Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
Karpowicz James A
   2. Issuer Name and Ticker or Trading Symbol
MGIC INVESTMENT CORP [MTG] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Senior Vice President
(Last)
(First)
(Middle)
MGIC PLAZA, 250 EAST KILBOURN AVENUE		 3. Date of Earliest Transaction (Month/Day/Year)
01/28/2006
(Street)

MILWAUKEE, WI 53202		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Common Stock 01/28/2006   F   227 D $ 65.65 50,938 D  
Common Stock               824.482 (1) I By Issuer's Profit Sharing and Savings Plan

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Employee Stock Options (Right to Buy) $ 36.4375               (2) 01/22/2007 Common Stock 6,000   6,000 D  
Employee Stock Options (Right to Buy) $ 46.0625               (2) 05/05/2009 Common Stock 10,000   10,000 D  
Employee Stock Options (Right to Buy) $ 45.375               (3) 01/26/2010 Common Stock 12,500   12,500 D  
Employee Stock Options (Right to Buy) $ 57.88               (4) 01/24/2011 Common Stock 6,250   6,250 D  
Employee Stock Options (Right to Buy) $ 63.8               (5) 01/23/2012 Common Stock 10,000   10,000 D  
Employee Stock Options (Right to Buy) $ 43.7               (6) 01/22/2013 Common Stock 7,000   7,000 D  
Employee Stock Options (Right to Buy) $ 68.2               (7) 01/28/2014 Common Stock 7,000   7,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
Karpowicz James A
MGIC PLAZA
250 EAST KILBOURN AVENUE
MILWAUKEE, WI 53202		       Senior Vice President  

Signatures

 Dan D. Stilwell, Attorney-in-Fact   01/30/2006
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1) Balance as of December 31, 2005.
(2) All of these options are vested and exercisable in full.
(3) Partial vesting of these options occurred on January 26 of each of the five years beginning in 2001, based on certain performance standards. Any portion of the option which did not vest at January 26, 2005 will become vested on January 26, 2009 based on the reporting person's continued service to the Issuer.
(4) One-fifth of these options vest on January 24 of each of the five years beginning in 2002.
(5) One-fifth of these options vest on January 23 of each of the five years beginning in 2003.
(6) One-fifth of these options vest on January 22 of each of the five years beginning in 2004.
(7) One-fifth of these options vest on January 28 of each of the five years beginning in 2005.
 
Remarks:
This form is signed by the reporting person's attorney-in-fact pursuant to a previously filed power of attorney.

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