SEPARATE ACCOUNT VA-5NLNY OF FIRST TRANSAMERICA LIFE INSURAN
N-30D, 1996-09-03
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September 3, 1996



Securities and Exchange Commission
450 Fifth Street, N.W.
Washington, D.C. 20549

Re:      First Transamerica Life Insurance Company and First Transamerica
         Life Separate Account VA-5NLNY (File No. 33-71748)

Dear Commissioner:

On behalf of First  Transamerica Life Insurance  Company and First  Transamerica
Life Separate Account VA-5NLNY ("separate  account"),  incorporated by reference
are the semi-annual  reports for the underlying funds of the "separate  account"
for filing with the Securities and Exchange Commission,  pursuant to Rule 30b2-1
under the  Investment  Company  Act of 1940  ("Act").  The funds are as follows:
Federated  Investors  Equity Growth and Income Fund,  Federated  Investors  U.S.
Government Bond Fund,  INVESCO Variable  Investment  Funds,  Janus Aspen Series,
Lexington  Emerging Markets Fund,  SteinRoe Variable  Investment  Trust,  Schwab
Money Market Portfolio, Strong Discovery Fund II, TCI Balanced and TCI Growth.

These semi-annual reports are for the period ending June 30, 1996, and have been
transmitted to contract holders in accordance with Rule 30d-2 under the Act.

If you have any questions  regarding  the enclosed  report,  please  contact the
undersigned at (213) 742-3126.

Very truly yours,



Susan Vivino
Paralegal

cc:      F. Bellamy
         R. Fink

Attachment







<PAGE>

<TABLE>
<CAPTION>




                           Equity Growth & Income Fund        Invesco Variable
                           U.S. Government Bond Fund          Investment Funds
<S>             <C>                                         <C>
Entity:           Federated Insurance Series                  Invesco Variable Investment Funds
File #:           811-8042                                    811-08038
Date of Filing:   08/28/96                                    08/27/96
CIK #:            912577                                      912744
Accession #:      0000912577-96-000012                        0000912744-96-000012


                  Janus Aspen Series                          Lexington Emerging Markets Fund

Entity:           Janus Aspen Series                          Lexington Emerging Markets Fund
File #:           811-07736                                   811-8250
Date of Filing:   08/27/96                                    08/19/96
CIK #:            906185                                      916764
Accession #:      0000906185-96-000051                        0000916764-96-00005


                  Steinroe Variable Investment Trust          Schwab Money Market Portfolio

Entity:           Steinroe Variable Investment Trust          Schwab Money Market Portfolio
File #:           811-5199                                    811-08314
Date of Filing:   08/29/96                                    08/30/96
CIK #:            815425                                      918266
Accession #:      0000815425-96-0000250                       0000950149-96-001361


                  Strong Variable Insurance Funds             TCI Balanced/TCI Growth

Entity:           Strong Variable Insurance Funds             TCI Balanced/TCI Growth
File #:           811-6553                                    811-5188
Date of Filing:   08/21/96                                    08/23/96
CIK #:            883644                                      814680
Accession #:      0000883644-96-000024                        0000814680-96-000009

</TABLE>


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