(Bloomberg) -- The California State Teachers’ RetirementSystem, the second-largest U.S. public pension fund,earned 1.4 percent in the 12 months through June, missing itsreturn target for the second straight year.

CalSTRS seeks to earn 7.5 percent on average over time to avoidfalling further behind in its obligations to 896,000 current andretired teachers and their families. The fund, which had $188.7billion in assets as of June 30, averaged returns of 7.8 percentover the last three years, 7.7 percent over five years, 5.6 percentover 10 years and 7 percent over 20 years.

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