2011 ended the year with an uptick in the equity markets. Our sample highly diversified balanced portfolio returned a mildly disappointing -2.20% for the year, underperforming the S&P 500 with a positive 2.11% return. Readers might recall the Meredith Whitney prediction of doom for Municipal Bonds. Ironically enough, Municipal Bonds have turned in the best performance of the year in this portfolio. Bonds in general carried the year as International markets got creamed and were the biggest drag on performance.