant and FHHLC *

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














      *      Previously filed with the Commission on September 10, 2003, 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.



July 13, 2004               By:  /s/ Wade Walker
                              ----------------------------------
                              Wade Walker
                              Senior Vice President - Asset
                                Securitization









                               -4-

<PAGE>


<PAGE>



                        INDEX TO EXHIBITS
                        -----------------


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

        1.1     Underwriting Agreement dated as of August 26, 2003, by and among
                CSFB, the Registrant and FHHLC*

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















      *      Previously filed with the Commission on September 10, 2003, as
             Exhibit 1.1 to the Registrant's Current Report on Form 8-K (No.
             333-73524)