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) 04/21/2006 (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 04/21/2006   M   10,000 A $ 46.0625 60,759 D   Common Stock 04/21/2006   M   6,650 A $ 45.375 67,409 D   Common Stock 04/21/2006   F   1,156 D $ 70.67 66,253 D   Common Stock 04/21/2006   F   791 D $ 70.67 65,462 D   Common Stock 04/21/2006   S   14,703 D $ 70.0234 50,759 D   Common Stock 04/24/2006   S   250 D $ 69.7 50,509 D   Common Stock               824.482 (1) I By Issuer's Profit Sharing and Savings Plan

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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)

$ 46.0625

04/21/2006

M

10,000

(2)

05/05/2009

Common Stock

10,000

$ 0

0

D

Employee Stock Options (Right to Buy)

$ 45.375

04/21/2006

M

6,650

(3)

01/26/2010

Common Stock

6,650

$ 0

5,850

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		04/24/2006
**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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