Annual Notice of Securities Sold Pursuant to Rule 24F-2
U.S. 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.
Please print or type.
1. Name and address of issuer:
PIA Variable Account I
600 Dresher Road
Horsham, Pennsylvania 19044
___________________________________________________________________
2. Name of each series or class of funds for which this notice is
filed:
Pennant Flexible Premium Adjustable Variable Life Insurance
Policies
___________________________________________________________________
3. Investment Company Act File Number: 811-8720
Securities Act File Number: 33-83120
___________________________________________________________________
4. Last day of fiscal year for which this notice is filed:
December 31, 1995
___________________________________________________________________
5. Check box if this notice is being filed more than 180 days
after the close of the issuer's fiscal year for purposes of
reporting securities sold after the close of the fiscal year
but before termination of the issuer's 24f-2 declaration:
N/A [ ]
6. Date of termination of issuer's declaration under rule 24f-
2(a)(1), if applicable (see Instruction A.6):
N/A
___________________________________________________________________
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7. Number and amount of securities of the same class or series
which had been registered under the Securities Act of 1933
other than pursuant to rule 24f-2 in a prior fiscal year, but
which remained unsold at the beginning of the fiscal year:
None
___________________________________________________________________
8. Number and amount of securities registered during the fiscal
year other than pursuant to rule 24f-2:
None
___________________________________________________________________
9. Number and aggregate sale price of securities sold during the
fiscal year:
635 contracts at $24,138,057
___________________________________________________________________
10. Number and aggregate sale price of securities sold during the
fiscal year in reliance upon registration pursuant to rule
24f-2:
635 contracts at $24,138,057
___________________________________________________________________
11. Number and aggregate sale price of securities issued during
the fiscal year in connection with dividend reinvestment
plans, if applicable (see Instruction B.7):
Included in Item 9 above
12. Calculation of registration fee:
(i) Aggregate sale price of securities sold during the fiscal
year in reliance on rule 24f-2 (from Item 10):
$ 24,138,057
_________________
(ii) Aggregate price of shares issued in connection with
dividend reinvestment plans (from Item 11, if
applicable):
+ --
_________________
(iii) Aggregate price of shares redeemed or repurchased
during the fiscal year (if applicable):
- 1,406,497
_________________
(iv) Aggregate price of shares redeemed or repurchased and
previously applied as a reduction to filing fees pursuant
to rule 24e-2 (if applicable):
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+ 0
_________________
(v) Net aggregate price of securities sold and issued during
the fiscal year in reliance on rule 24f-2 {line (i), plus
line (ii), less line (iii), plus line (iv)} (if
applicable):
$ 22,731,560
_________________
(vi) Multiplier prescribed by Section 6(b) of the Securities
Act of 1933 or other applicable law or regulation (see
Instruction C.6):
x 1/2,900
_________________
(vii) Fee due {line (i) or line (v) multiplied by line
(vi)}:
$ 7,838.47
_________________
_________________
Instruction: Issuers should complete lines (ii), (iii), (iv), and
(v) only if the form is being filed within 60 days
after the close of the issuer's fiscal year. See
Instruction C.3.
3 <PAGE>
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13. Check box if fees are being remitted to the Commission's
lockbox depository as described in section 3a of the
Commission's Rules of Informal and Other Procedures (17 CFR
202.3a).
[x]
Date of mailing or wire transfer of filing fees to the
Commission's lockbox depository:
February 28, 1996
SIGNATURES
This report has been signed by the following person on behalf of
the issuer and in the capacities and on the date indicated.
By (Signature and Title)* /s/ James D. Benson
James D. Benson
Manager, Financial Reporting
Date 2/29/96
* Please print the name and title of the signing officer below the
signature.
4 <PAGE>
<PAGE>
<TABLE>
RULE 24f-2 FOR VARIABLE LIFE ACCOUNT I, FOR THE YEAR ENDED 12/31/95
FLEXIBLE PREMIUM ADJUSTABLE VARIABLE LIFE INSURANCE POLICIES (PENNANT)
FILE NO. 33-54662 02/28/96
<CAPTION>
AGGREGATE AGGREGATE
PRICE PRICE
OF UNITS OF UNITS REGISTRATION
SOLD REDEEMED DIFFERENCE FEE
(INCLUDING REINVEST)
------------------------------------------------------------------
<S> <C> <C> <C> <C>
MONEY MARKET FUND $2,953,398 $963,808 $1,989,590 $686.07
QUALITY BOND FUND $782,534 $53,661 $728,873 $251.34
HIGH YIELD BOND FUND $699,733 $33,692 $666,041 $229.67
GROWTH EQUITY FUND $252,011 $72,030 $179,981 $62.06
VALUE EQUITY FUND $2,290,813 $35,920 $2,254,893 $777.55
FLEXIBLY MANAGED FUND $7,109,671 $35,780 $7,073,891 $2,439.27
INTERNATIONAL EQUITY FUND $622,422 $3,162 $619,260 $213.54
TCI GROWTH $910,433 $7,129 $903,304 $311.48
N & B LIMITED MATURITY $564,630 $26,108 $538,522 $185.70
N & B BALANCED $817,479 $17,697 $799,782 $275.79
SMALL CAPITALIZATION $623,629 $6,173 $617,456 $212.92
FIDELITY ASSET MANAGER $627,916 $74,146 $553,770 $190.96
FIDELITY GROWTH EQUITY $2,925,304 $31,167 $2,894,137 $997.98
FIDELITY EQUITY INCOME $2,958,084 $46,024 $2,912,060 $1,004.16
------------------------------------------------------------------
TOTAL: $24,138,057 $1,406,497 $22,731,560 $7,838.47
==================================================================
</TABLE>
5 <PAGE>
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{LETTERHEAD OF MORGAN, LEWIS & BOCKIUS LLP}
February 29, 1996
PIA Variable Account I
600 Dresher Road
Horsham, Pennsylvania 19044
Re: Rule 24f-2 Notice for PIA Variable Account I of the
Penn Mutual Life Insurance Company (the "Account")
(Files Nos. 33-83120 and 811-8720)
Ladies and Gentlemen:
Reference is made to the above-captioned Rule 24f-2 Notice of the
Penn Mutual Life Insurance Company which is being filed with the
Securities and Exchange Commission on behalf of the Account for the
fiscal year ended December 31, 1995.
We have acted as counsel to Penn Mutual Life Insurance Company. Based
on our review of the Account's registration statement and assuming that
the Securities of the Account were offered in conformity therewith,
we are of the opinion that the Securities of the Account sold
during the fiscal year and registered in reliance upon Rule 24f-2,
are legally issued, fully paid and non-assessable.
Very truly yours,
/s/ Morgan, Lewis & Bockius LLP
cc: Mr. James D. Benson
