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	404	10,700	SH		SOLE		0	0	10,700
ISHARES 0-5 YEAR TIPS BOND ETF	COM	46429B747	1,024	10,083	SH		SOLE		0	0	10,083
ISHARES COMEX GOLD TRUST	COM	464285105	288	23,214	SH		SOLE		0	0	23,214
ISHARES CORE 1-5 YEAR USD BOND ETF	COM	46432F859	3,903	77,673	SH		SOLE		0	0	77,673
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	COM	46435G672	3,701	71,133	SH		SOLE		0	0	71,133
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	COM	46432F834	22,922	420,723	SH		SOLE		0	0	420,723
ISHARES CORE S&P 500 ETF	COM	464287200	35,655	152,342	SH		SOLE		0	0	152,342
ISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF	COM	464287150	673	12,652	SH		SOLE		0	0	12,652
ISHARES AGGREGATE BOND ETF	COM	464287226	26,957	246,702	SH		SOLE		0	0	246,702
ISHARES GLOBAL REIT ETF	COM	46434V647	272	10,519	SH		SOLE		0	0	10,519
ISHARES IBONDS SEP 2017 AMT-FREE MUNI BOND ETF	COM	464289271	1,618	59,415	SH		SOLE		0	0	59,415
ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF	COM	46429B580	1,910	74,972	SH		SOLE		0	0	74,972
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	COM	46429B564	1,603	62,664	SH		SOLE		0	0	62,664
ISHARES TR IBONDS SEP20 ETF	COM	46434V571	1,257	49,045	SH		SOLE		0	0	49,045
ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	COM	464287242	1,372	11,518	SH		SOLE		0	0	11,518
ISHARES MSCI EAFE ETF	COM	464287465	13,131	213,174	SH		SOLE		0	0	213,174
ISHARES NATIONAL MUNI BOND ETF	COM	464288414	1,238	11,295	SH		SOLE		0	0	11,295
ISHARES NORTH AMERICAN NATURAL RESOURCES	COM	464287374	1,440	42,387	SH		SOLE		0	0	42,387
ISHARES RUSSELL 1000 ETF	COM	464287622	2,639	20,386	SH		SOLE		0	0	20,386
ISHARES RUSSELL 1000 VALUE ETF	COM	464287598	1,663	14,699	SH		SOLE		0	0	14,699
ISHARES RUSSELL MID-CAP ETF	COM	464287499	3,086	16,749	SH		SOLE		0	0	16,749
ISHARES S&P 500 VALUE ETF	COM	464287408	35,735	349,022	SH		SOLE		0	0	349,022
ISHARES S&P MIDCAP FUND	COM	464287507	42,002	250,842	SH		SOLE		0	0	250,842
ISHARES S&P SMALL-CAP 600 VALUE ETF	COM	464287879	18,108	135,004	SH		SOLE		0	0	135,004
ISHARES S&P SMALL-CAP FUND	COM	464287804	889	13,294	SH		SOLE		0	0	13,294
ISHARES TIPS BOND ETF	COM	464287176	6,510	56,500	SH		SOLE		0	0	56,500
JP MORGAN CHASE & CO	COM	46625H100	1,159	13,734	SH		SOLE		0	0	13,734
LINCOLN NATIONAL CORP IND	COM	534187109	1,129	17,859	SH		SOLE		0	0	17,859
OLD NATL BANCORP IND COM	COM	680033107	430	26,391	SH		SOLE		0	0	26,391
SCHWAB U.S. LARGE-CAP ETF	COM	808524201	675	12,163	SH		SOLE		0	0	12,163
SCHWAB U.S. LARGE-CAP VALUE ETF	COM	808524409	752	15,368	SH		SOLE		0	0	15,368
SCHWAB U.S. MID-CAP ETF	COM	808524508	643	13,829	SH		SOLE		0	0	13,829
SCHWAB US AGGREGATE BOND ETF	COM	808524839	846	16,237	SH		SOLE		0	0	16,237
SPDR HIGH YIELD BOND ETF	COM	78464A417	5,671	154,512	SH		SOLE		0	0	154,512
SPDR BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF	COM	78464A375	1,301	37,910	SH		SOLE		0	0	37,910
SPDR BARCLAYS SHORT TERM CORPORATE BOND ETF	COM	78464A474	639	20,880	SH		SOLE		0	0	20,880
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	COM	78464A656	2,570	44,971	SH		SOLE		0	0	44,971
SPDR DOW JONES REIT ETF	COM	78464A607	8,089	85,961	SH		SOLE		0	0	85,961
SPDR S&P GLOBAL NATURAL RESOURCES ETF	COM	78463X541	1,841	43,732	SH		SOLE		0	0	43,732
SPDR S&P WORLD EX-US ETF	COM	78463X889	859	31,219	SH		SOLE		0	0	31,219
VANGUARD EXTENDED MARKET INDEX FUND	COM	922908652	979	10,014	SH		SOLE		0	0	10,014
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	COM	922042775	15,136	319,395	SH		SOLE		0	0	319,395
VANGUARD FTSE DEVELOPED MARKETS ETF	COM	921943858	2,270	58,365	SH		SOLE		0	0	58,365
VANGUARD FTSE EMERGING MARKETS ETF	COM	922042858	1,462	36,771	SH		SOLE		0	0	36,771
VANGUARD EUROPEAN	COM	922042874	723	14,140	SH		SOLE		0	0	14,140
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	COM	922042676	936	17,220	SH		SOLE		0	0	17,220
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	COM	921937819	5,285	62,633	SH		SOLE		0	0	62,633
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	COM	92206C870	10,425	119,649	SH		SOLE		0	0	119,649
VANGUARD LARGE-CAP INDEX FUND	COM	922908637	2,143	20,090	SH		SOLE		0	0	20,090
VANGUARD LONG-TERM BOND INDEX FUND	COM	921937793	1,316	14,371	SH		SOLE		0	0	14,371
VANGUARD MEGA CAP ETF	COM	921910873	3,276	41,144	SH		SOLE		0	0	41,144
VANGUARD MEGA CAP VALUE ETF	COM	921910840	5,120	75,893	SH		SOLE		0	0	75,893
VANGUARD MID-CAP INDEX FUND	COM	922908629	7,167	52,266	SH		SOLE		0	0	52,266
VANGUARD REIT ETF	COM	922908553	18,802	223,116	SH		SOLE		0	0	223,116
VANGUARD S&P 500 ETF	COM	922908363	3,004	14,073	SH		SOLE		0	0	14,073
VANGUARD S&P 500 VALUE ETF	COM	921932703	3,225	32,604	SH		SOLE		0	0	32,604
VANGUARD S&P MID-CAP 400 ETF	COM	921932885	1,790	15,821	SH		SOLE		0	0	15,821
VANGUARD SHORT TERM BOND	COM	921937827	3,391	42,457	SH		SOLE		0	0	42,457
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	COM	92206C409	4,190	52,411	SH		SOLE		0	0	52,411
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	COM	922020805	4,041	81,478	SH		SOLE		0	0	81,478
VANGUARD SMALL-CAP VALUE INDEX FUND	COM	922908611	5,184	43,302	SH		SOLE		0	0	43,302
VANGUARD TAX-EXEMPT BOND ETF	COM	922907746	1,925	37,790	SH		SOLE		0	0	37,790
VANGUARD TOTAL BOND MARKET INDEX FUND	COM	921937835	16,374	200,475	SH		SOLE		0	0	200,475
VANGUARD TOTAL INTERNATIONAL BOND ETF	COM	92203J407	22,542	413,774	SH		SOLE		0	0	413,774
VANGUARD TOTAL INTERNATIONAL STOCK ETF	COM	921909768	9,256	187,867	SH		SOLE		0	0	187,867
VANGUARD TOTAL STOCK MARKET INDEX FUND	COM	922908769	1,988	16,625	SH		SOLE		0	0	16,625
VANGUARD VALUE INDEX FUND	COM	922908744	3,788	40,338	SH		SOLE		0	0	40,338
WILLIAMS COS INC DEL COM	COM	969457100	352	11,698	SH		SOLE		0	0	11,698