This article reports world averages of measurements of b-hadron, c-hadron, and τlepton properties obtained by the Heavy Flavor Averaging Group (HFAG) using results available through the end of 2011. In some cases results available in the early part of 2012 are included. For the averaging, common input parameters used in the various analyses are adjusted (rescaled) to common values, and known correlations are taken into account. The averages include branching fractions, lifetimes, neutral meson mixing parameters, CP violation parameters, parameters of semileptonic decays and CKM matrix elements. 4 The DELPHI result of Ref. [30] is considered to supersede an older one [31]. 5 CDF updated their measurement of f Λ b /f d [34] to account for a measured p T dependence between exclusively reconstructed Λ b and B 0 [36]. 6 D0 reports f Ω − b /f Ξ − b . We use the CDF+D0 average of f Ξ − b /f Λ b to obtain f Ω − b /f Λ b and then combine with the CDF result.7 CDF compares the p T distribution of fully reconstructed Λ b → Λ + c π − with B 0 → D + π − which compares f Λ b /f d up to a scale factor. LHCb compares the p T in the lepton+charm system between Λ b and B 0 and8 In practice the LHCb data are given in 14 bins in p T and η with a full covariance matrix [41]. The weighted average is calculated as D T C −1 M/σ, where σ = D T C −1 D, M is a vector of measurements, C −1 is the inverse covariance matrix and D T is the transpose of the design matrix (vector of 1's) * This result uses "hadronic and previously unused muonic decays of the J/ψ". We neglect a small possible correlation of this result with the main BABAR result [260] that could be caused by reprocessing of the data.