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

OMB Number:		3235-0006
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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	0-5 YR TIPS ETF	46429B747	1,013	10,271	SH		SOLE		0	0	10,271
ISHARES AGGREGATE BOND ETF	CORE US AGGBD ET	464287226	35,168	334,165	SH		SOLE		0	0	334,165
ISHARES AMT-FREE MUNI BOND ETF	NATIONAL MUN ETF	464288414	1,243	11,542	SH		SOLE		0	0	11,542
ISHARES CORE INTERNATIONAL AGGREGATE BOND FUND	CORE INTL AGGR	46435G672	7,991	153,561	SH		SOLE		0	0	153,561
ISHARES CORE MSCI EAFE	CORE MSCI EAFE	46432F842	937	14,594	SH		SOLE		0	0	14,594
ISHARES CORE S&P MID CAP ETF	CORE S&P MCP ETF	464287507	51,294	256,778	SH		SOLE		0	0	256,778
ISHARES CORE S&P U.S. VALUE ETF	CORE S&P US VLU	464287663	1,734	30,644	SH		SOLE		0	0	30,644
ISHARES CORE TOTAL USD BOND MARKET ETF	CORE TOTAL USD	46434V613	1,538	31,394	SH		SOLE		0	0	31,394
ISHARES EDGE MSCI MULTIFACTOR INTL ETF	MULTIFACTOR INTL	46434V274	445	15,785	SH		SOLE		0	0	15,785
ISHARES EDGE MSCI MULTIFACTOR USA ETF	MULTIFACTOR USA	46434V282	1,922	57,086	SH		SOLE		0	0	57,086
ISHARES GLOBAL REIT ETF	GLOBAL REIT ETF	46434V647	290	11,578	SH		SOLE		0	0	11,578
ISHARES COMEX GOLD TRUST	ISHARES	464285105	411	36,041	SH		SOLE		0	0	36,041
ISHARES IBONDS DEC 2021 TERM MUNI BOND ETF	GLOBAL REIT ETF	46434V647	1,719	68,106	SH		SOLE		0	0	26,005
ISHARES IBONDS SEP 2020 TERM MUNI BOND ETF	IBONDS SEP2020	46434V571	2,609	103,665	SH		SOLE		0	0	103,665
ISHARES MSCI EAFE ETF	MSCI EAFE ETF	464287465	9,728	142,918	SH		SOLE		0	0	142,918
ISHARES NORTH AMERICAN NATURAL RESOURCES	NORTH AMERN NAT	464287374	1,342	36,862	SH		SOLE		0	0	36,862
ISHARES RUSSELL 1000 VALUE ETF	RUS 1000 VAL ETF	464287598	1,940	15,270	SH		SOLE		0	0	15,270
ISHARES CORE S&P 500 ETF	CORE S&P500 ETF	464287200	46,785	159,202	SH		SOLE		0	0	159,202
ISHARES S&P 500 VALUE ETF	S&P 500 VAL ETF	464287408	38,445	330,564	SH		SOLE		0	0	330,564
ISHARES S&P SMALL-CAP FUND	CORE S&P SCP ETF	464287804	1,294	15,054	SH		SOLE		0	0	15,054
ISHARES S&P SMALL-CAP 600 VALUE ETF	SP SMCP600VL ETF	464287879	22,608	137,362	SH		SOLE		0	0	137,362
ISHARES TIPS BOND ETF	TIPS BD ETF	464287176	7,603	69,003	SH		SOLE		0	0	69,003
ISHARES IBONDS SEP 2019 AMT-FREE MUNI BOND ETF	IBONDS SEP19 ETF	46429B564	2,700	106,712	SH		SOLE		0	0	106,712
ISHARES RUSSELL 1000 ETF	RUS 1000 ETF	464287622	2,618	16,142	SH		SOLE		0	0	16,142
ISHARES RUSSELL MID-CAP ETF	RUS MID CAP ETF	464287499	3,043	13,845	SH		SOLE		0	0	13,845
ISHARES TR S&P 1500 INDEX FD	CORE S&P TTL STK	464287150	1,042	15,601	SH		SOLE		0	0	15,601
ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF	CORE MSCI TOTAL	46432F834	33,912	560,998	SH		SOLE		0	0	560,998
ISHARES CORE 1-5 YEAR USD BOND ETF	CORE 1 5 YR USD	46432F859	5,628	115,165	SH		SOLE		0	0	115,165
JP MORGAN CHASE & CO	COM	46625H100	1,517	13,362	SH		SOLE		0	0	13,362
LINCOLN NATIONAL CORP IND	COM	534187109	1,037	15,233	SH		SOLE		0	0	15,233
OLD NATL BANCORP IND COM	COM	680033107	510	26,652	SH		SOLE		0	0	26,652
SCHWAB U.S. REIT ETF	US REIT ETF	808524847	458	11,079	SH		SOLE		0	0	11,079
SCHWAB U.S. LARGE-CAP ETF	US LRG CAP ETF	808524201	892	12,787	SH		SOLE		0	0	12,787
SCHWAB US AGGREGATE BOND ETF	US AGGREGATE B	808524839	1,158	23,110	SH		SOLE		0	0	23,110
SCHWAB U.S. LARGE-CAP VALUE ETF	US LCAP VA ETF	808524409	938	16,670	SH		SOLE		0	0	16,670
SCHWAB U.S. MID-CAP ETF	US MID-CAP ETF	808524508	789	13,726	SH		SOLE		0	0	13,726
SPDR BARCLAYS CAP TIPS CAPITAL TIPS ETF	BLOMBRG BRC TIPS	78464A656	2,384	43,941	SH		SOLE		0	0	43,941
SPDR PORTFOLIO SHORT TERM CORPORATE BOND ETF	PORTFOLIO SHORT	78464A474	430	14,277	SH		SOLE		0	0	14,277
SPDR HIGH YIELD BOND ETF	BLOOMBERG BRCLYS	78464A417	5,894	163,778	SH		SOLE		0	0	163,778
SPDR DOW JONES REIT ETF	DJ REIT ETF	78464A607	5,174	56,015	SH		SOLE		0	0	56,015
SPDR S&P GLOBAL NATURAL RESOURCES ETF	GLB NAT RESRCE	78463X541	2,508	49,290	SH		SOLE		0	0	49,290
SPDR PORTFOLIO S&P 500 VALUE ETF	PRTFLO S&P500 VL	78464A508	1,627	52,070	SH		SOLE		0	0	52,070
SPDR S&P WORLD EX-US ETF	PORTFOLIO DEVLPD	78463X889	934	30,279	SH		SOLE		0	0	30,279
SPDR PORTFOLIO INTERMEDIATE TERM CORPORATE BOND ETF	PORTFOLIO INTRMD	78464A375	1,101	33,191	SH		SOLE		0	0	33,191
VANGUARD S&P 500 VALUE ETF	500 VAL IDX FD	921932703	3,755	33,482	SH		SOLE		0	0	33,482
VANGUARD LONG-TERM BOND INDEX FUND	LONG TERM BOND	921937793	1,239	14,272	SH		SOLE		0	0	14,272
VANGUARD EUROPEAN	FTSE EUROPE ETF	922042874	793	14,091	SH		SOLE		0	0	14,091
VANGUARD FTSE ALL-WORLD EX US INDEX FUND	ALLWRLD EX US	922042775	15,262	292,436	SH		SOLE		0	0	292,436
VANGUARD FTSE DEVELOPED MARKETS ETF	FTSE DEV MKT ETF	921943858	2,472	56,983	SH		SOLE		0	0	56,983
VANGUARD FTSE EMERGING MARKETS ETF	FTSE EMR MKT ETF	922042858	1,489	36,236	SH		SOLE		0	0	36,236
VANGUARD GLOBAL EX-U.S. REAL ESTATE INDEX	GLB EX US ETF	922042676	945	16,882	SH		SOLE		0	0	16,882
VANGUARD INTERMEDIATE-TERM BOND INDEX FUND	INTERMED TERM	921937819	5,264	65,643	SH		SOLE		0	0	65,643
VANGUARD INTERMEDIATE TERM CORP BOND FD ETF	INT-TERM CORP	92206C870	13,800	165,749	SH		SOLE		0	0	165,749
VANGUARD LARGE-CAP INDEX FUND	LARGE CAP ETF	922908637	2,508	18,723	SH		SOLE		0	0	18,723
VANGUARD MEGA CAP ETF	MEGA CAP INDEX	921910873	4,149	41,101	SH		SOLE		0	0	41,101
VANGUARD MID-CAP INDEX FUND	MID CAP ETF	922908629	7,736	47,227	SH		SOLE		0	0	47,227
VANGUARD REIT ETF	REAL ESTATE ETF	922908553	23,544	294,563	SH		SOLE		0	0	294,563
VANGUARD S&P 500 ETF	S&P 500 ETF SHS	922908363	4,148	15,476	SH		SOLE		0	0	15,476
VANGUARD S&P MID-CAP 400 ETF	MIDCP 400 IDX	921932885	2,191	16,237	SH		SOLE		0	0	16,237
VANGUARD SHORT-TERM CORPORATE BOND INDEX FUND	SHRT TRM CORP BD	92206C409	4,145	53,132	SH		SOLE		0	0	53,132
VANGUARD SHORT-TERM INFLATION-PROTECTED SECURITIES ETF	STRM INFPROIDX	922020805	4,072	84,212	SH		SOLE		0	0	84,212
VANGUARD SHORT TERM BOND	SHORT TRM BOND	921937827	4,620	59,336	SH		SOLE		0	0	59,336
VANGUARD SMALL-CAP VALUE INDEX FUND	SM CP VAL ETF	922908611	5,550	40,201	SH		SOLE		0	0	40,201
VANGUARD TAX-EXEMPT BOND ETF	TAX EXEMPT BD	922907746	2,929	58,127	SH		SOLE		0	0	58,127
VANGUARD TOTAL BOND MARKET INDEX FUND	TOTAL BND MRKT	921937835	15,669	199,939	SH		SOLE		0	0	199,939
VANGUARD TOTAL INTERNATIONAL BOND ETF	INTL BD IDX ETF	92203J407	23,377	429,807	SH		SOLE		0	0	429,807
VANGUARD TOTAL INTERNATIONAL STOCK ETF	VG TL INTL STK F	921909768	9,398	173,754	SH		SOLE		0	0	173,754
VANGUARD TOTAL STOCK MARKET INDEX FUND	TOTAL STK MKT	922908769	2,165	14,443	SH		SOLE		0	0	14,443
VANGUARD VALUE INDEX FUND	VALUE ETF	922908744	4,298	38,665	SH		SOLE		0	0	38,665
VANGUARD MEGA CAP VALUE ETF	MEGA CAP VAL ETF	921910840	5,842	72,576	SH		SOLE		0	0	72,576
WILLIAMS COS INC DEL COM	COM	969457100	310	11,198	SH		SOLE		0	0	11,198