We present the results of detailed spectral studies of the ultra-compact low
mass X-ray binary (LMXB) 4U 1915-05 carried out with the Rossi X-ray Timing
Explorer (RXTE) during 1996. 4U 1915-05 is an X-ray burster (XRB) known to
exhibit a ~199-day modulation in its 2--12 keV flux. Observations were
performed with the PCA and HEXTE instruments on RXTE at roughly one-month
intervals to sample this long-term period and study accretion rate-related
spectral changes. We obtain good fits with a model consisting of a blackbody
and an exponentially cut-off power law. The spectral parameters are strongly
correlated with both the broad-band (2--50 keV) luminosity and the position in
the color-color diagram, with the source moving from a low hard state to a high
soft state as the accretion rate increases. The blackbody component appears to
drive the spectral evolution. Our results are consistent with a geometry in
which the soft component arises from an optically thick boundary layer and the
hard component from an extended Comptonizing corona. Comparing our results with
those of a similar study of the brighter source 4U 1820-30 (Bloser et al.
2000), we find that the two ultra-compact LMXBs occupy similar spectral states
even though the transitions occur at very different total luminosities.Comment: 27 pages LaTeX, 8 figures, accepted to the Astrophysical Journa