X0201 42004-01-1500000935724PMI GROUP INC PMI0001052821ROSEN KENNETH TTHE PMI GROUP, INC.3003 OAK ROADWALNUT CREEKCA945971000Phantom Stock Units02004-01-154A067.000039.8800A2004-01-152004-01-15Common67.00004134.0000D1-for-1 conversion.Payable in cash or shares on payment date determined under the Directors Deferred Compensation Plan./s/ Kenneth T. Rosen2004-01-16