UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Notice of Effectiveness
Effectiveness Date:	April 20, 2012 2:06 P.M.

Form:	N-4
CIK: 0000702184 Company Name: PENN MUTUAL VARIABLE ANNUITY ACCOUNT III File Number: 333-177543 REFERENCED SERIES/CLASSES (CONTRACTS) Series ID Class/Contract Name S000010942 PENN MUTUAL VARIABLE ANNUITY ACCOUNT III C000109377 Smart Foundation