UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 24F-2
Annual Notice of Securities Sold
Pursuant to Rule 24f-2
Read instructions at end of Form before preparing Form.
1. Name and address of issuer:
Penn Mutual Variable Life Account I
600 Dresher Road
Horsham, PA 19044
2. The name of each series or class of securities for
which this Form is filed. (If the Form is being
filed for all series and classes of securities of
the issuer, check the box but do not list series or
classes): [X]___________________________________
_________________________________________________________________
3. Investment Company Act File Number: 811-5006
Securities Act File Number: 33-54662
4(a). Last day of fiscal year for which this Form is
filed: December 31, 1997
4(b).[ ] Check box if this Form is being filed late
(i.e., more than 90 calendar days after the end
of the issuer's fiscal year). (See Instruction
A.2.)
Note: If the Form is being filed late, interest must be paid on
the registration fee due.
4(c).[ ] Check box if this is the last time the issuer
will be filing this Form.
5. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the
fiscal year pursuant to section 24(f): $96,040,100
-----------
(ii) Aggregate price of securities redeemed or
repurchased during the fiscal year: $35,627,656
-----------
(iii) Aggregate price of securities redeemed or
repurchased during any prior fiscal year ending
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no earlier than October 11, 1995 that were not
previously used to reduce registration fees
payable to the Commission: $ 0.00
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(iv) Total available redemption credits
{add Items 5(ii) and 5(iii)}: -$35,627,656
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(v) Net sales -- if Item 5(i) is greater than Item 5(iv)
{subtract Item 5(iv) from Item 5(i)}: $60,412,444
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(vi) Redemption credits available for use $(0.00)
in future years -- if Item 5(i) is -------
less than Item 5(iv)
{subtract Item 5(iv) from Item 5(i)}:
(vii) Multiplier for determining registration fee
(See Instruction C.9): x0.000295
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(viii) Registration fee due {multiply Item 5(v) by
Item 5(vii)} (enter "0" if no fee is due):= $17,821.67
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6. Prepaid Shares
If the response to Item 5(i) was determined by
deducting an amount of securities that were
registered under the Securities Act of 1933 pursuant
to rule 24e-2 as in effect before October 11, 1997,
then report the amount of securities (number of
shares or other units) deducted here:__________ If
there is a number of shares or other units that were
registered pursuant to rule 24e-2 remaining unsold
at the end of the fiscal year for which this form is
filed that are available for use by the issuer in
future fiscal years, then state that number
here:__________.
7. Interest due -- if this Form is being filed more
than 90 days after the end of the issuer's fiscal
year (see Instruction D):
+$ 0.00
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8. Total of the amount of the registration fee due plus
any interest due {line 5(viii) plus line 7}:
=$18,306.74
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9. Date the registration fee and any interest payment
was sent to the Commission's lockbox depository:
March 31, 1998
Method of Delivery: [X] Wire Transfer
[ ] Mail or other means
SIGNATURES
This report has been signed below by the following persons on
behalf of the issuer and in the capacities and on the dates
indicated.
By (Signature and Title)* /s/ANN M. STROOTMAN
Ann M. Strootman
Vice President and Controller
*Please print the name and title of the signing officer below the
signature.
Date: March 31, 1998
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