-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
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MIC-Info: RSA-MD5,RSA,
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 MZM/Bm6UUgUhdHngkh7q3g==

<SEC-DOCUMENT>0001293728-09-000003.txt : 20090629
<SEC-HEADER>0001293728-09-000003.hdr.sgml : 20090629
<ACCEPTANCE-DATETIME>20090629110213
ACCESSION NUMBER:		0001293728-09-000003
CONFORMED SUBMISSION TYPE:	D/A
PUBLIC DOCUMENT COUNT:		1
ITEM INFORMATION:		Rule 506
FILED AS OF DATE:		20090629
DATE AS OF CHANGE:		20090629
EFFECTIVENESS DATE:		20090629

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Morgan Stanley Liquid Markets Fund II L P
		CENTRAL INDEX KEY:			0001293728
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			DE

	FILING VALUES:
		FORM TYPE:		D/A
		SEC ACT:		1933 Act
		SEC FILE NUMBER:	021-66352
		FILM NUMBER:		09914750

	BUSINESS ADDRESS:	
		STREET 1:		100 FRONT ST
		STREET 2:		SUITE 1100
		CITY:			WEST CONSHOHOKEN
		STATE:			PA
		ZIP:			19428
		BUSINESS PHONE:		610-260-8600

	MAIL ADDRESS:	
		STREET 1:		100 FRONT ST
		STREET 2:		SUITE 1100
		CITY:			WEST CONSHOHOKEN
		STATE:			PA
		ZIP:			19428
</SEC-HEADER>
<DOCUMENT>
<TYPE>D/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0"?>
<edgarSubmission>

    <schemaVersion>X0401</schemaVersion>

    <submissionType>D/A</submissionType>

    <testOrLive>LIVE</testOrLive>

    <primaryIssuer>
        <cik>0001293728</cik>
        <entityName>Morgan Stanley Liquid Markets Fund II L P</entityName>
        <issuerAddress>
            <street1>One Tower Bridge</street1>
            <street2>100 Front Street, Suite 100</street2>
            <city>WEST CONSHOHOKEN</city>
            <stateOrCountry>PA</stateOrCountry>
            <zipCode>19428</zipCode>
        </issuerAddress>
        <issuerPhoneNumber>610-260-8600</issuerPhoneNumber>
        <issuerPreviousNameList>
            <value>None</value>
        </issuerPreviousNameList>
        <jurisdictionOfInc>DELAWARE</jurisdictionOfInc>
        <entityType>Limited Partnership</entityType>
        <yearOfInc>
            <overFiveYears>true</overFiveYears>
        </yearOfInc>
    </primaryIssuer>

    <relatedPersonsList>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Investment Partners LP</firstName>
                <middleName></middleName>
                <lastName>Morgan Stanley Alternative</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the issuer</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Thomas</firstName>
                <middleName>R.</middleName>
                <lastName>Dorr</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Morgan Stanley Alternative Investments Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Cory</firstName>
                <middleName>S.</middleName>
                <lastName>Pulfrey</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Morgan Stanley Alternative Investments Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Noel</firstName>
                <middleName></middleName>
                <lastName>Langlois</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Morgan Stanley Alternative Investments Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Jeffrey</firstName>
                <middleName></middleName>
                <lastName>Turner</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Executive Officer</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>Officer of Morgan Stanley Alternative Investments Inc.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>AIP GP LP</firstName>
                <middleName></middleName>
                <lastName>Morgan Stanley</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
        <relatedPersonInfo>
            <relatedPersonName>
                <firstName>Investments Inc.</firstName>
                <middleName></middleName>
                <lastName>Morgan Stanley Alternative</lastName>
            </relatedPersonName>
            <relatedPersonAddress>
                <street1>One Tower Bridge</street1>
                <street2>100 Front Street, Suite 1100</street2>
                <city>West Conshohocken</city>
                <stateOrCountry>PA</stateOrCountry>
                <zipCode>19428</zipCode>
            </relatedPersonAddress>
            <relatedPersonRelationshipList>
                <relationship>Promoter</relationship>
            </relatedPersonRelationshipList>
            <relationshipClarification>General Partner of the Issuer.</relationshipClarification>
        </relatedPersonInfo>
    </relatedPersonsList>

    <offeringData>
        <industryGroup>
            <industryGroupType>Pooled Investment Fund</industryGroupType>
            <investmentFundInfo>
                <investmentFundType>Hedge Fund</investmentFundType>
                <is40Act>false</is40Act>
            </investmentFundInfo>
        </industryGroup>
        <issuerSize>
            <aggregateNetAssetValueRange>Over $100,000,000</aggregateNetAssetValueRange>
        </issuerSize>
        <federalExemptionsExclusions>
            <item>06</item>
        </federalExemptionsExclusions>
        <typeOfFiling>
            <newOrAmendment>
                <isAmendment>true</isAmendment>
                <previousAccessionNumber>9999999997-06-026270</previousAccessionNumber>
            </newOrAmendment>
            <dateOfFirstSale>
                <value>2004-06-01</value>
            </dateOfFirstSale>
        </typeOfFiling>
        <durationOfOffering>
            <moreThanOneYear>true</moreThanOneYear>
        </durationOfOffering>
        <typesOfSecuritiesOffered>
            <isPooledInvestmentFundType>true</isPooledInvestmentFundType>
        </typesOfSecuritiesOffered>
        <businessCombinationTransaction>
            <isBusinessCombinationTransaction>false</isBusinessCombinationTransaction>
            <clarificationOfResponse></clarificationOfResponse>
        </businessCombinationTransaction>
        <minimumInvestmentAccepted>500000</minimumInvestmentAccepted>
        <salesCompensationList>
            <recipient>
                <recipientName>Morgan Stanley &amp; Co. Incorporated</recipientName>
                <recipientCRDNumber>8209</recipientCRDNumber>
                <associatedBDName>Morgan Stanley &amp; Co. Incorporated</associatedBDName>
                <associatedBDCRDNumber>8209</associatedBDCRDNumber>
                <recipientAddress>
                    <street1>1585 Broadway</street1>
                    <street2></street2>
                    <city>New York</city>
                    <stateOrCountry>NY</stateOrCountry>
                    <zipCode>10036</zipCode>
                </recipientAddress>
                <statesOfSolicitationList>
                    <value>All States</value>
                </statesOfSolicitationList>
            </recipient>
        </salesCompensationList>
        <offeringSalesAmounts>
            <totalOfferingAmount>Indefinite</totalOfferingAmount>
            <totalAmountSold>100000000</totalAmountSold>
            <totalRemaining>Indefinite</totalRemaining>
            <clarificationOfResponse></clarificationOfResponse>
        </offeringSalesAmounts>
        <investors>
            <hasNonAccreditedInvestors>false</hasNonAccreditedInvestors>
            <totalNumberAlreadyInvested>327</totalNumberAlreadyInvested>
        </investors>
        <salesCommissionsFindersFees>
            <salesCommissions>
                <dollarAmount>0</dollarAmount>
            </salesCommissions>
            <findersFees>
                <dollarAmount>0</dollarAmount>
            </findersFees>
            <clarificationOfResponse></clarificationOfResponse>
        </salesCommissionsFindersFees>
        <useOfProceeds>
            <grossProceedsUsed>
                <dollarAmount>0</dollarAmount>
            </grossProceedsUsed>
            <clarificationOfResponse></clarificationOfResponse>
        </useOfProceeds>
        <signatureBlock>
            <authorizedRepresentative>false</authorizedRepresentative>
            <signature>
                <issuerName>Morgan Stanley Liquid Markets Fund II L P</issuerName>
                <signatureName>Robin Coroniti</signatureName>
                <nameOfSigner>Robin Coroniti</nameOfSigner>
                <signatureTitle>Vice President</signatureTitle>
                <signatureDate>2009-05-21</signatureDate>
            </signature>
        </signatureBlock>
    </offeringData>
</edgarSubmission>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
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