UNITED STATES
                         SECURITIES AND EXCHANGE COMMISSION
                               WASHINGTON, D.C. 20549



                                      FORM 10-K


  (Mark one)

  /X/ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934
      For the fiscal year ended December 31, 2003

      OR


  / / TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES
      EXCHANGE ACT OF 1934


      Commission File Number:  333-48720-05



        First Horizon Mortgage Pass-Through Trust
        Mortgage Pass-Through Certificates, Series 2003-5

       (Exact name of registrant as specified in its charter)



   New York                                       54-2112862
  (State or other jurisdiction of                 (I.R.S. Employer
  incorporation or organization)                  Identification No.)

   c/o The Bank of New York, as Trustee
   101 Barclay Street, 8 West
   New York, NY                                10286
  (Address of principal executive offices)     (Zip Code)


  Registrant's telephone number, including area code: (212) 815-6140


  Securities registered pursuant to Section 12(b) of the Act:

       NONE.


  Securities registered pursuant to Section 12(g) of the Act:

       NONE.



  Indicate by check mark whether the registrant (1) has filed all reports
  required to be filed by Section 13 or 15(d) of the Securities Exchange
  Act of 1934 during the preceding 12 months (or for such shorter period
  that the registrant was required to file such reports), and (2) has been
  subject to such filing requirements for the past 90 days.

      Yes  __X ____     No  _________



  Indicate by check mark if disclosure of delinquent filers pursuant to
  Item 405 of Regulation S-K ( 229.405 of this chapter) is not contained
  herein, and will not be contained, to the best of registrant's knowledge,
  in definitive proxy or information statements incorporated by reference
  in Part III of this Form 10-K or any amendment to this Form 10-K.

         Not applicable.



  State the aggregate market value of the voting and non-voting common
  equity held by non-affiliates of the registrant. The aggregate market
  value shall be computed by reference to the price at which the common
  equity was sold, or the average bid and asked prices of such common
  equity, as of a specified date within 60 days prior to the date of
  filing. (See definition of affiliate in Rule 405, 17 CFR 230.405.)

         Not applicable.



  Indicate the number of shares outstanding of each of the registrant's
  classes of common stock, as of the latest practicable date.

         Not applicable.



  List hereunder the following documents if incorporated by reference and
  the Part of the Form 10-K (e.g. Part I, Part II, etc..) into which the
  document is incorporated: (1)Any annual report to security holders; (2)
  Any proxy or information statement; and (3)Any prospectus filed pursuant
  to Rule 424(b) or (c) under the Securities Act of 1933. The listed
  documents should be clearly described for identification purposes (e.g.
  annual report to security holders for fiscal year ended December 24, 1980).

         Not applicable.


  This Annual Report on Form 10-K (the "Report") is filed with respect to
  the trust fund entitled "First Horizon Mortgage Pass-Through Trust
  Mortgage Pass-Through Certificates, Series 2003-5"
  (the "Trust Fund") formed pursuant to the pooling and servicing agreement,
  dated as of May  1, 2003 (the "Pooling and Servicing Agreement") among
  First Horizon Asset Securities Inc., as depositor (the "Company"), First
  Horizon Home Loan Corporation, as seller and master servicer (the "Master
  Servicer"), and The Bank of New York, as trustee (the "Trustee") for the
  issuance of First Horizon Mortgage Pass-Through Trust,
  Mortgage Pass-Through Certificates, Series 2003-5 (the "Certificates").
  Certain information otherwise required to
  be included in the Report by the Instructions to Form 10-K has been
  omitted in reliance on the relief granted to other issuers of Asset
  Backed Securities by the Commission pursuant to various no-action
  letters (the "Relief Letters").



                        *               *               *



                                  PART I

  Item 1.  Business.

            Omitted.

  Item 2.  Properties.

            Not applicable.



  Item 3.  Legal Proceedings.

            There were no material pending legal proceedings relating
            to the Trust Fund to which any of the Trust Fund,
            the Trustee, the Master Servicer or the Company was a
            party or of which any of their respective properties was
            the subject during the fiscal year covered by this Report,
            nor is the Company aware of any such proceedings
            contemplated by governmental authorities.



  Item 4.  Submission of Matters to a Vote of Security Holders.


            No matter was submitted to a vote of Certificateholders,
            and no Certificateholder consent was solicited during
            the fiscal year covered by this report.

                               PART II


  Item 5.  Market for registrant's Common Equity and Related Stockholder
           Matters.


            (a) Market Information.  There is no established public
                trading market for the Certificates
            (b) Holders.  As of December 31, 2003, based on records
                provided to the Trust by the DTC and the Trustee,
                the number of holders for each class of Certificate
                was as follows:


             Class 1A1                         1
             Class 1A2                         1
             Class 1A3                         1
             Class 1A4                         1
             Class 1A5                         1
             Class 1A6                         1
             Class 1A7                         1
             Class 1A8                         1
             Class 1A9                         1
             Class A10                         1
             Class A11                         1
             Class A12                         1
             Class A13                         1
             Class A14                         1
             Class A15                         1
             Class A16                         1
             Class A17                         1
             Class A18                         1
             Class A19                         1
             Class 2A1                         1
             Class 2A2                         1
             Class 2A3                         1
             Class 3A1                         1
             Class B1                          1
             Class B2                          1
             Class B3                          1
             Class B4                          2
             Class B5                          1
             Class B6                          1

             Total:                           30

            (c) Dividends.  Not applicable.
            (d) Item 701 of Regulation S-K.  Not applicable.
            (e) Rule 463 of the Securities Act of 1933.  Not applicable.

  Item 6.  Selected Financial Data.

            Omitted.

  Item 7.  Management's Discussion and Analysis of Financial Condition and
           Results of Operation.

            Omitted.


  Item 7A. Quantitative and Qualitative Disclosures about Market Risk.

            Not applicable.

  Item 8.  Financial Statements and Supplementary Data.

            See Item 14(a), Exhibits 99.1, 99.2, 99.3, for information
            provided in lieu of information required by Item 302 of
            Regulation S-K.


  Item 9.  Changes in and Disagreements with Accountants on Accounting and
           Financial Disclosure.

            None.


                              PART III


  Item 10. Directors and Executive Officers of the Registrant.

            Not applicable.


  Item 11. Executive Compensation.

            Not applicable.


  Item 12. Security Ownership of Certain Beneficial Owners and Management.

            Not applicable.


  Item 13. Certain Relationships and Related Transactions.

            Not applicable.

                             PART IV


  Item 14. Exhibits, Financial Statement Schedules, and Reports on Form 8-K.

   (a) Exhibits

    (99.1) Annual Independent Accountants' Servicing Reports concerning
           servicing activities for the year ended December 31, 2003


		First Horizon Home Loan Corporation


    (99.2) Report of Management as to Compliance with Minimum Servicing
           Standards for the year ended December 31, 2003.


		First Horizon Home Loan Corporation


    (99.3) Annual Statements of Compliance under the Pooling and Servicing
           Agreements for the year ended December 31, 2003.


		First Horizon Home Loan Corporation


    (99.4) Aggregate Statement of Principal and Interest Distributions to
           Certificate Holders.


   (b)  Reports on Form 8-K, dated as of October 31, 2003, November 30, 2003,
        and December 31, 2003, were filed by the Company in order to provide
        the statements for the monthly distributions to holders of the
        Certificates. No other reports on Form 8-K have been filed
        during the last quarter of the period covered by this report.



   (c) Not applicable.



   (d) Omitted.

                            SIGNATURES


  Pursuant to the requirements of Section 13 or 15(d) of the Securities
  Exchange Act of 1934, the registrant has duly caused this report to be
  signed on its behalf by the undersigned, thereunto duly authorized:




    First Horizon Mortgage Pass-Through Trust
    Mortgage Pass-Through Certificates, Series 2003-5
    (Registrant)



  Signed:  The Bank of New York, as Trustee


  By:   Diane Pickett, Vice President

  By: /s/  Diane Pickett, Vice President

  Dated: March  3, 2004



                          CERTIFICATION

   I, Peter F. Makowiecki, in my capacity as the Chief Financial Officer
   of First Horizon Home Loan Corporation (the "Master Servicer") hereby
   certify that:

   1. I have reviewed this Annual Report of Form 10-K and all reports
      on Form 8-K containing distribution or servicing reports filed in
      respect of periods included in the year covered by this annual
      report of First Horizon Mortgage Pass-Through Trust Mortgage
      Pass-Through Certificates, Series 2003-5;

   2. Based on my knowledge, the information in these reports, taken as
      a whole, does not contain any untrue statement of a material fact
      or omit to state a material fact necessary to make the statements
      made, in light of the circumstances in which such statements were
      made, not misleading as of the last day of the period covered by
      this annual report; and

   3. Based on my knowledge, the distribution of servicing information
      required to be provided to the trustee by the Master Servicer
      under the Pooling and Servicing Agreement is included in these
      reports.


  Dated: March  3, 2004


                                           FIRST HORIZON HOME LOAN
                                           CORPORATION


                                           By:______________________________
                                                /s/ Peter F. Makowiecki
                                                    Chief Financial Officer



  SUPPLEMENTAL INFORMATION TO BE FURNISHED WITH REPORTS FILED PURSUANT TO
  SECTION 15(d) OF THE ACT BY REGISTRANTS WHICH HAVE NOT REGISTERED
  SECURITIES PURSUANT TO SECTION 12 OF THE ACT.



  (a)(i) No annual report is provided to the Certificateholders other than
  with respect to aggregate principal and interest distributions.


  (a)(ii) No proxy statement, form of proxy or other proxy soliciting
  material has been sent to any Certificateholder with respect to any
  annual or other meeting of Certificateholders.



  Ex-99.4
   Schedule of Year-To-Date Principal and Interest Distributions to
   Certificateholders


   <TABLE>

   Class                            Interest          Principal               Losses            Ending Balance
   
                      <c>                   <c>                 <c>                <c>
   1A1                         2,574,096.37        18,102,776.75                0.00             74,363,890.25
   1A2                                 0.00                 0.00                0.00             20,620,597.94
   1A3                           802,083.33                 0.00                0.00             25,000,000.00
   1A4                            28,405.70           155,443.20                0.00                844,556.80
   1A5                                 0.00                 0.00                0.00              3,299,295.67
   1A6                            24,409.44           150,328.51                0.00                849,671.49
   1A7                           428,967.78         6,013,140.44                0.00              7,296,859.56
   1A8                         1,089,841.67                 0.00                0.00             26,690,000.00
   1A9                            59,667.51           300,657.02                0.00              1,699,342.98
   A10                           851,450.11         4,484,810.19                0.00             30,043,202.81
   A11                           553,621.20           257,379.25                0.00             16,502,490.75
   A12                                 0.00                 0.00                0.00              7,888,500.25
   A13                            22,488.83                 0.00                0.00                734,329.00
   A14                         4,995,448.30        19,198,703.27                0.00            145,458,296.73
   A15                            32,083.33                 0.00                0.00              1,000,000.00
   A16                            16,330.42                 0.00                0.00                509,000.00
   A17                           875,568.04         2,653,874.07                0.00             17,346,125.93
   A18                         1,231,267.56         6,634,685.17                0.00             43,365,314.83
   A19                           261,607.50                 0.00                0.00              8,154,000.00
   AR                                  0.80               100.00                0.00                      0.00
   2A1                         3,332,940.65        13,303,829.52                0.00            107,525,170.48
   2A2                           688,209.03         2,849,287.01                0.00             22,150,712.99
   2A3                            25,608.33                 0.00                0.00                878,000.00
   3A1                           920,870.97        23,529,496.24                0.00              9,353,503.76
   B1                            262,349.23            92,128.97                0.00              8,114,871.03
   B2                             87,460.40            30,713.40                0.00              2,705,286.60
   B3                             65,595.30            23,035.05                0.00              2,028,964.95
   B4                             32,797.65            11,517.52                0.00              1,014,482.48
   B5                             21,865.10             7,678.35                0.00                676,321.65
   B6                             32,807.37            11,520.94                0.00              1,014,783.05
   </TABLE>