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
DCP MIDSTREAM PARTNERS LP COM UT LTD PTN	COM	23311P100	377	10,700	SH		SOLE		0	0	10,700
ENTERPRISE PRODS PARTNERS L P	COM	293792107	431	14,644	SH		SOLE		0	0	14,644
ISHARES AGGREGATE BOND ETF	COM	464287226	22,502	200,006	SH		SOLE		0	0	200,006
ISHARES COMEX GOLD TRUST	COM	464285105	298	23,214	SH		SOLE		0	0	23,214
ISHARES CORE 1-5 YEAR USD BOND ETF	COM	46432F859	2,617	25,844	SH		SOLE		0	0	25,844
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	COM	46435G672	994	18,693	SH		SOLE		0	0	18,693
ISHARES CORE S&P 500 ETF	COM	464287200	32,732	150,567	SH		SOLE		0	0	150,567
ISHARES IBONDS SEP 2016 AMT-FREE MUNI BOND ETF	COM	464289313	1,672	63,155	SH		SOLE		0	0	63,155
ISHARES IBONDS SEP 2017 AMT-FREE MUNI BOND ETF	COM	464289271	1,792	65,458	SH		SOLE		0	0	65,458
ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF	COM	46429B580	1,626	63,384	SH		SOLE		0	0	63,384
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	COM	46429B564	1,228	47,621	SH		SOLE		0	0	47,621
ISHARES MSCI EAFE ETF	COM	464287465	12,693	223,951	SH		SOLE		0	0	223,951
ISHARES NORTH AMERICAN NATURAL RESOURCES	COM	464287374	1,455	43,156	SH		SOLE		0	0	43,156
ISHARES RUSSELL 1000 ETF	COM	464287622	2,658	22,155	SH		SOLE		0	0	22,155
ISHARES RUSSELL 1000 VALUE ETF	COM	464287598	1,591	15,072	SH		SOLE		0	0	15,072
ISHARES RUSSELL MID-CAP ETF	COM	464287499	3,272	18,945	SH		SOLE		0	0	18,945
ISHARES S&P 500 VALUE ETF	COM	464287408	33,021	345,509	SH		SOLE		0	0	345,509
ISHARES S&P MIDCAP FUND	COM	464287507	38,428	249,737	SH		SOLE		0	0	249,737
ISHARES S&P SMALL-CAP 600 VALUE ETF	COM	464287879	16,788	137,759	SH		SOLE		0	0	137,759
ISHARES TIPS BOND ETF	COM	464287176	5,805	49,899	SH		SOLE		0	0	49,899
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	COM	46432F834	17,632	352,919	SH		SOLE		0	0	352,919
JP MORGAN CHASE & CO	COM	46625H100	904	14,158	SH		SOLE		0	0	14,158
LINCOLN NATIONAL CORP IND	COM	534187109	1,079	24,905	SH		SOLE		0	0	24,905
OLD NATL BANCORP IND COM	COM	680033107	344	26,391	SH		SOLE		0	0	26,391
SCHWAB U.S. LARGE-CAP ETF	COM	808524201	579	11,262	SH		SOLE		0	0	11,262
SCHWAB U.S. LARGE-CAP VALUE ETF	COM	808524409	616	13,396	SH		SOLE		0	0	13,396
SCHWAB US AGGREGATE BOND ETF	COM	808524839	634	11,809	SH		SOLE		0	0	11,809
SCHWAB U.S. MID-CAP ETF	COM	808524508	528	12,221	SH		SOLE		0	0	12,221
SPDR HIGH YIELD BOND ETF	COM	78464A417	5,355	148,113	SH		SOLE		0	0	148,113
SPDR BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF	COM	78464A375	1,318	37,774	SH		SOLE		0	0	37,774
SPDR BARCLAYS SHORT TERM CORPORATE BOND ETF	COM	78464A474	880	28,585	SH		SOLE		0	0	28,585
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	COM	78464A656	2,610	44,941	SH		SOLE		0	0	44,941
SPDR DOW JONES REIT ETF	COM	78464A607	9,841	96,527	SH		SOLE		0	0	96,527
SPDR S&P GLOBAL NATURAL RESOURCES ETF	COM	78463X541	1,647	42,629	SH		SOLE		0	0	42,629
SPDR S&P WORLD EX-US ETF	COM	78463X889	836	32,995	SH		SOLE		0	0	32,995
VANGUARD EUROPEAN	COM	922042874	642	13,682	SH		SOLE		0	0	13,682
VANGUARD EXTENDED MARKET INDEX FUND	COM	922908652	1,001	11,315	SH		SOLE		0	0	11,315
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	COM	922042775	13,768	315,123	SH		SOLE		0	0	315,123
VANGUARD FTSE DEVELOPED MARKETS ETF	COM	921943858	1,811	50,376	SH		SOLE		0	0	50,376
VANGUARD FTSE EMERGING MARKETS ETF	COM	922042858	1,379	37,704	SH		SOLE		0	0	37,704
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	COM	922042676	796	14,537	SH		SOLE		0	0	14,537
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	COM	921937819	5,392	61,399	SH		SOLE		0	0	61,399
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	COM	92206C870	9,411	105,169	SH		SOLE		0	0	105,169
VANGUARD LARGE-CAP INDEX FUND	COM	922908637	2,058	20,797	SH		SOLE		0	0	20,797
VANGUARD LONG-TERM BOND INDEX FUND	COM	921937793	1,427	14,400	SH		SOLE		0	0	14,400
VANGUARD MEGA CAP ETF	COM	921910873	3,171	42,973	SH		SOLE		0	0	42,973
VANGUARD MEGA CAP VALUE ETF	COM	921910840	4,761	75,251	SH		SOLE		0	0	75,251
VANGUARD MID-CAP INDEX FUND	COM	922908629	6,816	53,446	SH		SOLE		0	0	53,446
VANGUARD REIT ETF	COM	922908553	17,332	190,905	SH		SOLE		0	0	190,905
VANGUARD S&P 500 ETF	COM	922908363	2,940	14,819	SH		SOLE		0	0	14,819
VANGUARD S&P 500 VALUE ETF	COM	921932703	2,989	32,484	SH		SOLE		0	0	32,484
VANGUARD S&P MID-CAP 400 ETF	COM	921932885	1,786	17,202	SH		SOLE		0	0	17,202
VANGUARD S&P SMALL-CAP 600 VALUE ETF	COM	921932778	1,067	10,158	SH		SOLE		0	0	10,158
VANGUARD SHORT TERM BOND	COM	921937827	3,370	41,650	SH		SOLE		0	0	41,650
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	COM	92206C409	4,211	52,279	SH		SOLE		0	0	52,279
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	COM	922020805	4,013	81,136	SH		SOLE		0	0	81,136
VANGUARD SMALL-CAP VALUE INDEX FUND	COM	922908611	4,887	44,814	SH		SOLE		0	0	44,814
VANGUARD TOTAL BOND MARKET INDEX FUND	COM	921937835	17,440	207,124	SH		SOLE		0	0	207,124
VANGUARD TOTAL INTERNATIONAL BOND ETF	COM	92203J407	20,181	361,415	SH		SOLE		0	0	361,415
VANGUARD TOTAL INTERNATIONAL STOCK ETF	COM	921909768	8,033	176,938	SH		SOLE		0	0	176,938
VANGUARD TOTAL STOCK MARKET INDEX FUND	COM	922908769	2,075	18,759	SH		SOLE		0	0	18,759
VANGUARD VALUE INDEX FUND	COM	922908744	3,665	41,911	SH		SOLE		0	0	41,911
WILLIAMS COS INC DEL COM	COM	969457100	310	12,398	SH		SOLE		0	0	12,398