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	409	10,700	SH		SOLE		0	0	10,700
ISHARES COMEX GOLD TRUST	COM	464285105	413	36,041	SH		SOLE		0	0	36,041
ISHARES CORE 1-5 YEAR USD BOND ETF	COM	46432F859	3,447	68,814	SH		SOLE		0	0	68,814
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	COM	46435G672	2,775	53,700	SH		SOLE		0	0	53,700
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	COM	46432F834	20,731	398,598	SH		SOLE		0	0	398,598
ISHARES CORE S&P 500 ETF	COM	464287200	34,823	152,457	SH		SOLE		0	0	152,457
ISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF	COM	464287150	558	10,693	SH		SOLE		0	0	10,693
ISHARES AGGREGATE BOND ETF	COM	464287226	23,945	220,551	SH		SOLE		0	0	220,551
ISHARES IBONDS SEP 2017 AMT-FREE MUNI BOND ETF	COM	464289271	1,619	59,405	SH		SOLE		0	0	59,405
ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF	COM	46429B580	1,892	74,179	SH		SOLE		0	0	74,179
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	COM	46429B564	1,591	62,664	SH		SOLE		0	0	62,664
ISHARES TR IBONDS SEP20 ETF	COM	46434V571	1,245	49,045	SH		SOLE		0	0	49,045
ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	COM	464287242	1,322	11,197	SH		SOLE		0	0	11,197
ISHARES INTERMEDIATE GOVERNMENT/CREDIT BOND ETF	COM	464288612	1,147	10,424	SH		SOLE		0	0	10,424
ISHARES MSCI EAFE ETF	COM	464287465	12,872	217,144	SH		SOLE		0	0	217,144
ISHARES NATIONAL MUNI BOND ETF	COM	464288414	1,134	10,410	SH		SOLE		0	0	10,410
ISHARES NORTH AMERICAN NATURAL RESOURCES	COM	464287374	1,662	45,814	SH		SOLE		0	0	45,814
ISHARES RUSSELL 1000 ETF	COM	464287622	2,613	20,641	SH		SOLE		0	0	20,641
ISHARES RUSSELL 1000 VALUE ETF	COM	464287598	1,668	14,766	SH		SOLE		0	0	14,766
ISHARES RUSSELL MID-CAP ETF	COM	464287499	3,405	18,677	SH		SOLE		0	0	18,677
ISHARES S&P 500 VALUE ETF	COM	464287408	35,289	344,889	SH		SOLE		0	0	344,889
ISHARES S&P MIDCAP FUND	COM	464287507	41,685	248,020	SH		SOLE		0	0	248,020
ISHARES S&P SMALL-CAP 600 VALUE ETF	COM	464287879	18,961	134,712	SH		SOLE		0	0	134,712
ISHARES SHORT-TERM NATIONAL MUNI BOND ETF	COM	464288158	1,151	10,932	SH		SOLE		0	0	10,932
ISHARES TIPS BOND ETF	COM	464287176	6,025	52,812	SH		SOLE		0	0	52,812
JP MORGAN CHASE & CO	COM	46625H100	1,175	13,495	SH		SOLE		0	0	13,495
LINCOLN NATIONAL CORP IND	COM	534187109	1,236	18,280	SH		SOLE		0	0	18,280
OLD NATL BANCORP IND COM	COM	680033107	472	26,391	SH		SOLE		0	0	26,391
SCHWAB U.S. LARGE-CAP ETF	COM	808524201	678	12,530	SH		SOLE		0	0	12,530
SCHWAB U.S. LARGE-CAP VALUE ETF	COM	808524409	711	14,697	SH		SOLE		0	0	14,697
SCHWAB U.S. MID-CAP ETF	COM	808524508	612	13,306	SH		SOLE		0	0	13,306
SCHWAB US AGGREGATE BOND ETF	COM	808524839	767	14,806	SH		SOLE		0	0	14,806
SPDR HIGH YIELD BOND ETF	COM	78464A417	5,302	144,224	SH		SOLE		0	0	144,224
SPDR BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF	COM	78464A375	1,303	38,294	SH		SOLE		0	0	38,294
SPDR BARCLAYS SHORT TERM CORPORATE BOND ETF	COM	78464A474	824	26,991	SH		SOLE		0	0	26,991
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	COM	78464A656	2,547	44,895	SH		SOLE		0	0	44,895
SPDR DOW JONES REIT ETF	COM	78464A607	8,664	93,629	SH		SOLE		0	0	93,629
SPDR S&P GLOBAL NATURAL RESOURCES ETF	COM	78463X541	1,875	43,750	SH		SOLE		0	0	43,750
SPDR S&P WORLD EX-US ETF	COM	78463X889	826	31,219	SH		SOLE		0	0	31,219
VANGUARD EXTENDED MARKET INDEX FUND	COM	922908652	1,119	11,451	SH		SOLE		0	0	11,451
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	COM	922042775	14,660	321,481	SH		SOLE		0	0	321,481
VANGUARD FTSE DEVELOPED MARKETS ETF	COM	921943858	2,223	59,103	SH		SOLE		0	0	59,103
VANGUARD FTSE EMERGING MARKETS ETF	COM	922042858	1,455	39,127	SH		SOLE		0	0	39,127
VANGUARD EUROPEAN	COM	922042874	690	14,140	SH		SOLE		0	0	14,140
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	COM	922042676	786	15,379	SH		SOLE		0	0	15,379
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	COM	921937819	4,979	59,646	SH		SOLE		0	0	59,646
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	COM	92206C870	9,685	112,431	SH		SOLE		0	0	112,431
VANGUARD LARGE-CAP INDEX FUND	COM	922908637	2,112	20,288	SH		SOLE		0	0	20,288
VANGUARD LONG-TERM BOND INDEX FUND	COM	921937793	1,305	14,371	SH		SOLE		0	0	14,371
VANGUARD MEGA CAP ETF	COM	921910873	3,185	41,062	SH		SOLE		0	0	41,062
VANGUARD MEGA CAP VALUE ETF	COM	921910840	5,134	75,985	SH		SOLE		0	0	75,985
VANGUARD MID-CAP INDEX FUND	COM	922908629	7,108	52,967	SH		SOLE		0	0	52,967
VANGUARD REIT ETF	COM	922908553	16,981	206,308	SH		SOLE		0	0	206,308
VANGUARD S&P 500 ETF	COM	922908363	2,998	14,378	SH		SOLE		0	0	14,378
VANGUARD S&P 500 VALUE ETF	COM	921932703	3,213	32,604	SH		SOLE		0	0	32,604
VANGUARD S&P MID-CAP 400 ETF	COM	921932885	1,782	15,730	SH		SOLE		0	0	15,730
VANGUARD SHORT TERM BOND	COM	921937827	3,245	40,776	SH		SOLE		0	0	40,776
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	COM	92206C409	4,043	50,872	SH		SOLE		0	0	50,872
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	COM	922020805	4,017	81,605	SH		SOLE		0	0	81,605
VANGUARD SMALL-CAP VALUE INDEX FUND	COM	922908611	5,376	43,840	SH		SOLE		0	0	43,840
VANGUARD TAX-EXEMPT BOND ETF	COM	922907746	852	16,844	SH		SOLE		0	0	16,844
VANGUARD TOTAL BOND MARKET INDEX FUND	COM	921937835	16,511	203,413	SH		SOLE		0	0	203,413
VANGUARD TOTAL INTERNATIONAL BOND ETF	COM	92203J407	21,766	402,098	SH		SOLE		0	0	402,098
VANGUARD TOTAL INTERNATIONAL STOCK ETF	COM	921909768	8,802	186,040	SH		SOLE		0	0	186,040
VANGUARD TOTAL STOCK MARKET INDEX FUND	COM	922908769	1,996	17,023	SH		SOLE		0	0	17,023
VANGUARD VALUE INDEX FUND	COM	922908744	3,848	41,072	SH		SOLE		0	0	41,072
WILLIAMS COS INC DEL COM	COM	969457100	337	11,698	SH		SOLE		0	0	11,698