CADIZ INC — Director's Dealing 2006

Jan 25, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: CADIZ INC (CDZI)
CIK: 0000727273
Period of Report: 2005-09-27

Reporting Person: MORGAN STANLEY (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-09-27	Common Stock	P	2700	$18.79	Acquired	1451864	Direct
2005-09-28	Common Stock	P	1000	$18.64	Acquired	1452864	Direct
2005-09-29	Common Stock	P	2405	$19.02	Acquired	1455269	Direct
2005-10-03	Common Stock	P	1500	$19.67	Acquired	1456769	Direct
2005-10-04	Common Stock	S	100	$19.79	Disposed	1456669	Direct
2005-10-04	Common Stock	P	100	$19.79	Acquired	1456769	Direct
2005-10-04	Common Stock	S	200	$19.85	Disposed	1456569	Direct
2005-10-04	Common Stock	P	200	$19.85	Acquired	1456769	Direct
2005-10-11	Common Stock	P	400	$21.77	Acquired	1457169	Direct
2005-10-13	Common Stock	P	2504	$21.87	Acquired	1459673	Direct
2005-10-14	Common Stock	P	500	$21.50	Acquired	1460173	Direct
2005-10-17	Common Stock	P	364	$21.64	Acquired	1460537	Direct
2005-10-19	Common Stock	P	500	$21.50	Acquired	1461037	Direct
2005-10-21	Common Stock	P	500	$21.00	Acquired	1461537	Direct
2005-10-25	Common Stock	P	1200	$20.60	Acquired	1462737	Direct
2005-10-26	Common Stock	P	3000	$20.54	Acquired	1465737	Direct
2005-10-26	Common Stock	P	5000	$21.02	Acquired	1470737	Direct
2005-10-27	Common Stock	P	500	$21.02	Acquired	1471237	Direct
2005-10-27	Common Stock	P	3360	$20.35	Acquired	1474597	Direct
2005-10-28	Common Stock	P	4500	$19.97	Acquired	1479097	Direct
2005-10-31	Common Stock	P	795	$19.65	Acquired	1479892	Direct
2005-11-02	Common Stock	P	3500	$19.74	Acquired	1483392	Direct
2005-11-03	Common Stock	P	7165	$19.20	Acquired	1490557	Direct
2005-11-04	Common Stock	P	3804	$19.04	Acquired	1494361	Direct
2005-11-07	Common Stock	P	1500	$20.21	Acquired	1495861	Direct
2005-11-10	Common Stock	P	1607	$19.70	Acquired	1497468	Direct
2005-11-11	Common Stock	P	500	$19.75	Acquired	1497968	Direct
2005-11-15	Common Stock	P	3132	$19.53	Acquired	1501100	Direct
2005-11-16	Common Stock	P	2000	$19.82	Acquired	1503100	Direct
2005-11-17	Common Stock	P	1500	$20.00	Acquired	1504600	Direct

Footnotes

F1: This Form 4 is being filed by more than one reporting person. Morgan Stanley & Co. International Limited is a wholly owned
subsidiary of Morgan Stanley. All shares held directly by Morgan Stanley & Co. International Limited are held indirectly by
Morgan Stanley.

F2: The reporting persons have disgorged to the issuer $114,358.20 in short-swing profits as a consequence of the transactions
reported on the Form 4s dated 1/25/2006 pursuant to section 16(b) of the Exchange Act of 1934.