RAND CAPITAL CORP — Director's Dealing 2005

Dec 22, 2005

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2005-12-22

Reporting Person: RAND JAYNE K (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-12-22	Common Stock	S	900	$1.39	Disposed	168216	Direct
2005-12-22	Common Stock	S	14000	$1.38	Disposed	154216	Direct
2005-12-22	Common Stock	S	100	$1.36	Disposed	154116	Direct
2005-12-22	Common Stock	S	700	$1.35	Disposed	153416	Direct
2005-12-22	Common Stock	S	100	$1.34	Disposed	153316	Direct
2005-12-22	Common Stock	S	100	$1.32	Disposed	153218	Direct
2005-12-22	Common Stock	S	4200	$1.30	Disposed	149016	Direct