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, 2006

(Date of earliest event reported)

FIRST HORIZON ASSET SECURITIES INC., (as depositor under the Pooling and Servicing

Agreement, dated as of June 1, 2006, providing for the issuance of the First Horizon Alternative

Mortgage Securities Trust 2006-FA4, Mortgage Pass-Through Certificates, Series 2006-FA4).

FIRST HORIZON ASSET SECURITIES INC.

(Exact name of Registrant as specified in its charter)

Delaware	333-132046	75-2808384
(State of Incorporation)	(Commission File No.)	(I.R.S. Employer Identification No.)

4000 Horizon Way		75063
Irving, Texas	75063
Irving, Texas (Address of Principal executive offices)		(Zip Code)
(Address of Principal executive offices)	(Zip Code)

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: o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

‪

o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

‪o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

‪o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

‪o 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. 333-132046) filed with the Securities and Exchange Commission (the “Commission”) on April 20, 2006 (the “Registration Statement”), pursuant to which the Registrant registered $5,737,198,489 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 ~~dated April 20, 2006~~ and the related Prospectus Supplement ~~Supplement dated June 28, 2006~~ (collectively, the “Prospectus”), which ~~will~~was be filed with the Commission pursuant to Rule 424(b)(5) on June 29, 2006, with respect to the Registrant’s Mortgage Pass-Through Certificates, Series 2006-FA4 (the “Offered Securities”).

~~The~~Pursuant ~~Registrant~~to isa ~~filing~~Mortgage ~~this~~Loan ~~Current~~Purchase ~~Report~~Agreement ondated ~~Form~~as ~~8-K~~of toJune ~~file~~30, ~~the~~2006 ~~supplemental~~(“MLPA”), by and ~~legality~~between ~~opinion~~First ofHorizon ~~Andrews~~Home ~~Kurth~~Loan ~~LLP~~Corporation as(“FHHLC”) ~~Exhibit~~and 5First Horizon Asset Securities Inc.2 (“FHASI”), FHHLC sold two pools of conventional, fixed rate, first lien, fully amortizing, one-to-four ~~the~~family ~~Registration~~residential mortgage loans ~~Statement~~(the “Mortgage ~~and~~Loans”) to FHASI. A copy of the ~~related~~MLPA ~~consent~~is filed herewith as Exhibit 23 10.21.

~~Item~~On 9 June 30, 2006, the Registrant caused the issuance and sale of the Offered Securities.01 The Offered Securities evidence a beneficial ownership interest in the Mortgage Loans. ~~Financial~~ The Offered Securities were created pursuant to a Pooling and Servicing ~~Statements~~ Agreement dated as of June 1, 2006 (the “Pooling and ~~Exhibits~~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.

(c)	Exhibits
	Exhibit No.	Description
	5.2	Legality Opinion of Andrews Kurth LLP
	23.2	Consent of Andrews Kurth LLP (contained in the opinion filed as Exhibit 5.2)

The Offered Securities, having an aggregate principal balance of approximately $341,961,549 have been sold by the Registrant to (i) UBS Securities LLC (“UBS”) pursuant to an Underwriting Agreement dated as of May 26, 2006 (the “UBS Underwriting Agreement”), as supplemented by a Terms Agreement dated as of June 28, 2006 (the “UBS Terms Agreement”), each by and among UBS, the Registrant and FHHLC and (ii) Banc of America Securities LLC (“BOA”) pursuant to an Underwriting Agreement dated as of March 24, 2006 (the “BOA Underwriting Agreement”), as supplemented by a Terms Agreement dated as of June 28, 2006 (the “BOA Terms Agreement”), each by and among BOA, the Registrant and FHHLC. The UBS Underwriting Agreement and the BOA Underwriting Agreement were previously filed with the Commission and are incorporated herein by reference as Exhibits 1.1 and 1.2, respectively. The UBS Terms Agreement and the BOA Terms Agreement are filed herewith as Exhibits 1.3 and 1.4, respectively.

The Registrant is also filing this Current Report on Form 8-2-K to report certain rate cap transactions between Mortgage Asset Securitization Transactions Inc. and The Bank of New York, as Trustee. The rate caps are described in Cap Confirmation, dated June 30, 2006 and filed herewith as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description

1.1*		Underwriting Agreement dated May 26, 2006, by and among UBS, the Registration and FHHLC

1.2**		Underwriting Agreement dated March 24, 2006, by and among BOA, the Registration and FHHLC

1.3		Terms Agreement dated June 28, 2006 to Underwriting Agreement dated May 26, 2006, by and among UBS, the Registration and FHHLC

1.4		Terms Agreement dated June 28, 2006 to Underwriting Agreement dated March 24, 2006, by and among BOA, the Registration and FHHLC

4.1		Pooling and Servicing Agreement dated as of June 1, 2006, 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, 2006, by and between FHHLC, as Seller, and FHASI, as Purchaser

99.1		Cap Confirmation A-4 (Corridor), dated May 30, 2006, between BSFP and The Bank of New York, as Trustee

* Previously filed with the Commission on June 6, 2006, as Exhibit 1.1 to the Registrant’s Current Report on Form 8-K (No. 333-132046)

**Previously filed with the Commission on April 5, 2006, as Exhibit 1.2 to the Registrant’s Current Report on Form 8-K (No. 333-125158)

Signatures

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant ~~has~~ 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.
June 30, 2006	By:	/s/ Alfred Chang
July 7, 2006	By:	/s/ Alfred Chang
		Alfred Chang Vice President

Signature Page for Form 8-K

(2006-FA4 Issuance of Certificates)

INDEX TO EXHIBITS

Exhibit No.		Description
1.1*		Underwriting Agreement dated May 26, 2006, by and among UBS, the Registration and FHHLC

1.2**		Underwriting Agreement dated March 24, 2006, by and among BOA, the Registration and FHHLC

1.3		Terms Agreement dated June 28, 2006 to Underwriting Agreement dated May 26, 2006, by and among UBS, the Registration and FHHLC

1.4		Terms Agreement dated June 28, 2006 to Underwriting Agreement dated March 24, 2006, by and among BOA, the Registration and FHHLC

4.1		Pooling and Servicing Agreement dated as of June 1, 2006, 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, 2006, by and between FHHLC, as Seller, and FHASI, as Purchaser

99.1		Cap Confirmation A-4 (Corridor), dated May 30, 2006, between BSFP and The Bank of New York, as Trustee

* Previously filed with the Commission on June 6, 2006, as Exhibit 1.1 to the Registrant’s Current Report on Form 8-K (No. 333-132046)

**Previously filed with the Commission on April 5, 2006, as Exhibit 1.2 to the Registrant’s Current Report on Form 8-K (No. 333-125158)

Filing Compare · First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-FA4