Okay, that explains why I could see daylight when looking down into the magazine well. I thought that was kinda sloppy, especially for an Austrian made gun, but now I understand.
Exactly right — think M1 Garand, a rifle ejects the clip and brass out the top — the M95 ejects the last round out the top and clip out the bottom. And, just like the M1, without a clip to hold the ammo the M95 Steyr can only function as a single-shot rifle.