US Financial 15 Split Corp.
TSX : FTU
TSX : FTU.PR.A

US Financial 15 Split Corp.

July 27, 2005 11:49 ET

US Financial 15 Split Corp: Financial Results to May 31, 2005

TORONTO, ONTARIO--(CCNMatthews - July 27, 2005) - US Financial 15 Split Corp. ("US Financial 15") (TSX:FTU)(TSX:FTU.PR.A) announces its semi-annual financial results for the initial period February 15, 2005 to May 31, 2005.

During the period, US Financial 15 achieved its targeted distribution objectives for both the Preferred and Class A shares. The net asset value per unit (one Preferred Share and one Class A Share) was $22.59 as at May 31,2005.



The fund's investment objectives are:

Preferred Shares:
i. to provide holders of the Preferred Shares with fixed,
cumulative preferential monthly cash dividends in the amount
of $0.04375 per Preferred Share to yield 5.25% per annum on
the original issue price; and
ii. on or about December 1, 2012 (termination date), to pay the
holders of the Preferred Shares the original
issue price of those shares.

Class A Shares:
i. to provide holders of the Class A Shares with regular monthly
cash dividends initially targeted to be $0.10 per Class A
Share to yield 8.0% per annum on the original issue price; and
ii. on or about December 1, 2012 (termination date), to pay the
holders of Class A Shares at least the original issue price of
those shares.

US Financial 15 invests in a high quality portfolio consisting of 15
U.S. financial services companies as follows:

American Express, American International Group, Bank of America,
Citigroup, Fifth Third Bancorp, The Goldman Sachs Group, J.P. Morgan
Chase, Lehman Brothers, Merrill Lynch, Morgan Stanley, SunTrust
Banks, U.S. Bancorp, Wachovia Corporation, Washington Mutual and
Wells Fargo. Shares held within the Portfolio are expected to range
between 4-8% in weight but may vary from time to time. A limited
covered call writing program is employed to provide supplementary
income to the portfolio. A US dollar hedging program was engaged
during the period. This was done to minimize the impact of any
depreciation resulting from a decline in the US dollar against the
Canadian dollar.

Selected Financial Information from the Semi-Annual Statement of
Financial Operations:
For the period Feb 15 to May 31 ($ Millions)

2005
Income .495
Expenses (.404)
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Net investment income .091
Realized option premiums and gain on sale of investments (1.420)
Change in unrealized appreciation of investments (1.896)
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Increase (decrease) in net assets from operations before
distributions (3.225)


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