RAND CAPITAL CORP — Director's Dealing 2006

Feb 16, 2006

SEC Form 4 — Statement of Changes in Beneficial Ownership

Issuer: RAND CAPITAL CORP (RAND)
CIK: 0000081955
Period of Report: 2006-02-15

Reporting Person: ZAK ROBERT M (Director)

Non-Derivative Transactions

Date	Security	Code	Shares	Price	A/D	Holdings After	Ownership
2006-02-15	Common Stock	P	1400	$1.31	Acquired	1400	Direct
2006-02-15	Common Stock	P	2700	$1.308	Acquired	4100	Direct
2006-02-15	Common Stock	P	100	$1.28	Acquired	4200	Direct
2006-02-15	Common Stock	P	100	$1.33	Acquired	4300	Direct
2006-02-15	Common Stock	P	201	$1.339	Acquired	4501	Direct
2006-02-15	Common Stock	P	2799	$1.34	Acquired	7300	Direct
2006-02-15	Common Stock	P	200	$1.30	Acquired	7500	Direct
2006-02-15	Common Stock	P	2000	$1.2897	Acquired	9500	Direct
2006-02-15	Common Stock	P	500	$1.32	Acquired	10000	Direct