FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

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1. Name and Address of Reporting Person* New Vernon Aegir Master Fund Ltd. (Last) (First) (Middle) 799 CENTRAL AVENUE, SUITE 350 (Street) HIGHLAND PARK IL 60035 (City) (State) (Zip)	2. Date of Event Requiring Statement (Month/Day/Year) 01/03/2011	3. Issuer Name and Ticker or Trading Symbol Bitstream Inc. [ BITS ]
		4. Relationship of Reporting Person(s) to Issuer (Check all applicable) Director X 10% Owner Officer (give title below) Other (specify below)	5. If Amendment, Date of Original Filed (Month/Day/Year)
			6. Individual or Joint/Group Filing (Check Applicable Line) X Form filed by One Reporting Person Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1. Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Class A Common Stock, $0.01 par value per share	1,135,462	D

Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares

Explanation of Responses:

Remarks:

On January 3, 2011, NV North American Opportunity Fund contributed all of its assets to New Vernon Aegir Master Fund Ltd. ("Master Fund") in exchange for all of the equity of Master Fund. As a result, (a) Master Fund became the direct beneficial owner of the shares of Common Stock subject to this filing and (b) NV North American Opportunity Fund no longer beneficially owns any shares of Common Stock of the Issuer. All of the shares reported on this Form 3 have been previously reported as beneficially owned on Forms 3 and 4 filed by NV North American Opportunity Fund, New Vernon Investment Management LLC and Trent Stedman and are contemporaneously being reported on a Form 3 filed by New Vernon Partners LLC.

	/s/ Trent Stedman ** New Vernon Aegir Master Fund Ltd., By New Vernon Partners LLC, the investment advisor, by Trent Stedman, Authorized Signatory	01/13/2011
	** Signature of Reporting Person	Date
Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
* If the form is filed by more than one reporting person, see Instruction 5 (b)(v).
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