PHILLIPS FINANCIAL MANAGEMENT, LLC

Quarterly 13F snapshot: US-listed longs only, no performance figures — 13F data cannot support them.

Portfolio value: $1.31B
Positions: 282
Quarter ended: September 30, 2026
Filed: October 19, 2026

Reported portfolio value by quarter (54 quarters reported)

$1.55B $275M

Q2 13 Q1 16 Q4 18 Q3 21 Q2 24 Q3 26

$275M in Q2 2013 → $1.31B now. Hover for any quarter.

Holdings

As reported for the quarter ended September 30, 2026. Activity is the change in share count since the prior quarter's filing.

Holding	% of portfolio	Activity	Shares	Value
IT Ishares Tr	11.8%	Trimmed 0.5%	201,088	$154M
DE Dimensional ETF Trust	9.1%	Added 15%	2,976,878	$119M
DE Dimensional ETF Trust	7.3%	Added 3.2%	2,543,893	$95.7M
DE Dimensional ETF Trust	7.2%	Added 15%	2,015,032	$93.6M
DE Dimensional ETF Trust	4.4%	Added 5.3%	1,436,766	$57.7M
DE Dimensional ETF Trust	3.7%	Added 2.7%	731,786	$48.6M
DE Dimensional ETF Trust	3.2%	Added 1.8%	1,048,796	$41.7M
VI Vanguard Index Fds	2.8%	Trimmed 1.1%	51,285	$35.9M
VS Vanguard Star Fds	2.7%	Trimmed 2.0%	411,087	$34.9M
DE Dimensional ETF Trust	2.6%	Added 3.2%	431,887	$33.4M
IT Ishares Tr	2.4%	Trimmed 2.7%	442,933	$31.9M
DE Dimensional ETF Trust	2.4%	Trimmed 0.5%	704,170	$31.3M
IT Ishares Tr	2.0%	Trimmed 2.6%	116,325	$26.6M
VI Vanguard Index Fds	1.8%	Trimmed 0.5%	304,897	$23.9M
VC Vanguard Charlotte Fds	1.7%	Trimmed 9.6%	478,258	$22.4M
DE Dimensional ETF Trust	1.6%	Added 14%	413,302	$20.9M
IT Ishares Tr	1.6%	Trimmed 9.3%	215,267	$20.4M
IT Ishares Tr	1.3%	Added 5.3%	477,901	$17.1M
IT Ishares Tr	1.3%	Trimmed 2.3%	215,125	$16.7M
VA Vanguard Admiral Fds Inc	1.2%	Trimmed 2.8%	69,646	$15.3M
SS State Str SPDR S&P 500 ETF T	1.1%	Added 44%	19,058	$14.5M
VI Vanguard Index Fds	0.9%	Trimmed 1.9%	48,633	$11.2M
VI Vanguard Index Fds	0.8%	Trimmed 0.1%	27,963	$10.5M
IT Ishares Tr	0.8%	Trimmed 9.6%	110,610	$10.5M
Jpmorgan Chase & Co	0.8%	Trimmed 2.7%	29,720	$9.83M
DE Dimensional ETF Trust	0.8%	Trimmed 4.3%	175,879	$9.82M
VB Vanguard Bd Index Fds	0.7%	Trimmed 6.8%	135,167	$9.48M
VW Vanguard World Fd	0.7%	Added 0.2%	30,536	$8.62M
IT Ishares Tr	0.6%	Trimmed 4.9%	61,230	$7.84M
VI Vanguard Index Fds	0.6%	Trimmed 3.6%	33,646	$7.27M
VI Vanguard Intl Equity Index F	0.6%	Trimmed 3.6%	87,069	$7.22M
SS Schwab Strategic Tr	0.5%	Unchanged	238,838	$7.17M
Apple Inc	0.5%	Added 0.4%	20,948	$6.98M
VS Vanguard Scottsdale Fds	0.5%	Trimmed 2.2%	85,838	$6.72M
IT Ishares Tr	0.5%	Trimmed 0.8%	159,077	$6.6M
DE Dimensional ETF Trust	0.5%	Trimmed 3.0%	170,695	$6.32M
VW Vanguard World Fd	0.4%	Unchanged	35,616	$5.74M
IT Ishares Tr	0.4%	Trimmed 6.0%	88,813	$5.47M
Nvidia Corporation	0.4%	Added 1.8%	23,804	$5.44M
IT Ishares Tr	0.4%	Trimmed 12%	100,232	$4.93M
VI Vanguard Index Fds	0.4%	Trimmed 9.1%	54,239	$4.86M
SS Schwab Strategic Tr	0.4%	Added 33%	185,999	$4.67M
VA Vanguard Admiral Fds Inc	0.3%	Unchanged	35,274	$4.46M
SI SPDR Index Shs Fds	0.3%	Trimmed 0.6%	57,363	$4.24M
VB Vanguard Bd Index Fds	0.3%	Trimmed 12%	58,173	$4.24M
IT Ishares Tr	0.3%	Trimmed 4.3%	88,614	$4.19M
IT Ishares Tr	0.3%	Trimmed 0.4%	10,051	$4.18M
IT Ishares Tr	0.3%	Trimmed 2.2%	39,913	$4.15M
VB Vanguard Bd Index Fds	0.3%	Trimmed 10%	53,859	$4.11M
Microsoft Corp	0.3%	Added 15%	7,743	$3.97M
VI Vanguard Index Fds	0.3%	Trimmed 11%	11,217	$3.95M
VA Vanguard Admiral Fds Inc	0.3%	Unchanged	30,737	$3.74M
VM Vanguard Malvern Fds	0.3%	Trimmed 1.0%	75,185	$3.7M
SS Schwab Strategic Tr	0.3%	Unchanged	164,229	$3.63M
IT Ishares Tr	0.3%	Unchanged	31,539	$3.37M
IT Ishares Tr	0.3%	Trimmed 0.5%	135,652	$3.29M
IT Ishares Tr	0.2%	Trimmed 2.1%	23,509	$3.2M
SS Schwab Strategic Tr	0.2%	Added 0.3%	95,656	$3.12M
IT Ishares Tr	0.2%	Trimmed 0.4%	32,097	$3.11M
DE Dimensional ETF Trust	0.2%	Added 38%	66,871	$2.89M

Showing top 60 of 282 positions.

Timeline of changes

What changed each quarter, from the filings' own share counts. Largest moves first; most recent 8 quarters.

Q3 2026

quarter ended September 30, 2026 · filed October 19, 2026

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Exited	−1,166,460	−$48.7M	—
DE Dimensional ETF Trust	Exited	−657,049	−$17.2M	—
DE Dimensional ETF Trust	Added	+377,947	+$15.2M	9.1%
DE Dimensional ETF Trust	Added	+258,182	+$12M	7.2%
DE Dimensional ETF Trust	Exited	−170,246	−$6.6M	—
SS State Str SPDR S&P 500 ETF T	Added	+5,838	+$4.45M	1.1%
DE Dimensional ETF Trust	Added	+79,008	+$2.97M	7.3%
DE Dimensional ETF Trust	Added	+72,867	+$2.93M	4.4%
DE Dimensional ETF Trust	Added	+51,638	+$2.61M	1.6%
VS Vanguard Scottsdale Fds	Trimmed	−55,916	−$2.48M	—

Showing the 10 largest of 194 changes.

Q2 2026

quarter ended June 30, 2026 · filed August 03, 2026

Company	Action	Shares changed	Value of change	% of portfolio
VI Vanguard Index Fds	Added	+217,103	+$17.5M	1.8%
IT Ishares Tr	Trimmed	−20,344	−$15.2M	11.1%
DE Dimensional ETF Trust	Trimmed	−153,379	−$7.79M	1.3%
IT Ishares Tr	Trimmed	−81,127	−$7.74M	1.7%
IT Ishares Tr	Trimmed	−96,519	−$7.44M	2.6%
VI Vanguard Index Fds	Trimmed	−9,236	−$6.34M	2.6%
IT Ishares Tr	Trimmed	−63,165	−$6.25M	0.9%
VS Vanguard Star Fds	Trimmed	−66,767	−$5.71M	2.6%
DE Dimensional ETF Trust	Trimmed	−146,474	−$5.46M	6.7%
IT Ishares Tr	Trimmed	−65,591	−$4.96M	1.2%

Showing the 10 largest of 228 changes.

Q1 2026

quarter ended March 31, 2026 · filed April 16, 2026

Company	Action	Shares changed	Value of change	% of portfolio
IT Ishares Tr	Trimmed	−30,246	−$19.8M	10.5%
IT Ishares Tr	Trimmed	−157,330	−$13.6M	2.0%
IT Ishares Tr	Trimmed	−192,004	−$13M	2.7%
DE Dimensional ETF Trust	Trimmed	−240,729	−$8.55M	6.7%
IT Ishares Tr	Trimmed	−37,852	−$7.99M	2.1%
VS Vanguard Star Fds	Trimmed	−78,233	−$6.03M	2.7%
IT Ishares Tr	Trimmed	−54,848	−$5.44M	1.3%
DE Dimensional ETF Trust	Trimmed	−111,989	−$4.73M	7.7%
VI Vanguard Index Fds	Trimmed	−7,416	−$4.43M	2.6%
VC Vanguard Charlotte Fds	Trimmed	−75,681	−$3.64M	2.0%

Showing the 10 largest of 231 changes.

Q4 2025

quarter ended December 31, 2025 · filed January 26, 2026

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Added	+238,095	+$11.4M	5.5%
DE Dimensional ETF Trust	Added	+268,092	+$11.4M	7.2%
DE Dimensional ETF Trust	Added	+140,403	+$4.84M	6.3%
DE Dimensional ETF Trust	Added	+123,991	+$4.72M	3.3%
IT Ishares Tr	Trimmed	−47,770	−$3.32M	1.4%
VS Vanguard Scottsdale Fds	Trimmed	−36,063	−$3.02M	0.7%
IT Ishares Tr	Exited	−112,989	−$2.85M	—
DE Dimensional ETF Trust	Added	+43,634	+$2.6M	3.1%
IT Ishares Tr	Trimmed	−65,239	−$2.46M	0.6%
DE Dimensional ETF Trust	Added	+44,940	+$2.28M	1.5%

Showing the 10 largest of 232 changes.

Q3 2025

quarter ended September 30, 2025 · filed October 24, 2025

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Added	+332,760	+$14.2M	6.7%
DE Dimensional ETF Trust	Added	+171,936	+$8.29M	4.9%
DE Dimensional ETF Trust	Added	+118,091	+$6M	1.4%
DE Dimensional ETF Trust	Added	+165,186	+$5.42M	5.9%
DE Dimensional ETF Trust	Added	+143,228	+$5.41M	3.0%
IT Ishares Tr	Added	+6,815	+$4.56M	11.2%
SS SPDR S&P 500 ETF Tr	Added	+5,559	+$3.7M	0.6%
DE Dimensional ETF Trust	Added	+55,406	+$3.23M	2.9%
DE Dimensional ETF Trust	Added	+93,518	+$3.08M	3.1%
VS Vanguard Scottsdale Fds	Trimmed	−31,283	−$2.5M	0.2%

Showing the 10 largest of 234 changes.

Q2 2025

quarter ended June 30, 2025 · filed July 30, 2025

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Added	+124,059	+$5.24M	6.2%
Jpmorgan Chase & Co.	Added	+12,776	+$3.69M	0.6%
DE Dimensional ETF Trust	Added	+93,665	+$3.33M	2.8%
IT Ishares Tr	Trimmed	−35,687	−$2.76M	2.9%
IT Ishares Tr	Trimmed	−76,905	−$2.63M	0.8%
DE Dimensional ETF Trust	Added	+78,319	+$2.43M	3.0%
IT Ishares Tr	Trimmed	−45,122	−$2.29M	0.3%
DE Dimensional ETF Trust	Added	+41,140	+$2.22M	2.8%
DE Dimensional ETF Trust	Added	+29,612	+$1.89M	1.9%
DE Dimensional ETF Trust	Added	+38,284	+$1.84M	4.7%

Showing the 10 largest of 201 changes.

Q1 2025

quarter ended March 31, 2025 · filed April 30, 2025

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Added	+244,535	+$10.3M	6.2%
DE Dimensional ETF Trust	Added	+300,325	+$8.34M	5.4%
DE Dimensional ETF Trust	Added	+143,046	+$4.74M	2.5%
DE Dimensional ETF Trust	Added	+88,590	+$4.21M	4.8%
DE Dimensional ETF Trust	Added	+74,444	+$3.83M	2.7%
DE Dimensional ETF Trust	Added	+69,792	+$3.54M	1.2%
IT Ishares Tr	Added	+6,204	+$3.49M	10.6%
DE Dimensional ETF Trust	Added	+57,425	+$3.43M	1.7%
DE Dimensional ETF Trust	Added	+98,137	+$3M	2.9%
IT Ishares Tr	Trimmed	−41,840	−$2.92M	2.9%

Showing the 10 largest of 183 changes.

Q4 2024

quarter ended December 31, 2024 · filed February 10, 2025

Company	Action	Shares changed	Value of change	% of portfolio
DE Dimensional ETF Trust	Added	+647,676	+$26.7M	5.4%
DE Dimensional ETF Trust	Added	+369,847	+$17.3M	4.5%
DE Dimensional ETF Trust	Added	+669,573	+$17.3M	4.5%
IT Ishares Tr	Trimmed	−204,050	−$12.7M	4.1%
IT Ishares Tr	Trimmed	−191,868	−$12.7M	3.1%
DE Dimensional ETF Trust	Added	+350,604	+$11.8M	2.2%
IT Ishares Tr	Trimmed	−57,131	−$10.9M	2.9%
IT Ishares Tr	Trimmed	−86,160	−$8.35M	2.2%
DE Dimensional ETF Trust	Added	+268,238	+$8.06M	2.7%
DE Dimensional ETF Trust	Added	+144,088	+$8.02M	2.6%

Showing the 10 largest of 202 changes.

Comments