On May 7, 2015, Silver Bullion Trust announced that Institutional Shareholder Services has recommended that its clients vote for all of Silver Bullion Trust's Trustee nominees, and vote against the changes to the Trust's amended and restated declaration of trust being proposed by Polar Securities Inc., on behalf of its Cayman Islands based hedge fund, North Pole Capital Master Fund, at the upcoming annual and special meeting of unitholders of Silver Bullion Trust to be held on May 20, 2015.