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Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 JlhdzaQuyGHkMmbMtZZLdCSnEiMNu63Iz5KG2iFtrp3QGXAqmcMQJlo9G7JxsM7h
 +pGWiWdUwobuQKhkHwt1ew==

<SEC-DOCUMENT>0000876437-04-000001.txt : 20040102
<SEC-HEADER>0000876437-04-000001.hdr.sgml : 20040101
<ACCEPTANCE-DATETIME>20040102163342
ACCESSION NUMBER:		0000876437-04-000001
CONFORMED SUBMISSION TYPE:	4
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20031231
FILED AS OF DATE:		20040102

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 E KILBOURN AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202
		BUSINESS PHONE:		4143476480

	MAIL ADDRESS:	
		STREET 1:		250 E KILBOURN AVE
		CITY:			MILWAUKEE
		STATE:			WI
		ZIP:			53202

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			BUSH MARY K
		CENTRAL INDEX KEY:			0001041956

	FILING VALUES:
		FORM TYPE:		4
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-10816
		FILM NUMBER:		04501516

	BUSINESS ADDRESS:	
		STREET 1:		4201 CATHEDRAL AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20016
		BUSINESS PHONE:		6174224960

	MAIL ADDRESS:	
		STREET 1:		2401 CATHEDRAL AVE NW
		CITY:			WASHINGTON
		STATE:			DC
		ZIP:			20016
</SEC-HEADER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>edgar.xml
<DESCRIPTION>PRIMARY DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType><periodOfReport>2003-12-31</periodOfReport>
    <issuer>
        <issuerCik>0000876437</issuerCik>
        <issuerName>MGIC INVESTMENT CORP</issuerName>
        <issuerTradingSymbol>MTG</issuerTradingSymbol></issuer><reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001041956</rptOwnerCik>
            <rptOwnerName>BUSH MARY K</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>4201 CATHEDRAL AVENUE, N.W.</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>WASHINGTON</rptOwnerCity>
            <rptOwnerState>DC</rptOwnerState>
            <rptOwnerZipCode>20016</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>5479</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><value/></natureOfOwnership></ownershipNature></nonDerivativeHolding></nonDerivativeTable><derivativeTable><derivativeTransaction><securityTitle><value>Share Units </value><footnoteId id="F1"/></securityTitle><conversionOrExercisePrice><footnoteId id="F2"/></conversionOrExercisePrice><transactionDate><value>2003-12-31</value></transactionDate><transactionCoding><transactionFormType>4</transactionFormType><transactionCode>A</transactionCode><equitySwapInvolved>0</equitySwapInvolved></transactionCoding><transactionAmounts
><transactionShares><value>280.9975</value><footnoteId id="F3"/></transactionShares><transactionPricePerShare><value>56.94</value></transactionPricePerShare><transactionAcquiredDisposedCode><value>A</value></transactionAcquiredDisposedCode></transactionAmounts><exerciseDate><footnoteId id="F4"/></exerciseDate><expirationDate><footnoteId id="F4"/></expirationDate><underlyingSecurity><underlyingSecurityTitle><value>Common Stock</value></underlyingSecurityTitle><underlyingSecurityShares><value>280.9975</value></underlyingSecurityShares></underlyingSecurity><postTransactionAmounts><sharesOwnedFollowingTransaction><value>1386.1973</value></sharesOwnedFollowingTransaction></postTransactionAmounts><ownershipNature><directOrIndirectOwnership><value>D</value></directOrIndirectOwnership><natureOfOwnership><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 acquired through compensation deferral.  Dividends which would have been received on shares represented by Share Units are also invested in Share Units. The Share Units are settled in cash, generally at the time the reporting person ceases to be a Director of the Issuer.</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 were acquired through compensation deferral.</footnote><footnote id="F4">These Share Units do not become exercisable or expire on a fixed date.  (Generally, the Share Units become payable at the time the reporting person ceases to be a Director of the Issuer.)  </footnote></footnotes><remarks>This Form 4 is being signed by the report
ing person's attorney-in-fact pursuant to a previously filed power of attorney.</remarks><ownerSignature><signatureName>Dan D. Stilwell, Attorney-in-fact </signatureName><signatureDate>2003-12-31</signatureDate></ownerSignature></ownershipDocument>

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</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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