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: 2005-06-03

Reporting Person: MORGAN STANLEY (10% Owner)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-06-03	Common Stock	P	700	$16.96	Acquired	1268087	Direct
2005-06-08	Common Stock	P	400	$17.00	Acquired	1268487	Direct
2005-06-09	Common Stock	P	500	$16.90	Acquired	1268987	Direct
2005-06-13	Common Stock	P	1900	$17.02	Acquired	1270887	Direct
2005-06-14	Common Stock	P	500	$17.15	Acquired	1271387	Direct
2005-06-16	Common Stock	P	4400	$17.02	Acquired	1275787	Direct
2005-06-16	Common Stock	P	1000	$17.52	Acquired	1276787	Direct
2005-06-17	Common Stock	P	2000	$17.57	Acquired	1278787	Direct
2005-06-17	Common Stock	P	1000	$18.05	Acquired	1279787	Direct
2005-06-20	Common Stock	P	5966	$17.56	Acquired	1285753	Direct
2005-06-21	Common Stock	P	4519	$17.64	Acquired	1290272	Direct
2005-06-23	Common Stock	P	5600	$16.90	Acquired	1295872	Direct
2005-06-23	Common Stock	P	10200	$16.79	Acquired	1306072	Direct
2005-06-24	Common Stock	P	1200	$17.30	Acquired	1307272	Direct
2005-06-27	Common Stock	P	4700	$16.98	Acquired	1311972	Direct
2005-06-27	Common Stock	P	9399	$16.85	Acquired	1321371	Direct
2005-06-28	Common Stock	P	2300	$17.48	Acquired	1323671	Direct
2005-06-30	Common Stock	P	100	$18.20	Acquired	1323771	Direct
2005-07-05	Common Stock	P	6300	$18.56	Acquired	1330071	Direct
2005-07-06	Common Stock	P	500	$18.00	Acquired	1330571	Direct
2005-07-08	Common Stock	P	500	$18.00	Acquired	1331071	Direct
2005-07-08	Common Stock	P	500	$18.00	Acquired	1331571	Direct
2005-07-18	Common Stock	P	200	$17.90	Acquired	1331771	Direct
2005-07-29	Common Stock	P	11456	$17.26	Acquired	1343227	Direct
2005-08-02	Common Stock	P	70000	$16.05	Acquired	1413227	Direct
2005-08-03	Common Stock	P	2700	$17.14	Acquired	1415927	Direct
2005-08-04	Common Stock	P	400	$16.05	Acquired	1416327	Direct
2005-08-05	Common Stock	P	4000	$16.35	Acquired	1420327	Direct
2005-08-05	Common Stock	P	3000	$16.39	Acquired	1423327	Direct
2005-08-05	Common Stock	S	10000	$16.95	Disposed	1413327	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.