SEPARATE ACCOUNT VA-5NLNY OF FIRST TRANSAMERICA LIFE INSURAN
N-30D, 1997-03-10
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March 7, 1997



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 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 annual reports are for the period ending  December 31, 1996, and have been
transmitted to contract holders in accordance with Rule 30d-2 under the Act.

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

Very truly yours,



Susan Vivino
Paralegal

cc:      F. Bellamy, Esq.
         R. Fink, Esq.

Attachment







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                   Equity Growth & Income Fund
                   U.S. Government Bond Fund                           Invesco Variable
Investment Funds
<S>            <C>                                               <C>
Entity:           Federated Insurance Series                           Invesco Variable Investment
Funds
File #:           811-8042                                                      811-08038
Date of Filing:            02/28/97                                                     02/28/97
CIK #:                     912577                                                       912744
Accession #:               912577-97-000005                                            
912744-97-000004

                           Janus Aspen Series                                           Lexington
Emerging Markets Fund

Entity:           Janus Aspen Series                                            Lexington Emerging
Markets Fund
File #:           811-07736                                                     811-8250
Date of Filing:            02/28/97                                                     02/27/97
CIK #:                     906185                                                       916764
Accession #:               919574-97-000242                                            
94780-97-000005

                           SteinRoe Variable Investment Trust                           Schwab
Money Market Portfolio

Entity:           SteinRoe Variable Investment Trust                            Schwab Money
Market Portfolio
File #:           811-5199                                                      11-08314
Date of Filing:            02/27/97                                                     03/07/97
CIK #:                     815425                                                       918266
Accession #:               891804-97-000061                                            
0000898430-97-000888

                           Strong Variable Investment Funds                     TCI Balanced/TCI
Growth

Entity:           Strong Variable Investment Funds                     TCI Balanced/TCI Growth
File #:           811-6553                                                      811-5188
Date of Filing:            02/19/97                                                     02/25/97
CIK #:                     883644                                                       814680
Accession #:               842791-97-000006                                            
814680-97-000001



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