For starters 11.5 volts is (barely) within proper operating voltage range. All voltages should be with 5% of spec, and that means 12 volt bus should be between 11.4 - 12.6 volts. Even so, yours is a little low for comfort.
Onboard voltage monitoring is notoriously unreliable though. The most accurate way to measure your rail voltage is to use a digital multimeter (around $20 at Radio Shack). Keep in mind your PSU is a dual 12v rail so you should measure the 12v voltage at one of the HDD power connectors (yellow and black wires) and at the mobo PSU connector (also yellow and black).
If you're too cheap to buy a meter, go into BIOS and check the PC Health menu. That will be the most accurate measurement of onboard voltages - but a meter would be better.