<SEC-DOCUMENT>0001104659-21-105834.txt : 20210816
<SEC-HEADER>0001104659-21-105834.hdr.sgml : 20210816
<ACCEPTANCE-DATETIME>20210816095718
ACCESSION NUMBER:		0001104659-21-105834
CONFORMED SUBMISSION TYPE:	13F-HR
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20210630
FILED AS OF DATE:		20210816
DATE AS OF CHANGE:		20210816
EFFECTIVENESS DATE:		20210816

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Diana Davis Spencer Foundation
		CENTRAL INDEX KEY:			0001633391
		IRS NUMBER:				203672969
		STATE OF INCORPORATION:			VA
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		13F-HR
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	028-16544
		FILM NUMBER:		211175073

	BUSINESS ADDRESS:	
		STREET 1:		3 BETHESDA METRO CENTER
		STREET 2:		SUITE 118
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
		BUSINESS PHONE:		301-961-4000

	MAIL ADDRESS:	
		STREET 1:		3 BETHESDA METRO CENTER
		STREET 2:		SUITE 118
		CITY:			BETHESDA
		STATE:			MD
		ZIP:			20814
</SEC-HEADER>
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      <filer>
        <credentials>
          <cik>0001633391</cik>
          <ccc>XXXXXXXX</ccc>
        </credentials>
      </filer>
      <periodOfReport>06-30-2021</periodOfReport>
    </filerInfo>
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  <formData>
    <coverPage>
      <reportCalendarOrQuarter>06-30-2021</reportCalendarOrQuarter>
      <isAmendment>false</isAmendment>
      <filingManager>
        <name>Diana Davis Spencer Foundation</name>
        <address>
          <ns1:street1>3 Bethesda Metro Center</ns1:street1>
          <ns1:street2>Suite 118</ns1:street2>
          <ns1:city>Bethesda</ns1:city>
          <ns1:stateOrCountry>MD</ns1:stateOrCountry>
          <ns1:zipCode>20814</ns1:zipCode>
        </address>
      </filingManager>
      <reportType>13F HOLDINGS REPORT</reportType>
      <form13FFileNumber>028-16544</form13FFileNumber>
      <provideInfoForInstruction5>N</provideInfoForInstruction5>
    </coverPage>
    <signatureBlock>
      <name>Laurie E Keenan</name>
      <title>Attorney</title>
      <phone>202-393-7600</phone>
      <signature>Laurie E Keenan</signature>
      <city>Washington</city>
      <stateOrCountry>DC</stateOrCountry>
      <signatureDate>08-16-2021</signatureDate>
    </signatureBlock>
    <summaryPage>
      <otherIncludedManagersCount>0</otherIncludedManagersCount>
      <tableEntryTotal>3</tableEntryTotal>
      <tableValueTotal>323949</tableValueTotal>
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<TYPE>INFORMATION TABLE
<SEQUENCE>2
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  <infoTable>
    <nameOfIssuer>VANGUARD BD INDEX FD INC</nameOfIssuer>
    <titleOfClass>INTERMED TERM</titleOfClass>
    <cusip>921937819</cusip>
    <value>132889</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1426000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
    </shrsOrPrnAmt>
    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1426000</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD BD INDEX FD INC</nameOfIssuer>
    <titleOfClass>TOTAL BND MRKT</titleOfClass>
    <cusip>921937835</cusip>
    <value>142060</value>
    <shrsOrPrnAmt>
      <sshPrnamt>1608100</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
      <Sole>1608100</Sole>
      <Shared>0</Shared>
      <None>0</None>
    </votingAuthority>
  </infoTable>
  <infoTable>
    <nameOfIssuer>VANGUARD SCOTTSDALE FDS</nameOfIssuer>
    <titleOfClass>LG-TERM COR BD</titleOfClass>
    <cusip>92206C813</cusip>
    <value>49000</value>
    <shrsOrPrnAmt>
      <sshPrnamt>461000</sshPrnamt>
      <sshPrnamtType>SH</sshPrnamtType>
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    <investmentDiscretion>SOLE</investmentDiscretion>
    <votingAuthority>
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      <Shared>0</Shared>
      <None>0</None>
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