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: 2005-08-08

Reporting Person: MORGAN STANLEY (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-08-08	Common Stock	P	128	$16.05	Acquired	1413455	Direct
2005-08-08	Common Stock	P	400	$16.75	Acquired	1413855	Direct
2005-08-09	Common Stock	P	2455	$16.29	Acquired	1416310	Direct
2005-08-09	Common Stock	P	300	$17.00	Acquired	1416610	Direct
2005-08-12	Common Stock	P	200	$17.00	Acquired	1416810	Direct
2005-08-15	Common Stock	P	500	$17.00	Acquired	1417310	Direct
2005-08-17	Common Stock	P	1710	$17.09	Acquired	1419020	Direct
2005-08-19	Common Stock	P	1500	$18.04	Acquired	1420520	Direct
2005-08-19	Common Stock	S	12000	$17.95	Disposed	1408520	Direct
2005-08-22	Common Stock	P	5000	$17.78	Acquired	1413520	Direct
2005-08-22	Common Stock	S	5000	$17.97	Disposed	1408520	Direct
2005-08-23	Common Stock	P	4600	$18.03	Acquired	1413120	Direct
2005-08-24	Common Stock	P	515	$17.98	Acquired	1413635	Direct
2005-08-26	Common Stock	P	100	$17.90	Acquired	1413735	Direct
2005-08-29	Common Stock	P	1720	$17.97	Acquired	1415455	Direct
2005-08-31	Common Stock	P	10000	$17.80	Acquired	1425455	Direct
2005-09-01	Common Stock	P	1971	$18.04	Acquired	1427426	Direct
2005-09-02	Common Stock	P	276	$18.00	Acquired	1427702	Direct
2005-09-06	Common Stock	P	500	$18.00	Acquired	1428202	Direct
2005-09-07	Common Stock	P	1955	$18.02	Acquired	1430157	Direct
2005-09-12	Common Stock	P	4587	$18.25	Acquired	1434744	Direct
2005-09-13	Common Stock	P	1000	$18.27	Acquired	1435744	Direct
2005-09-19	Common Stock	P	3500	$18.68	Acquired	1439244	Direct
2005-09-19	Common Stock	P	400	$18.14	Acquired	1439644	Direct
2005-09-20	Common Stock	P	142	$18.96	Acquired	1439786	Direct
2005-09-20	Common Stock	S	142	$19.15	Disposed	1439644	Direct
2005-09-21	Common Stock	P	4500	$18.46	Acquired	1444144	Direct
2005-09-22	Common Stock	P	2250	$18.34	Acquired	1446394	Direct
2005-09-23	Common Stock	P	1370	$18.28	Acquired	1447764	Direct
2005-09-26	Common Stock	P	1400	$18.23	Acquired	1449164	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.