<SEC-DOCUMENT>0000905718-18-000571.txt : 20180621
<SEC-HEADER>0000905718-18-000571.hdr.sgml : 20180621
<ACCEPTANCE-DATETIME>20180621161707
ACCESSION NUMBER:		0000905718-18-000571
CONFORMED SUBMISSION TYPE:	3
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180612
FILED AS OF DATE:		20180621
DATE AS OF CHANGE:		20180621

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			User-Friendly Phone Book, LLC
		CENTRAL INDEX KEY:			0001743282
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00235
		FILM NUMBER:		18912029

	BUSINESS ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		281-465-5403

	MAIL ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380

REPORTING-OWNER:	

	OWNER DATA:	
		COMPANY CONFORMED NAME:			User-Friendly Holding, LLC
		CENTRAL INDEX KEY:			0001744059
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		3
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	814-00235
		FILM NUMBER:		18912030

	BUSINESS ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380
		BUSINESS PHONE:		281-465-5403

	MAIL ADDRESS:	
		STREET 1:		10200 GROGANS MILL RD., SUITE 440
		CITY:			THE WOODLANDS
		STATE:			TX
		ZIP:			77380

ISSUER:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			RAND CAPITAL CORP
		CENTRAL INDEX KEY:			0000081955
		IRS NUMBER:				160961359
		STATE OF INCORPORATION:			NY
		FISCAL YEAR END:			1231

	BUSINESS ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
		BUSINESS PHONE:		7168530802

	MAIL ADDRESS:	
		STREET 1:		2200 RAND BUILDING
		CITY:			BUFFALO
		STATE:			NY
		ZIP:			14203
</SEC-HEADER>
<DOCUMENT>
<TYPE>3
<SEQUENCE>1
<FILENAME>randcapital_fm3jun202018.xml
<DESCRIPTION>OWNERSHIP DOCUMENT
<TEXT>
<XML>
<?xml version="1.0"?>
<ownershipDocument>

    <schemaVersion>X0206</schemaVersion>

    <documentType>3</documentType>

    <periodOfReport>2018-06-12</periodOfReport>

    <noSecuritiesOwned>0</noSecuritiesOwned>

    <issuer>
        <issuerCik>0000081955</issuerCik>
        <issuerName>RAND CAPITAL CORP</issuerName>
        <issuerTradingSymbol>RAND</issuerTradingSymbol>
    </issuer>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001744059</rptOwnerCik>
            <rptOwnerName>User-Friendly Holding, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10200 GROGANS MILL RD., SUITE 440</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>THE WOODLANDS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77380</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001743282</rptOwnerCik>
            <rptOwnerName>User-Friendly Phone Book, LLC</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>10200 GROGANS MILL RD., SUITE 440</rptOwnerStreet1>
            <rptOwnerStreet2></rptOwnerStreet2>
            <rptOwnerCity>THE WOODLANDS</rptOwnerCity>
            <rptOwnerState>TX</rptOwnerState>
            <rptOwnerZipCode>77380</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
        <reportingOwnerRelationship>
            <isDirector>0</isDirector>
            <isOfficer>0</isOfficer>
            <isTenPercentOwner>1</isTenPercentOwner>
            <isOther>0</isOther>
            <officerTitle></officerTitle>
            <otherText></otherText>
        </reportingOwnerRelationship>
    </reportingOwner>

    <nonDerivativeTable>
        <nonDerivativeHolding>
            <securityTitle>
                <value>Common Stock, par value $0.10 per share</value>
            </securityTitle>
            <postTransactionAmounts>
                <sharesOwnedFollowingTransaction>
                    <value>1455993</value>
                </sharesOwnedFollowingTransaction>
            </postTransactionAmounts>
            <ownershipNature>
                <directOrIndirectOwnership>
                    <value>I</value>
                    <footnoteId id="F1"/>
                </directOrIndirectOwnership>
                <natureOfOwnership>
                    <value>See footnote</value>
                    <footnoteId id="F1"/>
                </natureOfOwnership>
            </ownershipNature>
        </nonDerivativeHolding>
    </nonDerivativeTable>

    <footnotes>
        <footnote id="F1">The shares of common stock reported herein are owned directly by User-Friendly Phone Book, LLC, a Delaware limited liability company (&quot;UFPB&quot;). UFPB is a wholly-owned subsidiary of, and is controlled by, User-Friendly Holding, LLC, a Delaware limited liability company (&quot;UFH&quot;). Jeffrey T. Stevenson controls the board of managers of UFH. This report shall not be deemed an admission that UFPB, UFH or any other person is the beneficial owner of the securities reported herein for purposes of Section 16 of the Securities Exchange Act of 1934, or for any other purpose.</footnote>
    </footnotes>

    <ownerSignature>
        <signatureName>User-Friendly Holding, LLC, By: /s/ Bruce Howard, Chief Executive Officer</signatureName>
        <signatureDate>2018-06-21</signatureDate>
    </ownerSignature>

    <ownerSignature>
        <signatureName>User-Friendly Phone Book, LLC, By: /s/ Bruce Howard, Chief Executive Officer</signatureName>
        <signatureDate>2018-06-21</signatureDate>
    </ownerSignature>
</ownershipDocument>
</XML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
