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 Mortgage

Pass-Through Trust 2006-AR2, Mortgage Pass-Through Certificates, Series 2006-AR2).

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 26, 2006~~ (collectively, the “Prospectus”), which ~~will~~was be filed with the Commission pursuant to Rule 424(b)(5) on June 28, 2006, with respect to the Registrant’s Mortgage Pass-Through Certificates, Series 2006-AR2 (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 four pools of primarily 30-year adjustable rate, first lien, fully amortizing, one-to-four ~~the~~family ~~Registration~~residential mortgage ~~Statement~~loans ~~and~~(the “Mortgage Loans”) to FHASI. A copy of the ~~related~~MLPA ~~consent~~is asfiled ~~Exhibit~~herewith 23as Exhibit 10.21.

~~Item~~On 9June 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 $170,256,100 have been sold by the Registrant to (i) Citigroup Global Markets Inc. pursuant to an Underwriting Agreement dated as of May 26, 2006 (the “Citigroup Underwriting Agreement”), as supplemented by a Terms Agreement dated as of June 26, 2006 (the “Citigroup Terms Agreement”), each by and among Citigroup, the Registrant and FHHLC and (ii) Morgan Stanley & Co. Incorporated pursuant to an Underwriting Agreement dated as of June 26, 2006 (the “Morgan Stanley Underwriting Agreement”), as supplemented by a Terms Agreement dated as of June 26, 2006 (the “Morgan Stanley Terms Agreement”), each by and among Morgan Stanley, the Registrant and FHHLC. The Citigroup Underwriting Agreement was previously filed with the Commission and is incorporated herein by reference as Exhibit 1.1. The Morgan Stanley Underwriting Agreement, the Citigroup Terms Agreement and the Morgan Stanley Terms Agreement are filed herewith as Exhibits 1.2, 1.3 and 1.4, respectively.

~~-2-~~Item 9.01 Financial Statements and Exhibits.

Exhibit No.		Description
1.1*		Underwriting Agreement dated May 26, 2006, by and among Citigroup, the Registrant and FHHLC
1.2		Underwriting Agreement dated June 26, 2006, by and among Morgan Stanley, the Registrant and FHHLC
1.3		Terms Agreement dated June 26, 2006 to Underwriting Agreement dated May 26, 2006, by and among Citigroup, the Registrant and FHHLC
1.4		Terms Agreement dated June 26, 2006 to Underwriting Agreement dated June 26, 2006, by and among Morgan Stanley, the Registrant 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

* 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)

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-AR2 Issuance of Certificates)

INDEX TO EXHIBITS

Exhibit No.		Description

1.1*		Underwriting Agreement dated May 26, 2006, by and among Citigroup, the Registrant and FHHLC

1.2		Underwriting Agreement dated June 26, 2006, by and among Morgan Stanley, the Registrant and FHHLC

1.3		Terms Agreement dated June 26, 2006 to Underwriting Agreement dated May 26, 2006, by and among Citigroup, the Registrant and FHHLC

1.4		Terms Agreement dated June 26, 2006 to Underwriting Agreement dated June 26, 2006, by and among Morgan Stanley, the Registrant 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 Purchase

* 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)

Filing Compare · First Horizon Asset Sec Mort Pass Thr Certs Ser 2006-AR2