The board of directors of two closed-end funds, the $72 million Cornerstone Strategic Return Fund and the $55 million Clemente Strategic Value Fund, has fired Clemente Capital of New York as the investment adviser of both funds effective March 3.

The board also fired Wilmington Trust Company of Wilmington, Del. which has been the sub-adviser to the Clemente Strategic Value Fund, managing the domestic securities portion of the fund since 1997. The fund was originally known as the Clemente Global Growth Fund until 1999 when it changed its focus and name.

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