SEPARATE ACCOUNT VA-5NLNY OF FIRST TRANSAMERICA LIFE INSURAN
N-30D, 1997-09-05
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September 5. 1997



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

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

Dear Commissioner:

On behalf of Transamerica  Life Insurance  Company of New York and  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:
American Century VP Capital  Appreciation,  Federated  American Leaders Fund II,
Federated Fund for U.S. Government Securities II, INVESCO VIF - High Yield Fund,
INVESCO -  Industrial  Income Fund,  INVESCO VIF Total Return Fund,  Janus Aspen
Growth  Portfolio,   Lexington   Emerging  Markets  Fund,  Schwab  Money  Market
Portfolio, SteinRoe Capital Appreciation Fund and Strong Discovery Fund II.

These semi-annual reports are for the period ending June 30, 1997, 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 or at the address above.

Very truly yours,


Susan Vivino
Paralegal

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

Attachment






<PAGE>

<TABLE>
<CAPTION>


                  Federated American Leaders Fund II
                  Federated Fund for U.S. Gov't. Sec's II              Invesco Variable Investment Funds
<S>              <C>                                        <C>
Entity:           Federated Insurance Series                  Invesco Variable Investment Funds
File #:           811-8042                                    811-08038
Date of Filing:   August 21, 1997                             August 27, 1997
CIK#:                      912577                                      912744
Accession #:               912577-97-000013                            912744-97-000023




                  Janus Aspen Series                                   Lexington Emerging Markets Fund

Entity:           Janus Aspen Series                          Lexington Emerging Markets Fund
File #:           811-07736                                   811-8250
Date of Filing:   August 22, 1997                             August 25, 1997
CIK #:            906185                                      916764
Accession #:               0001012709-97-000120                        0000302296-97-000035




                  SteinRoe Variable Investment Trust          Schwab Money Market Portfolio

Entity:           SteinRoe Var. Inv. Trust                    Schwab Money Market Portfolio
File #:           811-5199                                    811-08314
Date of Filing:   August 28, 1997                             September 3, 1997
CIK #:            815425                                      918266
Accession #:               0000891804-97-000296                        0000927356-97-001053


                  Strong Variable Investment Funds                     American Century VP Cap. App.

Entity:           Strong Var. Inv. Funds                      American Century VP Cap. App.
File #:           811-6553                                    811-5188
Date of Filing:   September 3, 1997                           08/14/97
CIK #:            883644                                      814680
Accession #:               0000883644-97-000041                        0000-814680-97-000009

</TABLE>



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