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	371	10,700	SH		SOLE		0	0	10,700
FIRST MERCHANTS CORP COM	COM	320817109	938	21,859	SH		SOLE		0	0	21,859
GENERAL ELECTRIC CO COM	COM	369604103	256	10,589	SH		SOLE		0	0	10,589
ISHARES 0-5 YEAR TIPS BOND ETF	COM	46429B747	1,068	10,640	SH		SOLE		0	0	10,640
ISHARES COMEX GOLD TRUST	COM	464285105	444	36,041	SH		SOLE		0	0	36,041
ISHARES CORE 1-5 YEAR USD BOND ETF	COM	46432F859	6,134	122,014	SH		SOLE		0	0	122,014
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	COM	46435G672	5,140	99,407	SH		SOLE		0	0	99,407
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	COM	46432F834	27,897	457,485	SH		SOLE		0	0	457,485
ISHARES CORE S&P 500 ETF	COM	464287200	39,765	157,218	SH		SOLE		0	0	157,218
ISHARES CORE S&P TOTAL U.S. STOCK MARKET ETF	COM	464287150	807	13,997	SH		SOLE		0	0	13,997
ISHARES AGGREGATE BOND ETF	COM	464287226	35,413	323,138	SH		SOLE		0	0	323,138
ISHARES GLOBAL REIT ETF	COM	46434V647	318	12,438	SH		SOLE		0	0	12,438
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	ETF	46434V647	673	26,005	SH		SOLE		0	0	26,005
ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF	COM	46429B580	1,911	74,985	SH		SOLE		0	0	74,985
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	COM	46429B564	1,661	64,966	SH		SOLE		0	0	64,966
ISHARES TR IBONDS SEP20 ETF	COM	46434V571	1,324	51,511	SH		SOLE		0	0	51,511
ISHARES IBOXX $ INVESTMENT GRADE CORPORATE BOND ETF	COM	464287242	1,637	13,503	SH		SOLE		0	0	13,503
ISHARES MSCI EAFE ETF	COM	464287465	13,283	193,972	SH		SOLE		0	0	193,972
ISHARES NATIONAL MUNI BOND ETF	COM	464288414	1,240	11,185	SH		SOLE		0	0	11,185
ISHARES NORTH AMERICAN NATURAL RESOURCES	COM	464287374	1,429	42,450	SH		SOLE		0	0	42,450
ISHARES RUSSELL 1000 ETF	COM	464287622	2,849	20,370	SH		SOLE		0	0	20,370
ISHARES RUSSELL 1000 VALUE ETF	COM	464287598	1,748	14,751	SH		SOLE		0	0	14,751
ISHARES RUSSELL MID-CAP ETF	COM	464287499	3,307	16,776	SH		SOLE		0	0	16,776
ISHARES S&P 500 VALUE ETF	COM	464287408	38,698	358,609	SH		SOLE		0	0	358,609
ISHARES S&P MIDCAP FUND	COM	464287507	46,358	259,128	SH		SOLE		0	0	259,128
ISHARES S&P SMALL-CAP 600 VALUE ETF	COM	464287879	20,808	140,301	SH		SOLE		0	0	140,301
ISHARES S&P SMALL-CAP FUND	COM	464287804	982	13,224	SH		SOLE		0	0	13,224
ISHARES TIPS BOND ETF	COM	464287176	6,843	60,251	SH		SOLE		0	0	60,251
JP MORGAN CHASE & CO	COM	46625H100	1,354	14,180	SH		SOLE		0	0	14,180
LINCOLN NATIONAL CORP IND	COM	534187109	1,258	17,120	SH		SOLE		0	0	17,120
OLD NATL BANCORP IND COM	COM	680033107	488	26,652	SH		SOLE		0	0	26,652
SCHWAB U.S. LARGE-CAP ETF	COM	808524201	806	13,419	SH		SOLE		0	0	13,419
SCHWAB U.S. LARGE-CAP VALUE ETF	COM	808524409	904	17,451	SH		SOLE		0	0	17,451
SCHWAB U.S. MID-CAP ETF	COM	808524508	793	15,822	SH		SOLE		0	0	15,822
SCHWAB U.S. REIT ETF	COM	808524847	440	10,695	SH		SOLE		0	0	10,695
SCHWAB US AGGREGATE BOND ETF	COM	808524839	1,057	20,190	SH		SOLE		0	0	20,190
SPDR HIGH YIELD BOND ETF	COM	78464A417	6,129	164,222	SH		SOLE		0	0	164,222
SPDR BARCLAYS INTERMEDIATE TERM CORPORATE BOND ETF	COM	78464A375	1,166	33,777	SH		SOLE		0	0	33,777
SPDR BARCLAYS SHORT TERM CORPORATE BOND ETF	COM	78464A474	615	20,056	SH		SOLE		0	0	20,056
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	COM	78464A656	2,494	44,229	SH		SOLE		0	0	44,229
SPDR DOW JONES REIT ETF	COM	78464A607	6,479	70,034	SH		SOLE		0	0	70,034
SPDR S&P GLOBAL NATURAL RESOURCES ETF	COM	78463X541	2,210	48,067	SH		SOLE		0	0	48,067
SPDR S&P WORLD EX-US ETF	COM	78463X889	948	30,907	SH		SOLE		0	0	30,907
VANGUARD EXTENDED MARKET INDEX FUND	ETF	922908652	1,073	10,017	SH		SOLE		0	0	10,017
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	COM	922042775	16,424	311,594	SH		SOLE		0	0	311,594
VANGUARD FTSE DEVELOPED MARKETS ETF	COM	921943858	2,701	62,212	SH		SOLE		0	0	62,212
VANGUARD FTSE EMERGING MARKETS ETF	COM	922042858	1,623	37,247	SH		SOLE		0	0	37,247
VANGUARD EUROPEAN	COM	922042874	864	14,811	SH		SOLE		0	0	14,811
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	COM	922042676	1,060	17,846	SH		SOLE		0	0	17,846
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	COM	921937819	5,571	65,800	SH		SOLE		0	0	65,800
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	COM	92206C870	11,075	125,843	SH		SOLE		0	0	125,843
VANGUARD LARGE-CAP INDEX FUND	COM	922908637	2,287	19,815	SH		SOLE		0	0	19,815
VANGUARD LONG-TERM BOND INDEX FUND	COM	921937793	1,348	14,371	SH		SOLE		0	0	14,371
VANGUARD MEGA CAP ETF	COM	921910873	3,539	41,025	SH		SOLE		0	0	41,025
VANGUARD MEGA CAP VALUE ETF	COM	921910840	5,419	75,487	SH		SOLE		0	0	75,487
VANGUARD MID-CAP INDEX FUND	COM	922908629	7,619	51,833	SH		SOLE		0	0	51,833
VANGUARD REIT ETF	COM	922908553	21,614	260,125	SH		SOLE		0	0	260,125
VANGUARD S&P 500 ETF	COM	922908363	3,165	13,714	SH		SOLE		0	0	13,714
VANGUARD S&P 500 VALUE ETF	COM	921932703	3,422	32,910	SH		SOLE		0	0	32,910
VANGUARD S&P MID-CAP 400 ETF	COM	921932885	1,867	15,455	SH		SOLE		0	0	15,455
VANGUARD SHORT TERM BOND	COM	921937827	3,426	42,919	SH		SOLE		0	0	42,919
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	COM	92206C409	4,170	52,038	SH		SOLE		0	0	52,038
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	COM	922020805	3,982	80,518	SH		SOLE		0	0	80,518
VANGUARD SMALL-CAP VALUE INDEX FUND	COM	922908611	5,484	42,917	SH		SOLE		0	0	42,917
VANGUARD TAX-EXEMPT BOND ETF	COM	922907746	2,303	44,574	SH		SOLE		0	0	44,574
VANGUARD TOTAL BOND MARKET INDEX FUND	COM	921937835	16,397	200,061	SH		SOLE		0	0	200,061
VANGUARD TOTAL INTERNATIONAL BOND ETF	COM	92203J407	23,170	424,430	SH		SOLE		0	0	424,430
VANGUARD TOTAL INTERNATIONAL STOCK ETF	COM	921909768	10,125	185,001	SH		SOLE		0	0	185,001
VANGUARD TOTAL STOCK MARKET INDEX FUND	ETF	922908769	2,169	16,748	SH		SOLE		0	0	16,748
VANGUARD VALUE INDEX FUND	COM	922908744	4,006	40,131	SH		SOLE		0	0	40,131
WILLIAMS COS INC DEL COM	COM	969457100	351	11,698	SH		SOLE		0	0	11,698