X0203 3 2011-01-03 0 0000818813 Bitstream Inc. BITS 0001510223 New Vernon Aegir Master Fund Ltd. 799 CENTRAL AVENUE, SUITE 350 HIGHLAND PARK IL 60035 0 0 1 0 Class A Common Stock, $0.01 par value per share 1135462 D 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 2011-01-13