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

OMB APPROVAL

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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
ISHARES 0-5 YEAR TIPS BOND ETF	COM	46429B747	1,036	10,433	SH		SOLE		0	0	10,433
ISHARES AGGREGATE BOND ETF	COM	464287226	34,734	327,707	SH		SOLE		0	0	327,707
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	COM	46435G672	7,205	136,792	SH		SOLE		0	0	136,792
ISHARES CORE MSCI EAFE	CORE MSCI EAFE	46432F842	970	15,460	SH		SOLE		0	0	15,460
ISHARES CORE S&P MID CAP ETF	CORE S&P MCP ETF	464287507	50,647	259,913	SH		SOLE		0	0	259,913
ISHARES CORE TOTAL USD BOND MARKET ETF	CORE TOTAL USD	46434V613	1,158	23,554	SH		SOLE		0	0	23,554
ISHARES EDGE MSCI MULTIFACTOR USA ETF	MULTIFACTOR USA	46434V282	675	21,081	SH		SOLE		0	0	21,081
ISHARES GLOBAL REIT ETF	COM	46434V647	295	11,578	SH		SOLE		0	0	11,578
ISHARES COMEX GOLD TRUST	COM	464285105	429	36,041	SH		SOLE		0	0	36,041
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	ETF	46435G789	1,726	68,106	SH		SOLE		0	0	26,005
ISHARES IBONDS SEP 2018 AMT-FREE MUNI BOND ETF	COM	46429B580	1,940	76,383	SH		SOLE		0	0	76,383
ISHARES IBONDS SEP 2020 TERM MUNI BOND ETF	IBONDS SEP20 ETF	46434V571	2,625	103,665	SH		SOLE		0	0	103,665
ISHARES MSCI EAFE ETF	COM	464287465	10,583	159,434	SH		SOLE		0	0	159,434
ISHARES NORTH AMERICAN NATURAL RESOURCES	COM	464287374	1,505	41,441	SH		SOLE		0	0	41,441
ISHARES RUSSELL 1000 VALUE ETF	COM	464287598	1,938	15,977	SH		SOLE		0	0	15,977
ISHARES CORE S&P 500 ETF	COM	464287200	43,380	158,429	SH		SOLE		0	0	158,429
ISHARES S&P 500 VALUE ETF	COM	464287408	38,510	349,991	SH		SOLE		0	0	349,991
ISHARES S&P SMALL-CAP FUND	COM	464287804	1,102	13,062	SH		SOLE		0	0	13,062
ISHARES S&P SMALL-CAP 600 VALUE ETF	COM	464287879	23,033	139,980	SH		SOLE		0	0	139,980
ISHARES TIPS BOND ETF	COM	464287176	7,505	66,716	SH		SOLE		0	0	66,716
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	COM	46429B564	2,704	106,712	SH		SOLE		0	0	106,712
ISHARES RUSSELL 1000 ETF	COM	464287622	2,771	18,183	SH		SOLE		0	0	18,183
ISHARES RUSSELL MID-CAP ETF	COM	464287499	3,355	15,797	SH		SOLE		0	0	15,797
ISHARES TR S&P 1500 INDEX FD	CORE S&P TTL STK	464287150	999	15,934	SH		SOLE		0	0	15,934
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	COM	46432F834	31,262	526,025	SH		SOLE		0	0	526,025
ISHARES CORE 1-5 YEAR USD BOND ETF	COM	46432F859	5,654	115,513	SH		SOLE		0	0	115,513
JP MORGAN CHASE & CO	COM	46625H100	1,412	13,441	SH		SOLE		0	0	13,441
LINCOLN NATIONAL CORP IND	COM	534187109	963	15,276	SH		SOLE		0	0	15,276
OLD NATL BANCORP IND COM	COM	680033107	502	26,652	SH		SOLE		0	0	26,652
SCHWAB U.S. REIT ETF	COM	808524847	465	11,222	SH		SOLE		0	0	11,222
SCHWAB U.S. LARGE-CAP ETF	COM	808524201	805	12,351	SH		SOLE		0	0	12,351
SCHWAB US AGGREGATE BOND ETF	COM	808524839	1,103	21,830	SH		SOLE		0	0	21,830
SCHWAB U.S. LARGE-CAP VALUE ETF	COM	808524409	858	16,154	SH		SOLE		0	0	16,154
SCHWAB U.S. MID-CAP ETF	COM	808524508	740	13,477	SH		SOLE		0	0	13,477
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	COM	78464A656	2,439	44,092	SH		SOLE		0	0	44,092
SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF	ETF	78464A474	429	14,234	SH		SOLE		0	0	14,234
SPDR HIGH YIELD BOND ETF	COM	78464A417	5,718	161,912	SH		SOLE		0	0	161,912
SPDR DOW JONES REIT ETF	COM	78464A607	5,485	58,850	SH		SOLE		0	0	58,850
SPDR S&P GLOBAL NATURAL RESOURCES ETF	ETF	78463X541	2,590	52,323	SH		SOLE		0	0	52,323
SPDR PORTFOLIO S&P 500 VALUE ETF	ETF	78464A508	1,600	54,060	SH		SOLE		0	0	54,060
SPDR S&P WORLD EX-US ETF	COM	78463X889	926	30,775	SH		SOLE		0	0	30,775
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF	ETF	78464A375	1,095	33,020	SH		SOLE		0	0	33,020
VANGUARD S&P 500 VALUE ETF	COM	921932703	3,654	34,420	SH		SOLE		0	0	34,420
VANGUARD LONG-TERM BOND INDEX FUND	COM	921937793	1,259	14,272	SH		SOLE		0	0	14,272
VANGUARD EUROPEAN	COM	922042874	801	14,381	SH		SOLE		0	0	14,381
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	COM	922042775	15,087	293,853	SH		SOLE		0	0	293,853
VANGUARD FTSE DEVELOPED MARKETS ETF	COM	921943858	2,400	56,545	SH		SOLE		0	0	56,545
VANGUARD FTSE EMERGING MARKETS ETF	COM	922042858	1,557	37,291	SH		SOLE		0	0	37,291
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	COM	922042676	1,050	18,238	SH		SOLE		0	0	18,238
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	COM	921937819	5,737	71,121	SH		SOLE		0	0	71,121
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	COM	92206C870	12,093	145,276	SH		SOLE		0	0	145,276
VANGUARD LARGE-CAP INDEX FUND	COM	922908637	2,424	19,372	SH		SOLE		0	0	19,372
VANGUARD MEGA CAP ETF	COM	921910873	3,824	40,838	SH		SOLE		0	0	40,838
VANGUARD MID-CAP INDEX FUND	COM	922908629	7,536	47,771	SH		SOLE		0	0	47,771
VANGUARD REIT ETF	COM	922908553	24,479	302,196	SH		SOLE		0	0	302,196
VANGUARD S&P 500 ETF	COM	922908363	3,884	15,549	SH		SOLE		0	0	15,549
VANGUARD S&P MID-CAP 400 ETF	COM	921932885	2,136	16,235	SH		SOLE		0	0	16,235
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	COM	92206C409	3,846	49,337	SH		SOLE		0	0	49,337
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	COM	922020805	4,108	84,109	SH		SOLE		0	0	84,109
VANGUARD SHORT TERM BOND	COM	921937827	3,341	42,801	SH		SOLE		0	0	42,801
VANGUARD SMALL-CAP VALUE INDEX FUND	COM	922908611	5,522	40,565	SH		SOLE		0	0	40,565
VANGUARD TAX-EXEMPT BOND ETF	COM	922907746	2,842	55,845	SH		SOLE		0	0	55,845
VANGUARD TOTAL BOND MARKET INDEX FUND	COM	921937835	16,029	202,982	SH		SOLE		0	0	202,982
VANGUARD TOTAL INTERNATIONAL BOND ETF	COM	92203J407	23,616	431,580	SH		SOLE		0	0	431,580
VANGUARD TOTAL INTERNATIONAL STOCK ETF	COM	921909768	9,438	176,320	SH		SOLE		0	0	176,320
VANGUARD TOTAL STOCK MARKET INDEX FUND	ETF	922908769	2,207	15,678	SH		SOLE		0	0	15,678
VANGUARD VALUE INDEX FUND	COM	922908744	4,067	39,118	SH		SOLE		0	0	39,118
VANGUARD MEGA CAP VALUE ETF	COM	921910840	5,418	72,619	SH		SOLE		0	0	72,619
WILLIAMS COS INC DEL COM	COM	969457100	299	11,198	SH		SOLE		0	0	11,198