FORM 4 Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 STATEMENT OF CHANGES IN 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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1. Name and Address of Reporting Person * David Ferris Ellison Trust   2. Issuer Name and Ticker or Trading Symbol NETSUITE INC [N] 5. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director __X__ 10% Owner _____ Officer (give title below) _____ Other (specify below) (Last) (First) (Middle) 101 YGNACIO VALLEY ROAD, SUITE 310 3. Date of Earliest Transaction (Month/Day/Year) 12/24/2007 (Street) WALNUT CREEK, CA 94596 4. If Amendment, Date Original Filed(Month/Day/Year) 6. Individual or Joint/Group Filing(Check Applicable Line) ___ Form filed by One Reporting Person _X_ Form filed by More than One Reporting Person (City) (State) (Zip) Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned

1.Title of Security (Instr. 3) 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code (Instr. 8) 4. Securities Acquired (A) or Disposed of (D) (Instr. 3, 4 and 5) 5. Amount of Securities Beneficially Owned Following Reported Transaction(s) (Instr. 3 and 4) 6. Ownership Form: Direct (D) or Indirect (I) (Instr. 4) 7. Nature of Indirect Beneficial Ownership (Instr. 4) Code V Amount (A) or (D) Price Common Stock 12/24/2007   C   3,438,359 A (1) 3,438,359 D (2) (4)   Common Stock 12/24/2007   C   3,438,359 A (1) 3,438,359 D (3) (4)

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 3)	2. Conversion or Exercise Price of Derivative Security	3. Transaction Date (Month/Day/Year)	3A. Deemed Execution Date, if any (Month/Day/Year)	4. Transaction Code (Instr. 8)		5. Number of Derivative Securities Acquired (A) or Disposed of (D) (Instr. 3, 4, and 5)		6. Date Exercisable and Expiration Date (Month/Day/Year)		7. Title and Amount of Underlying Securities (Instr. 3 and 4)		8. Price of Derivative Security (Instr. 5)	9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s) (Instr. 4)	10. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 4)	11. Nature of Indirect Beneficial Ownership (Instr. 4)
				Code	V	(A)	(D)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Series A Preferred Stock	(1)	12/24/2007		C			450,000	(1)	(1)	Common Stock	450,000	$ 0	0	D (2) (4)
Series F Preferred Stock	(1)	12/24/2007		C			2,123,500	(1)	(1)	Common Stock	2,502,923	$ 0	0	D (2) (4)
Series H Preferred Stock	(1)	12/24/2007		C			485,436	(1)	(1)	Common Stock	485,436	$ 0	0	D (2) (4)
Series A Preferred Stock	(1)	12/24/2007		C			450,000	(1)	(1)	Common Stock	450,000	$ 0	0	D (3) (4)
Series F Preferred Stock	(1)	12/24/2007		C			2,123,500	(1)	(1)	Common Stock	2,502,923	$ 0	0	D (3) (4)
Series H Preferred Stock	(1)	12/24/2007		C			485,436	(1)	(1)	Common Stock	485,436	$ 0	0	D (3) (4)

Reporting Owners

Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
David Ferris Ellison Trust 101 YGNACIO VALLEY ROAD SUITE 310 WALNUT CREEK, CA 94596		X
Margaret Elizabeth Ellison Trust 101 YGNACIO VALLEY ROAD SUITE 310 WALNUT CREEK, CA 94596		X
SIMON PHILIP B 101 YGNACIO VALLEY ROAD SUITE 310 WALNUT CREEK, CA 94596		X
LUCAS DONALD L 101 YGNACIO VALLEY ROAD SUITE 310 WALNUT CREEK, CA 94596		X

Signatures

Philip B. Simon and Donald L. Lucas, Co-Trustees of the David Ferris Ellison Trust		03/31/2008
**Signature of Reporting Person		Date
Philip B. Simon and Donald L. Lucas, Co-Trustees of the Margaret Elizabeth Ellison Trust		03/31/2008
**Signature of Reporting Person		Date
Philip B. Simon		03/31/2008
**Signature of Reporting Person		Date
Donald L. Lucas		03/31/2008
**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 4(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).
(1)	Common Stock was received upon automatic conversion of each series of Preferred Stock upon the consummation of the Issuer's initial public offering. As provided in the Issuer's Certificate of Incorporation at the time of effectiveness of its initial public offering, the ratio for conversion of the Series A Preferred Stock and the Series H Preferred Stock to Common Stock was 1:1, and the ratio for conversion of the Series F Preferred Stock to Common Stock was 1:1.786783.
(2)	Shares are held directly by the David Ferris Ellison Trust.
(3)	Shares are held directly by the Margaret Elizabeth Ellison Trust.
(4)	Philip B. Simon and Donald L. Lucas are co-trustees of the David Ferris Ellison Trust and of the Margaret Elizabeth Ellison Trust. As co-trustees, Mr. Simon and Mr. Lucas share voting and dispositive power over the shares held by the two trusts, equivalent in the aggregate to 6,876,718 shares of Common Stock of the Issuer. Neither Mr. Simon nor Mr. Lucas has any pecuniary interest in any of the shares of the Issuer held by the two trusts.
Remarks: All of the filing persons disclaim beneficial ownership of any shares of the Issuer's capital stock, except to the extent of their pecuniary interest.  All of the filing persons disclaim that they are a "group" for purposes of Regulation 13D.

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