-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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<SEC-DOCUMENT>0000876437-10-000010.txt : 20100127
<SEC-HEADER>0000876437-10-000010.hdr.sgml : 20100127
<ACCEPTANCE-DATETIME>20100127210549
ACCESSION NUMBER:		0000876437-10-000010
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20100127
FILED AS OF DATE:		20100127
DATE AS OF CHANGE:		20100127

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			MUMA LESLIE M
		CENTRAL INDEX KEY:			0001041975

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10816
		FILM NUMBER:		10551778

	MAIL ADDRESS:	
		STREET 1:		255 FISERV DRIVE
		CITY:			BROOKFIELD
		STATE:			WI
		ZIP:			53045

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			MGIC INVESTMENT CORP
		CENTRAL INDEX KEY:			0000876437
		STANDARD INDUSTRIAL CLASSIFICATION:	SURETY INSURANCE [6351]
		IRS NUMBER:				391486475
		STATE OF INCORPORATION:			WI
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		250 EAST KILBOURN AVENUE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4143476480

	MAIL ADDRESS:	
		STREET 1:		250 EAST KILBOURN AVENUE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0303</schemaVersion>

    <documentType>4</documentType>

    <periodOfReport>2010-01-27</periodOfReport>

    <issuer>
        <issuerCik>0000876437</issuerCik>
        <issuerName>MGIC INVESTMENT CORP</issuerName>
        <issuerTradingSymbol>MTG</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001041975</rptOwnerCik>
            <rptOwnerName>MUMA LESLIE M</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>C/O FISERV, INC.</rptOwnerStreet1>
            <rptOwnerStreet2>255 FISERV DRIVE</rptOwnerStreet2>
            <rptOwnerCity>BROOKFIELD</rptOwnerCity>
            <rptOwnerState>WI</rptOwnerState>
            <rptOwnerZipCode>53045</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>1</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>0</isTenPercentOwner>
            <isOther>0</isOther>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>43007</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>9132</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>By a trust of which the reporting person is a trustee and a beneficiary</value>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <derivativeTable>
        <derivativeTransaction>
            <securityTitle>
                <value>Share Units</value>
                <footnoteId id="F1"/>
            </securityTitle>
            <conversionOrExercisePrice>
                <footnoteId id="F2"/>
            </conversionOrExercisePrice>
            <transactionDate>
                <value>2010-01-27</value>
            </transactionDate>
            <transactionCoding>
                <transactionFormType>4</transactionFormType>
                <transactionCode>A</transactionCode>
                <equitySwapInvolved>0</equitySwapInvolved>
            </transactionCoding>
            <transactionAmounts>
                <transactionShares>
                    <value>15151.5152</value>
                </transactionShares>
                <transactionPricePerShare>
                    <footnoteId id="F5"/>
                </transactionPricePerShare>
                <transactionAcquiredDisposedCode>
                    <value>A</value>
                </transactionAcquiredDisposedCode>
            </transactionAmounts>
            <exerciseDate>
                <value>2011-04-01</value>
                <footnoteId id="F3"/>
            </exerciseDate>
            <expirationDate>
                <footnoteId id="F4"/>
            </expirationDate>
            <underlyingSecurity>
                <underlyingSecurityTitle>
                    <value>Common Stock</value>
                </underlyingSecurityTitle>
                <underlyingSecurityShares>
                    <value>15151.5152</value>
                </underlyingSecurityShares>
            </underlyingSecurity>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>75117.9506</value>
                    <footnoteId id="F6"/>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>D</value>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value></value>
                </natureOfOwnership>
            </ownershipNature>
        </derivativeTransaction>
    </derivativeTable>

    <footnotes>
        <footnote id="F1">The reporting person participates in the MGIC Investment Corporation Deferred Compensation Plan for Non-Employee Directors under which units corresponding to shares of Common Stock of the Issuer (&quot;Share Units&quot;) are awarded to the reporting person.  The Share Units are settled in cash, generally at the time the reporting person ceases to be a Director of the Issuer, unless a qualified election for earlier distribution is made by the reporting person.</footnote>
        <footnote id="F2">These Share Units do not have a specified dollar-denominated exercise or conversion price.  (Their value is based, on a one-for-one basis, on the price of the Issuer's common stock on the New York Stock Exchange.)</footnote>
        <footnote id="F3">These Share Units are subject to certain restrictions, and vest when such restrictions lapse.  The restrictions generally lapse on April 1, 2011.</footnote>
        <footnote id="F4">These Share Units do not expire on a fixed date.  Under certain circumstances, the Share Units are subject to forfeiture if the reporting person ceases to be a Director of the issuer before the lapse of restrictions on the Share Units.</footnote>
        <footnote id="F5">These Share Units were awarded to the reporting person pursuant to the Issuer's 2002 Stock Incentive Plan and no price was paid by the reporting person for the Share Units.</footnote>
        <footnote id="F6">The number of Share Units beneficially owned by the reporting person includes Share Units owned prior to August 15, 1996, which were and continue to be exempt from Section 16 of the Securities and Exchange Act of 1934.  The reporting person disclaims any waiver of such exemption.</footnote>
    </footnotes>

    <remarks>This Form 4 is being signed by the reporting person's attorney-in-fact pursuant to a previously filed power of attorney.</remarks>

    <ownerSignature>
        <signatureName>Dan D. Stilwell, Attorney-in-fact</signatureName>
        <signatureDate>2010-01-27</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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