<p>Here is the article I am referring to. It is from a year ago and the 9.6% average annual return is from the 14 years before that.
<a href=“U-M endowment reaches historic high of $8.4 billion | University of Michigan News”>http://www.ns.umich.edu/new/releases/21755-u-m-endowment-reaches-historic-high-of-8-4-billion</a></p>