Phillips Financial Management 13F-HR Quarterly holdings report by institutional manager

The Securities and Exchange Commission has not necessarily reviewed the information in this filing and has not determined if it is accurate and complete.
The reader should not assume that the information is accurate and complete.

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 13F

FORM 13F INFORMATION TABLE

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COLUMN 1	COLUMN 2	COLUMN 3	COLUMN 4	COLUMN 5			COLUMN 6	COLUMN 7	COLUMN 8
			VALUE	SHRS OR	SH/	PUT/	INVESTMENT	OTHER	VOTING AUTHORITY
NAME OF ISSUER	TITLE OF CLASS	CUSIP	(x$1000)	PRN AMT	PRN	CALL	DISCRETION	MANAGER	SOLE	SHARED	NONE
ALPHATEC HOLDINGS INC COM NEW	COM NEW	02081G201	318	67,757	SH		SOLE		0	0	67,757
ISHARES 0-5 YEAR TIPS BOND ETF	0-5 YR TIPS ETF	46429B747	1,165	11,379	SH		SOLE		0	0	11,379
ISHARES 1-3 YR CREDIT BOND ETF	SH TR CRPORT ETF	464288646	605	11,064	SH		SOLE		0	0	11,064
ISHARES AGGREGATE BOND ETF	CORE US AGGBD ET	464287226	45,093	381,465	SH		SOLE		0	0	381,465
ISHARES AMT-FREE MUNI BOND ETF	NATIONAL MUN ETF	464288414	4,774	41,371	SH		SOLE		0	0	41,371
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	BROAD USD HIGH	46435U853	3,000	78,495	SH		SOLE		0	0	78,495
ISHARES CORE 1-5 YEAR USD BOND ETF	CORE 1 5 YR USD	46432F859	9,628	187,054	SH		SOLE		0	0	187,054
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	CORE INTL AGGR	46435G672	16,659	299,199	SH		SOLE		0	0	299,199
ISHARES CORE MSCI EAFE	CORE MSCI EAFE	46432F842	4,412	77,180	SH		SOLE		0	0	77,180
ISHARES CORE MSCI EMERGING MKTS	CORE MSCI EMKT	46434G103	766	16,098	SH		SOLE		0	0	16,098
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	CORE MSCI TOTAL	46432F834	32,352	593,404	SH		SOLE		0	0	593,404
ISHARES CORE S&P MID CAP ETF	CORE S&P MCP ETF	464287507	42,569	239,395	SH		SOLE		0	0	239,395
ISHARES CORE S&P U.S. VALUE ETF	CORE S&P US VLU	464287663	966	18,501	SH		SOLE		0	0	18,501
ISHARES CORE TOTAL USD BOND MARKET ETF	CORE TOTAL USD	46434V613	2,809	51,710	SH		SOLE		0	0	51,710
ISHARES CORE U.S. REIT ETF	CRE U S REIT ETF	464288521	3,902	89,733	SH		SOLE		0	0	89,733
ISHARES EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF	MLT FCTR EMG MKT	46434G889	3,265	82,887	SH		SOLE		0	0	82,887
ISHARES EDGE MSCI MULTIFACTOR INTL ETF	MULTIFACTOR INTL	46434V274	9,877	430,923	SH		SOLE		0	0	430,923
ISHARES EDGE MSCI MULTIFACTOR USA ETF	MULTIFACTOR USA	46434V282	23,149	745,058	SH		SOLE		0	0	745,058
ISHARES EDGE MSCI MULTIFACTOR USA SMALL-CAP ETF	MULTIFACTOR USA	46434V290	4,519	126,548	SH		SOLE		0	0	126,548
ISHARES EDGE U.S. FIXED INCOME BALANCED RISK ETF	EDGE US FIXD INM	46435U796	1,838	18,122	SH		SOLE		0	0	18,122
ISHARES GOLD TRUST ETF	ISHARES	464285105	657	38,693	SH		SOLE		0	0	38,693
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	GLOBAL REIT ETF	46434V647	2,859	110,229	SH		SOLE		0	0	26,005
ISHARES IBONDS DEC 2022 TERM MUNI BOND ETF	IBONDS DEC2022	46435G755	2,446	92,593	SH		SOLE		0	0	92,593
ISHARES IBONDS DEC 2023 TERM MUNI BOND ETF	IBONDS DEC2023	46435G318	550	20,947	SH		SOLE		0	0	20,947
ISHARES IBONDS SEP 2020 TERM MUNI BOND ETF	IBONDS SEP2020	46434V571	3,829	150,229	SH		SOLE		0	0	150,229
ISHARES INTERMEDIATE CREDIT BOND ETF	INTRM TR CRP ETF	464288638	1,064	17,618	SH		SOLE		0	0	17,618
ISHARES LIQUIDITY INCOME ETF	ULTR SH TRM BD	46434V878	1,334	26,377	SH		SOLE		0	0	26,377
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	6,581	108,115	SH		SOLE		0	0	108,115
ISHARES NORTH AMERICAN NATURAL RESOURCES	NORTH AMERN NAT	464287374	377	17,397	SH		SOLE		0	0	17,397
ISHARES RUSSELL 1000 ETF	RUS 1000 ETF	464287622	2,446	14,249	SH		SOLE		0	0	14,249
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	1,555	13,811	SH		SOLE		0	0	13,811
ISHARES RUSSELL MID-CAP ETF	RUS MID CAP ETF	464287499	2,606	48,622	SH		SOLE		0	0	48,622
ISHARES S&P 500 INDEX	CORE S&P500 ETF	464287200	57,127	184,466	SH		SOLE		0	0	184,466
ISHARES S&P 500 VALUE ETF	S&P 500 VAL ETF	464287408	33,229	307,079	SH		SOLE		0	0	307,079
ISHARES S&P MIDCAP 400 VALUE ETF	S&P MC 400VL ETF	464287705	2,813	21,158	SH		SOLE		0	0	21,158
ISHARES S&P SMALL-CAP 600 VALUE ETF	SP SMCP600VL ETF	464287879	13,974	116,096	SH		SOLE		0	0	116,096
ISHARES S&P SMALL-CAP FUND	CORE S&P SCP ETF	464287804	9,317	136,429	SH		SOLE		0	0	136,429
ISHARES TIPS BOND ETF	TIPS BD ETF	464287176	9,158	74,458	SH		SOLE		0	0	74,458
ISHARES TR S&P 1500 INDEX FD	CORE S&P TTL STK	464287150	1,757	25,297	SH		SOLE		0	0	25,297
JP MORGAN CHASE & CO	COM	46625H100	1,342	14,271	SH		SOLE		0	0	14,271
LINCOLN NATIONAL CORP IND	COM	534187109	808	21,966	SH		SOLE		0	0	21,966
OLD NATL BANCORP IND COM	COM	680033107	339	24,660	SH		SOLE		0	0	24,660
SCHWAB ETFS- US SMALL-CAP ETF	US SML CAP ETF	808524607	897	13,724	SH		SOLE		0	0	13,724
SCHWAB STRATEGIC TR US LRG CAP ETF	US LRG CAP ETF	808524201	1,619	21,851	SH		SOLE		0	0	21,851
SCHWAB US AGGREGATE BOND ETF	US AGGREGATE B	808524839	1,562	27,776	SH		SOLE		0	0	27,776
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	BLOMBRG BRC TIPS	78464A656	2,313	76,741	SH		SOLE		0	0	76,741
SPDR DJ WILSHIRE REIT (ETF)	DJ REIT ETF	78464A607	2,975	38,130	SH		SOLE		0	0	38,130
SPDR HIGH YIELD BOND ETF	BLOOMBERG BRCLYS	78464A417	4,836	47,804	SH		SOLE		0	0	47,804
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF	PORTFOLIO INTRMD	78464A375	626	17,149	SH		SOLE		0	0	17,149
SPDR PORTFOLIO S&P 500 VALUE ETF	PRTFLO S&P500 VL	78464A508	455	15,690	SH		SOLE		0	0	15,690
SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF	PORTFOLIO SHORT	78464A474	411	13,110	SH		SOLE		0	0	13,110
SPDR S&P GLOBAL NATURAL RESOURCES ETF	GLB NAT RESRCE	78463X541	1,075	29,100	SH		SOLE		0	0	29,100
SPDR S&P WORLD EX-US ETF	PORTFOLIO DEVLPD	78463X889	778	28,180	SH		SOLE		0	0	28,180
VANGUARD EXTENDED MARKET ETF	EXTEND MKT ETF	922908652	1,507	12,731	SH		SOLE		0	0	12,731
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	ALLWRLD EX US	922042775	9,027	189,602	SH		SOLE		0	0	189,602
VANGUARD FTSE DEVELOPED MARKETS ETF	FTSE DEV MKT ETF	921943858	1,333	34,377	SH		SOLE		0	0	34,377
VANGUARD FTSE EMERGING MARKETS ETF	FTSE EMR MKT ETF	922042858	1,682	42,462	SH		SOLE		0	0	42,462
VANGUARD GLOBAL EX-U.S. REAL ESTATE ETF	GLB EX US ETF	922042676	492	10,548	SH		SOLE		0	0	10,548
VANGUARD INDEX FDS MID-CAP VALUE INDEX VIPER SHS ETF	MCAP VL IDXVIP	922908512	1,786	18,664	SH		SOLE		0	0	18,664
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	INT-TERM CORP	92206C870	15,196	159,719	SH		SOLE		0	0	159,719
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	INTERMED TERM	921937819	8,224	88,252	SH		SOLE		0	0	88,252
VANGUARD LARGE-CAP INDEX FUND	LARGE CAP ETF	922908637	3,466	24,238	SH		SOLE		0	0	24,238
VANGUARD LONG-TERM BOND INDEX FUND	LONG TERM BOND	921937793	1,257	11,255	SH		SOLE		0	0	11,255
VANGUARD MEGA CAP ETF	MEGA CAP INDEX	921910873	5,459	49,876	SH		SOLE		0	0	49,876
VANGUARD MEGA CAP VALUE ETF	MEGA CAP VAL ETF	921910840	4,981	68,030	SH		SOLE		0	0	68,030
VANGUARD MID-CAP INDEX FUND	MID CAP ETF	922908629	19,179	117,012	SH		SOLE		0	0	117,012
VANGUARD REIT ETF	REAL ESTATE ETF	922908553	17,991	229,099	SH		SOLE		0	0	229,099
VANGUARD S&P 500 ETF	S&P 500 ETF SHS	922908363	12,410	43,784	SH		SOLE		0	0	43,784
VANGUARD S&P 500 VALUE ETF	500 VAL IDX FD	921932703	12,165	116,413	SH		SOLE		0	0	116,413
VANGUARD S&P ETF SMALL CAP 600	SMLLCP 600 IDX	921932828	1,259	10,064	SH		SOLE		0	0	10,064
VANGUARD S&P MID-CAP 400 ETF	MIDCP 400 IDX	921932885	2,683	22,312	SH		SOLE		0	0	22,312
VANGUARD SHORT TERM BOND	SHORT TRM BOND	921937827	3,485	41,922	SH		SOLE		0	0	41,922
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	SHRT TRM CORP BD	92206C409	5,531	66,909	SH		SOLE		0	0	66,909
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	STRM INFPROIDX	922020805	4,362	86,943	SH		SOLE		0	0	86,943
VANGUARD SMALL CAP ETF	SMALL CP ETF	922908751	2,662	18,269	SH		SOLE		0	0	18,269
VANGUARD SMALL-CAP VALUE INDEX FUND	SM CP VAL ETF	922908611	8,132	76,060	SH		SOLE		0	0	76,060
VANGUARD TAX-EXEMPT BOND ETF	TAX EXEMPT BD	922907746	5,162	95,354	SH		SOLE		0	0	95,354
VANGUARD TOTAL BOND MARKET INDEX FUND	TOTAL BND MRKT	921937835	20,367	230,557	SH		SOLE		0	0	230,557
VANGUARD TOTAL INTERNATIONAL BOND ETF	INTL BD IDX ETF	92203J407	24,299	420,906	SH		SOLE		0	0	420,906
VANGUARD TOTAL INTERNATIONAL STOCK ETF	VG TL INTL STK F	921909768	25,030	509,044	SH		SOLE		0	0	509,044
VANGUARD TOTAL STOCK MARKET INDEX FUND	TOTAL STK MKT	922908769	2,033	12,987	SH		SOLE		0	0	12,987
VANGUARD VALUE INDEX FUND	VALUE ETF	922908744	4,162	41,793	SH		SOLE		0	0	41,793
WILLIAMS COS INC COM	COM	969457100	203	10,648	SH		SOLE		0	0	10,648