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	984	67,757	SH		SOLE		0	0	67,757
BLACKROCK ULTRA SHORT-TERM BOND ETF	ULTR SH TRM BD	46434V878	4,768	94,373	SH		SOLE		0	0	94,373
ISHARES 0-5 YEAR TIPS BOND ETF	0-5 YR TIPS ETF	46429B747	1,470	14,073	SH		SOLE		0	0	14,073
ISHARES 1-3 YR CREDIT BOND ETF	SH TR CRPORT ETF	464288646	646	11,713	SH		SOLE		0	0	11,713
ISHARES 5-10 YEAR INVESTMENT GRADE CORPORATE BOND ETF	INTRM TR CRP ETF	464288638	1,421	22,997	SH		SOLE		0	0	22,997
ISHARES AGGREGATE BOND ETF	CORE US AGGBD ET	464287226	50,798	429,798	SH		SOLE		0	0	429,798
ISHARES AMT-FREE MUNI BOND ETF	NATIONAL MUN ETF	464288414	4,865	41,506	SH		SOLE		0	0	41,506
ISHARES BROAD USD HIGH YIELD CORPORATE BOND ETF	BROAD USD HIGH	46435U853	4,259	103,221	SH		SOLE		0	0	103,221
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	CORE INTL AGGR	46435G672	20,989	373,403	SH		SOLE		0	0	373,403
ISHARES CORE MSCI EAFE	CORE MSCI EAFE	46432F842	5,664	81,983	SH		SOLE		0	0	81,983
ISHARES CORE MSCI EMERGING MKTS	CORE MSCI EMKT	46434G103	1,040	16,757	SH		SOLE		0	0	16,757
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	CORE MSCI TOTAL	46432F834	42,134	627,088	SH		SOLE		0	0	627,088
ISHARES CORE S&P MID CAP ETF	CORE S&P MCP ETF	464287507	54,409	236,735	SH		SOLE		0	0	236,735
ISHARES CORE S&P U.S. VALUE ETF	CORE S&P US VLU	464287663	1,129	18,160	SH		SOLE		0	0	18,160
ISHARES CORE TOTAL USD BOND MARKET ETF	CORE TOTAL USD	46434V613	3,502	64,157	SH		SOLE		0	0	64,157
ISHARES CORE U.S. REIT ETF	CRE U S REIT ETF	464288521	5,379	111,106	SH		SOLE		0	0	111,106
ISHARES EDGE MSCI MULTIFACTOR EMERGING MARKETS ETF	MLT FCTR EMG MKT	46434G889	4,171	84,891	SH		SOLE		0	0	84,891
ISHARES EDGE MSCI MULTIFACTOR INTL ETF	MULTIFACTOR INTL	46434V274	11,850	435,965	SH		SOLE		0	0	435,965
ISHARES EDGE MSCI MULTIFACTOR USA ETF	MULTIFACTOR USA	46434V282	27,454	728,805	SH		SOLE		0	0	728,805
ISHARES EDGE MSCI MULTIFACTOR USA SMALL-CAP ETF	MSCI USA SML CP	46434V290	5,820	127,193	SH		SOLE		0	0	127,193
ISHARES GOLD TRUST ETF	ISHARES	464285105	745	41,088	SH		SOLE		0	0	41,088
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	IBONDS DEC2021	46435G789	1,575	61,124	SH		SOLE		0	0	61,124
ISHARES IBONDS DEC 2022 TERM MUNI BOND ETF	IBONDS DEC2022	46435G755	1,315	49,884	SH		SOLE		0	0	49,884
ISHARES IBONDS DEC 2023 TERM MUNI BOND ETF	IBONDS DEC2023	46435G318	850	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	310	10,989	SH		SOLE		0	0	10,989
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	7,335	100,538	SH		SOLE		0	0	100,538
ISHARES NORTH AMERICAN NATURAL RESOURCES	NORTH AMERN NAT	464287374	405	17,397	SH		SOLE		0	0	17,397
ISHARES RUSSELL 1000 ETF	RUS 1000 ETF	464287622	2,758	13,017	SH		SOLE		0	0	13,017
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	1,752	12,816	SH		SOLE		0	0	12,816
ISHARES RUSSELL MID-CAP ETF	RUS MID CAP ETF	464287499	3,151	45,960	SH		SOLE		0	0	45,960
ISHARES S&P 500 GROWTH ETF	S&P 500 GRWT ETF	464287309	1,387	21,740	SH		SOLE		0	0	21,740
ISHARES S&P 500 INDEX	CORE S&P500 ETF	464287200	68,285	181,904	SH		SOLE		0	0	181,904
ISHARES S&P 500 VALUE ETF	S&P 500 VAL ETF	464287408	41,578	324,778	SH		SOLE		0	0	324,778
ISHARES S&P MIDCAP 400 VALUE ETF	S&P MC 400VL ETF	464287705	3,702	42,897	SH		SOLE		0	0	42,897
ISHARES S&P SMALL-CAP 600 VALUE ETF	SP SMCP600VL ETF	464287879	18,237	224,284	SH		SOLE		0	0	224,284
ISHARES S&P SMALL-CAP FUND	CORE S&P SCP ETF	464287804	12,734	138,561	SH		SOLE		0	0	138,561
ISHARES TIPS BOND ETF	TIPS BD ETF	464287176	10,274	80,487	SH		SOLE		0	0	80,487
ISHARES TR S&P 1500 INDEX FD	CORE S&P TTL STK	464287150	2,560	29,694	SH		SOLE		0	0	29,694
ISHARES TRS&P SHORT TERM NATL MUNICIPAL BD FD	SHRT NAT MUN ETF	464288158	2,314	21,400	SH		SOLE		0	0	21,400
ISHARES TRUST CORE SHORT-TERM US BD ETF	CORE 1 5 YR USD	46432F859	11,590	224,436	SH		SOLE		0	0	224,436
ISHARES U.S. FIXED INCOME BALANCED RISK FACTOR ETF	EDGE US FIXD INM	46435U796	1,795	17,497	SH		SOLE		0	0	17,497
JP MORGAN CHASE & CO	COM	46625H100	1,692	13,319	SH		SOLE		0	0	13,319
LINCOLN NATIONAL CORP IND	COM	534187109	1,136	22,578	SH		SOLE		0	0	22,578
OLD NATL BANCORP IND COM	COM	680033107	388	23,460	SH		SOLE		0	0	23,460
RAVEN INDS INC COM	COM	754212108	1,202	36,324	SH		SOLE		0	0	36,324
SCHWAB ETFS- US SMALL-CAP ETF	US SML CAP ETF	808524607	1,268	14,251	SH		SOLE		0	0	14,251
SCHWAB STRATEGIC TR US LRG CAP ETF	US LRG CAP ETF	808524201	2,080	22,871	SH		SOLE		0	0	22,871
SCHWAB US AGGREGATE BOND ETF	US AGGREGATE B	808524839	1,911	34,111	SH		SOLE		0	0	34,111
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	BLOMBRG BRC TIPS	78464A656	2,403	77,079	SH		SOLE		0	0	77,079
SPDR DJ WILSHIRE REIT (ETF)	DJ REIT ETF	78464A607	3,263	37,633	SH		SOLE		0	0	37,633
SPDR HIGH YIELD BOND ETF	BLOOMBERG BRCLYS	78468R622	5,344	49,054	SH		SOLE		0	0	49,054
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF	PORTFOLIO INTRMD	78464A375	622	16,726	SH		SOLE		0	0	16,726
SPDR PORTFOLIO S&P 500 VALUE ETF	PRTFLO S&P500 VL	78464A508	515	14,981	SH		SOLE		0	0	14,981
SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF	PORTFOLIO SHORT	78464A474	414	13,182	SH		SOLE		0	0	13,182
SPDR S&P GLOBAL NATURAL RESOURCES ETF	GLB NAT RESRCE	78463X541	1,405	31,374	SH		SOLE		0	0	31,374
SPDR S&P WORLD EX-US ETF	PORTFOLIO DEVLPD	78463X889	950	28,139	SH		SOLE		0	0	28,139
VANGUARD EXTENDED MARKET ETF	EXTEND MKT ETF	922908652	1,954	11,868	SH		SOLE		0	0	11,868
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	ALLWRLD EX US	922042775	10,632	182,184	SH		SOLE		0	0	182,184
VANGUARD FTSE DEVELOPED MARKETS ETF	FTSE DEV MKT ETF	921943858	1,442	30,551	SH		SOLE		0	0	30,551
VANGUARD FTSE EMERGING MARKETS ETF	FTSE EMR MKT ETF	922042858	2,035	40,619	SH		SOLE		0	0	40,619
VANGUARD GLOBAL EX-U.S. REAL ESTATE ETF	GLB EX US ETF	922042676	565	10,408	SH		SOLE		0	0	10,408
VANGUARD INDEX FDS MID-CAP VALUE INDEX VIPER SHS ETF	MCAP VL IDXVIP	922908512	2,093	17,598	SH		SOLE		0	0	17,598
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	INT-TERM CORP	92206C870	15,478	159,339	SH		SOLE		0	0	159,339
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	INTERMED TERM	921937819	9,267	99,806	SH		SOLE		0	0	99,806
VANGUARD LARGE-CAP INDEX FUND	LARGE CAP ETF	922908637	4,266	24,276	SH		SOLE		0	0	24,276
VANGUARD MEGA CAP ETF	MEGA CAP INDEX	921910873	7,636	57,217	SH		SOLE		0	0	57,217
VANGUARD MEGA CAP VALUE ETF	MEGA CAP VAL ETF	921910840	6,006	69,177	SH		SOLE		0	0	69,177
VANGUARD MID-CAP INDEX FUND	MID CAP ETF	922908629	22,924	110,865	SH		SOLE		0	0	110,865
VANGUARD REIT ETF	REAL ESTATE ETF	922908553	19,301	227,255	SH		SOLE		0	0	227,255
VANGUARD S&P 500 ETF	S&P 500 ETF SHS	922908363	14,585	42,436	SH		SOLE		0	0	42,436
VANGUARD S&P 500 VALUE ETF	500 VAL IDX FD	921932703	14,212	114,900	SH		SOLE		0	0	114,900
VANGUARD S&P ETF SMALL CAP 600	SMLLCP 600 IDX	921932828	1,757	10,471	SH		SOLE		0	0	10,471
VANGUARD S&P MID-CAP 400 ETF	MIDCP 400 IDX	921932885	3,554	22,845	SH		SOLE		0	0	22,845
VANGUARD SHORT TERM BOND	SHORT TRM BOND	921937827	3,349	40,398	SH		SOLE		0	0	40,398
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	SHRT TRM CORP BD	92206C409	5,699	68,457	SH		SOLE		0	0	68,457
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	STRM INFPROIDX	922020805	5,202	101,795	SH		SOLE		0	0	101,795
VANGUARD SMALL CAP ETF	SMALL CP ETF	922908751	3,320	17,052	SH		SOLE		0	0	17,052
VANGUARD SMALL-CAP VALUE INDEX FUND	SM CP VAL ETF	922908611	10,542	74,133	SH		SOLE		0	0	74,133
VANGUARD TAX-EXEMPT BOND ETF	TAX EXEMPT BD	922907746	5,843	105,863	SH		SOLE		0	0	105,863
VANGUARD TOTAL BOND MARKET INDEX FUND	TOTAL BND MRKT	921937835	22,570	255,924	SH		SOLE		0	0	255,924
VANGUARD TOTAL INTERNATIONAL BOND ETF	INTL BD IDX ETF	92203J407	25,653	438,130	SH		SOLE		0	0	438,130
VANGUARD TOTAL INTERNATIONAL STOCK ETF	VG TL INTL STK F	921909768	31,800	528,598	SH		SOLE		0	0	528,598
VANGUARD TOTAL STOCK MARKET INDEX FUND	TOTAL STK MKT	922908769	2,542	13,061	SH		SOLE		0	0	13,061
VANGUARD VALUE INDEX FUND	VALUE ETF	922908744	4,863	40,881	SH		SOLE		0	0	40,881
WILLIAMS COS INC COM	COM	969457100	208	10,356	SH		SOLE		0	0	10,356