Form N-23C-1 September 2003

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION 
Washington, D.C.  20549

FORM N-23C-1

STATEMENT BY REGISTERED CLOSED-END
INVESTMENT COMPANY WITH RESPECT TO PURCHASES OF ITS OWN
SECURITIES PURSUANT TO RULE N-23C-1 DURING THE LAST CALENDAR MONTH

(See rules and instructions on back of this form.  If acknowledgment is desired, file this form with the Commission in triplicate.)

REPORT FOR CALENDAR MONTH ENDING SEPTEMBER 2003

                                             Rand Capital Corporation                                    
(Name of registered closed-end investment company)

 Date of
Each Transaction

Identification
of Security

Number of
Shares Purchased

Price
Per
Share

Approximate Asset
Value or Approximate
Asset Coverage Per Share
at Time of Purchase

 Name of Seller
or of
Seller's Broker
9/29/03 Rand Common Stock 500 $1.16 $1.65 Open Market Purchase
           
           
           
           
           
           
           
           
           

REMARKS:  

RAND CAPITAL CORPORATION

           Name of Registrant
 
By:   /s/ Daniel P. Penberthy                              
           Daniel P. Penberthy
           Executive Vice President/CFO
                             (Title)

Date of  Statement:   October  1,  2003                       

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