Ownership Submission
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, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
  New Vernon Aegir Master Fund Ltd.
 2. Date of Event Requiring Statement (Month/Day/Year)
01/03/2011		 3. Issuer Name and Ticker or Trading Symbol
Bitstream Inc. [BITS]
(Last)
(First)
(Middle)
799 CENTRAL AVENUE, SUITE 350		 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 Original Filed(Month/Day/Year)
(Street)

HIGHLAND PARK, IL 60035		 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
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
 

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. SEC 1473 (7-02)
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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 of Derivative Security: 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

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
New Vernon Aegir Master Fund Ltd.
799 CENTRAL AVENUE, SUITE 350
HIGHLAND PARK, IL 60035		     X    

Signatures

/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

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 5(b)(v).
** Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
 
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.

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