Initial Statement of Beneficial Ownership (3)

FORM 3	UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES	OMB APPROVAL OMB Number: 3235-0104 Estimated average burden hours per response... 0.5
	Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934 or Section 30(h) of the Investment Company Act of 1940

1. Name and Address of Reporting Person * Lischer Thomas A	2. Date of Event Requiring Statement (MM/DD/YYYY) 8/15/2018	3. Issuer Name and Ticker or Trading Symbol UNION PACIFIC CORP [UNP]
(Last)        (First)        (Middle) 1400 DOUGLAS STREET	4. Relationship of Reporting Person(s) to Issuer (Check all applicable) _____ Director                            _____ 10% Owner ___ X ___ Officer (give title below)          _____ Other (specify below) EVP Operations /
(Street) OMAHA, NE 68179        (City)              (State)              (Zip)	5. If Amendment, Date Original Filed (MM/DD/YYYY)	6. Individual or Joint/Group Filing (Check Applicable Line) _ X _ Form filed by One Reporting Person ___ Form filed by More than One Reporting Person

Table I - Non-Derivative Securities Beneficially Owned
1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock   (1)	20250.0996	D

Table II - Derivative Securities Beneficially Owned ( e.g. , puts, calls, warrants, options, convertible securities)
1. Title of Derivate Security (Instr. 4)	2. Date Exercisable and Expiration Date (MM/DD/YYYY)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
	Date Exercisable	Expiration Date	Title	Amount or Number of Shares
Non-Qualified Stock Option (right to buy)   (2)	2/4/2017   (2)	2/4/2026	Common Stock	11445	$75.52	D
Non-Qualified Stock Option (right to buy)   (2)	2/6/2015   (2)	2/6/2024	Common Stock	4860	$87.56	D
Non-Qualified Stock Option (right to buy)   (2)	2/2/2018   (2)	2/2/2027	Common Stock	7719	$107.3	D
Non-Qualified Stock Option (right to buy)   (2)	2/5/2016   (2)	2/5/2025	Common Stock	6102	$122.85	D
Non-Qualified Stock Option (right to buy)   (2)	2/8/2019   (2)	2/8/2028	Common Stock	7008	$124.86	D

Explanation of Responses:
(1)	Includes unvested restricted stock units and unvested Long Term Plan performance units.
(2)	This option becomes exercisable in three equal installments starting one year from the grant date.

Reporting Owners
Reporting Owner Name / Address	Relationships
	Director	10% Owner	Officer	Other
Lischer Thomas A 1400 DOUGLAS STREET OMAHA, NE 68179			EVP Operations

Signatures
By: Trevor L. Kingston, Attorney-in-Fact For: Thomas A. Lischer		8/17/2018
** Signature of Reporting Person		Date

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
Note:	File three copies of this Form, one of which must be manually signed. If space is insufficient, see Instruction 6 for procedure.
Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number.