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	450	67,757	SH		SOLE		0	0	67,757
ISHARES 0-5 YEAR TIPS BOND ETF	0-5 YR TIPS ETF	46429B747	1,234	11,863	SH		SOLE		0	0	11,863
ISHARES 1-3 YR CREDIT BOND ETF	SH TR CRPORT ETF	464288646	608	11,067	SH		SOLE		0	0	11,067
ISHARES AGGREGATE BOND ETF	CORE US AGGBD ET	464287226	45,425	384,761	SH		SOLE		0	0	384,761
ISHARES AMT-FREE MUNI BOND ETF	NATIONAL MUN ETF	464288414	4,637	39,996	SH		SOLE		0	0	39,996
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	BROAD USD HIGH	46435U853	3,456	87,566	SH		SOLE		0	0	87,566
ISHARES CORE 1-5 YEAR USD BOND ETF	CORE 1 5 YR USD	46432F859	10,115	196,225	SH		SOLE		0	0	196,225
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	CORE INTL AGGR	46435G672	18,327	329,269	SH		SOLE		0	0	329,269
ISHARES CORE MSCI EAFE	CORE MSCI EAFE	46432F842	4,992	82,808	SH		SOLE		0	0	82,808
ISHARES CORE MSCI EMERGING MKTS	CORE MSCI EMKT	46434G103	891	16,883	SH		SOLE		0	0	16,883
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	CORE MSCI TOTAL	46432F834	34,917	598,513	SH		SOLE		0	0	598,513
ISHARES CORE S&P MID CAP ETF	CORE S&P MCP ETF	464287507	43,880	236,791	SH		SOLE		0	0	236,791
ISHARES CORE S&P U.S. VALUE ETF	CORE S&P US VLU	464287663	991	18,249	SH		SOLE		0	0	18,249
ISHARES CORE TOTAL USD BOND MARKET ETF	CORE TOTAL USD	46434V613	3,267	60,084	SH		SOLE		0	0	60,084
ISHARES CORE U.S. REIT ETF	CRE U S REIT ETF	464288521	4,352	99,489	SH		SOLE		0	0	99,489
ISHARES EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF	MLT FCTR EMG MKT	46434G889	3,754	85,550	SH		SOLE		0	0	85,550
ISHARES EDGE MSCI MULTIFACTOR INTL ETF	MULTIFACTOR INTL	46434V274	10,514	432,679	SH		SOLE		0	0	432,679
ISHARES EDGE MSCI MULTIFACTOR USA ETF	MULTIFACTOR USA	46434V282	24,745	745,333	SH		SOLE		0	0	745,333
ISHARES EDGE MSCI MULTIFACTOR USA SMALL-CAP ETF	MULTIFACTOR USA	46434V290	4,818	129,283	SH		SOLE		0	0	129,283
ISHARES GOLD TRUST ETF	ISHARES	464285105	735	40,866	SH		SOLE		0	0	40,866
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	IBONDS DEC2021	46435G789	2,856	110,229	SH		SOLE		0	0	110,229
ISHARES IBONDS DEC 2022 TERM MUNI BOND ETF	IBONDS DEC2022	46435G755	2,454	92,593	SH		SOLE		0	0	92,593
ISHARES IBONDS DEC 2023 TERM MUNI BOND ETF	IBONDS DEC2023	46435G318	853	32,453	SH		SOLE		0	0	32,453
ISHARES IBONDS DEC 2024 TERM MUNI BOND ETF	IBONDS DEC	46435U697	982	36,245	SH		SOLE		0	0	36,245
ISHARES IBONDS DEC 2025 TERM MUNI BOND ETF	IBONDS DEC 25	46435U432	298	10,604	SH		SOLE		0	0	10,604
ISHARES INTERMEDIATE CREDIT BOND ETF	INTRM TR CRP ETF	464288638	1,161	19,085	SH		SOLE		0	0	19,085
ISHARES LIQUIDITY INCOME ETF	ULTR SH TRM BD	46434V878	1,132	22,375	SH		SOLE		0	0	22,375
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	6,560	103,067	SH		SOLE		0	0	103,067
ISHARES NORTH AMERICAN NATURAL RESOURCES	NORTH AMERN NAT	464287374	344	17,397	SH		SOLE		0	0	17,397
ISHARES RUSSELL 1000 ETF	RUS 1000 ETF	464287622	2,446	13,070	SH		SOLE		0	0	13,070
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	1,520	12,871	SH		SOLE		0	0	12,871
ISHARES RUSSELL MID-CAP ETF	RUS MID CAP ETF	464287499	2,654	46,261	SH		SOLE		0	0	46,261
ISHARES S&P 500 INDEX	CORE S&P500 ETF	464287200	61,526	183,082	SH		SOLE		0	0	183,082
ISHARES S&P 500 VALUE ETF	S&P 500 VAL ETF	464287408	35,311	314,017	SH		SOLE		0	0	314,017
ISHARES S&P MIDCAP 400 VALUE ETF	S&P MC 400VL ETF	464287705	2,853	21,155	SH		SOLE		0	0	21,155
ISHARES S&P SMALL-CAP 600 VALUE ETF	SP SMCP600VL ETF	464287879	13,985	114,240	SH		SOLE		0	0	114,240
ISHARES S&P SMALL-CAP FUND	CORE S&P SCP ETF	464287804	9,541	135,855	SH		SOLE		0	0	135,855
ISHARES TIPS BOND ETF	TIPS BD ETF	464287176	9,664	76,393	SH		SOLE		0	0	76,393
ISHARES TR S&P 1500 INDEX FD	CORE S&P TTL STK	464287150	2,126	28,162	SH		SOLE		0	0	28,162
ISHARES TRS&P SHORT TERM NATL MUNICIPAL BD FD	SHRT NAT MUN ETF	464288158	3,598	33,287	SH		SOLE		0	0	33,287
ISHARES U.S. FIXED INCOME BALANCED RISK FACTOR ETF	EDGE US FIXD INM	46435U796	1,734	17,074	SH		SOLE		0	0	17,074
JP MORGAN CHASE & CO	COM	46625H100	1,375	14,287	SH		SOLE		0	0	14,287
LINCOLN NATIONAL CORP IND	COM	534187109	688	21,966	SH		SOLE		0	0	21,966
OLD NATL BANCORP IND COM	COM	680033107	295	23,460	SH		SOLE		0	0	23,460
SCHWAB ETFS- US SMALL-CAP ETF	US SML CAP ETF	808524607	987	14,445	SH		SOLE		0	0	14,445
SCHWAB STRATEGIC TR US LRG CAP ETF	US LRG CAP ETF	808524201	1,730	21,455	SH		SOLE		0	0	21,455
SCHWAB US AGGREGATE BOND ETF	US AGGREGATE B	808524839	1,686	30,072	SH		SOLE		0	0	30,072
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	BLOMBRG BRC TIPS	78464A656	2,290	74,185	SH		SOLE		0	0	74,185
SPDR DJ WILSHIRE REIT (ETF)	DJ REIT ETF	78464A607	2,962	37,987	SH		SOLE		0	0	37,987
SPDR HIGH YIELD BOND ETF	BLOOMBERG BRCLYS	78468R622	5,097	48,881	SH		SOLE		0	0	48,881
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF	PORTFOLIO INTRMD	78464A375	632	17,205	SH		SOLE		0	0	17,205
SPDR PORTFOLIO S&P 500 VALUE ETF	PRTFLO S&P500 VL	78464A508	474	15,690	SH		SOLE		0	0	15,690
SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF	PORTFOLIO SHORT	78464A474	412	13,144	SH		SOLE		0	0	13,144
SPDR S&P GLOBAL NATURAL RESOURCES ETF	GLB NAT RESRCE	78463X541	1,106	29,467	SH		SOLE		0	0	29,467
SPDR S&P WORLD EX-US ETF	PORTFOLIO DEVLPD	78463X889	823	28,139	SH		SOLE		0	0	28,139
VANGUARD EXTENDED MARKET ETF	EXTEND MKT ETF	922908652	1,618	12,476	SH		SOLE		0	0	12,476
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	ALLWRLD EX US	922042775	9,329	184,911	SH		SOLE		0	0	184,911
VANGUARD FTSE DEVELOPED MARKETS ETF	FTSE DEV MKT ETF	921943858	1,446	35,352	SH		SOLE		0	0	35,352
VANGUARD FTSE EMERGING MARKETS ETF	FTSE EMR MKT ETF	922042858	1,792	41,450	SH		SOLE		0	0	41,450
VANGUARD GLOBAL EX-U.S. REAL ESTATE ETF	GLB EX US ETF	922042676	517	10,627	SH		SOLE		0	0	10,627
VANGUARD INDEX FDS MID-CAP VALUE INDEX VIPER SHS ETF	MCAP VL IDXVIP	922908512	1,788	17,642	SH		SOLE		0	0	17,642
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	INT-TERM CORP	92206C870	14,589	152,287	SH		SOLE		0	0	152,287
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	INTERMED TERM	921937819	8,624	92,254	SH		SOLE		0	0	92,254
VANGUARD LARGE-CAP INDEX FUND	LARGE CAP ETF	922908637	3,819	24,412	SH		SOLE		0	0	24,412
VANGUARD MEGA CAP ETF	MEGA CAP INDEX	921910873	6,774	56,501	SH		SOLE		0	0	56,501
VANGUARD MEGA CAP VALUE ETF	MEGA CAP VAL ETF	921910840	5,257	68,536	SH		SOLE		0	0	68,536
VANGUARD MID-CAP INDEX FUND	MID CAP ETF	922908629	20,316	115,259	SH		SOLE		0	0	115,259
VANGUARD REIT ETF	REAL ESTATE ETF	922908553	18,397	232,987	SH		SOLE		0	0	232,987
VANGUARD S&P 500 ETF	S&P 500 ETF SHS	922908363	13,213	42,947	SH		SOLE		0	0	42,947
VANGUARD S&P 500 VALUE ETF	500 VAL IDX FD	921932703	12,420	114,024	SH		SOLE		0	0	114,024
VANGUARD S&P ETF SMALL CAP 600	SMLLCP 600 IDX	921932828	1,314	10,177	SH		SOLE		0	0	10,177
VANGUARD S&P MID-CAP 400 ETF	MIDCP 400 IDX	921932885	2,742	21,839	SH		SOLE		0	0	21,839
VANGUARD SHORT TERM BOND	SHORT TRM BOND	921937827	3,479	41,894	SH		SOLE		0	0	41,894
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	SHRT TRM CORP BD	92206C409	5,368	64,789	SH		SOLE		0	0	64,789
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	STRM INFPROIDX	922020805	4,475	87,713	SH		SOLE		0	0	87,713
VANGUARD SMALL CAP ETF	SMALL CP ETF	922908751	2,773	18,029	SH		SOLE		0	0	18,029
VANGUARD SMALL-CAP VALUE INDEX FUND	SM CP VAL ETF	922908611	8,427	76,173	SH		SOLE		0	0	76,173
VANGUARD TAX-EXEMPT BOND ETF	TAX EXEMPT BD	922907746	5,833	107,153	SH		SOLE		0	0	107,153
VANGUARD TOTAL BOND MARKET INDEX FUND	TOTAL BND MRKT	921937835	20,455	231,869	SH		SOLE		0	0	231,869
VANGUARD TOTAL INTERNATIONAL BOND ETF	INTL BD IDX ETF	92203J407	24,359	418,639	SH		SOLE		0	0	418,639
VANGUARD TOTAL INTERNATIONAL STOCK ETF	VG TL INTL STK F	921909768	27,034	518,188	SH		SOLE		0	0	518,188
VANGUARD TOTAL STOCK MARKET INDEX FUND	TOTAL STK MKT	922908769	2,187	12,842	SH		SOLE		0	0	12,842
VANGUARD VALUE INDEX FUND	VALUE ETF	922908744	4,270	40,862	SH		SOLE		0	0	40,862
WILLIAMS COS INC COM	COM	969457100	209	10,648	SH		SOLE		0	0	10,648