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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: May 30, 2001
                       (Date of earliest event reported)

    FIRST HORIZON ASSET SECURITIES INC., (as depositor under the Pooling and
    Servicing Agreement, dated as of May 1, 2001, providing for the issuance of
        the First Horizon Mortgage Pass-Through Trust 2001-3, Mortgage Pass-
                     Through Certificates, Series 2001-3).

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


              Delaware                 333-47798               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
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Item 5.   Other Events.
          ------------

     Reference is hereby made to the Registrant's Registration Statement on Form
S-3 (File No. 333-47798) filed with the Securities and Exchange Commission (the
"Commission") on October 12, 2000, as amended by Amendment No. 1 thereto filed
with the Commission on December 22, 2000, and as further amended by Amendment
No. 2 thereto filed with the Commission on January 5, 2001, (as so amended, the
"Registration Statement"), pursuant to which the Registrant registered
$1,000,000,000 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 will be filed with the Commission pursuant to Rule
424(b)(5), with respect to the Registrant's Mortgage Pass-Through Certificates,
Series 2001-3 (the "Offered Securities").

     On May 30, 2001, the Registrant caused the issuance and sale of the Offered
Securities.  The Offered Securities evidence a beneficial ownership interest in
a pool of conventional, fixed and adjustable rate, one-to four-family
residential, first lien mortgage loans (the "Mortgage Loans").  The Offered
Securities were created pursuant to a Pooling and Servicing Agreement dated as
of May 1, 2001 (the "Pooling and Servicing Agreement") by and among the
Registrant, as Depositor, First Horizon Home Loan Corporation ("FHHLC"), as
Seller and Master Servicer, First Tennessee Bank National Association, and The
Bank of New York, as Trustee.  A copy of the Pooling and Servicing Agreement is
filed herewith as Exhibit 10.1.
                  ------------

     The Offered Securities, having an aggregate principal balance of
approximately $248,110,000, have been sold by the Registrant to Merrill Lynch,
Pierce, Fenner & Smith Incorporated ("Merrill Lynch") pursuant to an
Underwriting Agreement dated as of May 23, 2001 (the "Underwriting Agreement"),
as supplemented by a Terms Agreement dated as of May 23, 2001, each among
Merrill Lynch, the Registrant and FHHLC.    A copy of the Underwriting Agreement
is filed herewith as Exhibit 1.1.
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Item 7.   Financial Statements and Exhibits.
          ---------------------------------

     (c)  Exhibits

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

               1.1      Underwriting Agreement dated as of May 23, 2001, by and
                        among Merrill Lynch, the Registrant and FHHLC

               10.1     Pooling and Servicing Agreement dated as of May 1, 2001,
                        by and among the Registrant, as Depositor, FHHLC, as
                        Seller and Master Servicer, First Tennessee Bank
                        National Association, and The Bank of New York, as
                        Trustee

                                      -2-
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                                  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.



                            By:   /s/  Wade Walker
                               ---------------------------------------------
                                Wade Walker
                                Senior Vice President - Asset Securitization





Signature Page for Form 8-K (Issuance of Certificates)

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                               INDEX TO EXHIBITS


     Exhibit No.
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          1.1   Underwriting Agreement dated as of May 23, 2001, by and among
                Merrill Lynch, the Registrant and FHHLC

          10.1  Pooling and Servicing Agreement dated as of May 1, 2001, by and
                among the Registrant, as Depositor, FHHLC, as Seller and Master
                Servicer, First Tennessee Bank National Association, and The
                Bank of New York, as Trustee