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RAND CAPITAL CORP Director's Dealing 2005

May 20, 2005

Director's Dealing

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Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2005-05-19

Reporting Person: RAND JAYNE K (Director)

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2005-05-19	Common Stock	S	1000	$1.31	Disposed	192976	Direct
2005-05-19	Common Stock	S	100	$1.30	Disposed	192876	Direct
2005-05-19	Common Stock	S	7600	$1.29	Disposed	185276	Direct
2005-05-19	Common Stock	S	16160	$1.26	Disposed	169116	Direct