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 * Hamann Jennifer L	2. Date of Event Requiring Statement (MM/DD/YYYY) 1/1/2020	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 & CHIEF FINANCIAL OFFICER /
(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)	63331	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	10563	$75.52	D
Non-Qualified Stock Option (right to buy) (2)	2/6/2015 (2)	2/6/2024	Common Stock	4962	$87.56	D
Non-Qualified Stock Option (right to buy) (2)	2/2/2018 (2)	2/2/2027	Common Stock	8796	$107.3	D
Non-Qualified Stock Option (right to buy) (2)	2/5/2016 (2)	2/5/2025	Common Stock	5385	$122.85	D
Non-Qualified Stock Option (right to buy) (2)	2/8/2019 (2)	2/8/2028	Common Stock	7743	$124.86	D
Non-Qualified Stock Option (right to buy) (2)	2/7/2020 (2)	2/7/2029	Common Stock	5271	$161.57	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
Hamann Jennifer L 1400 DOUGLAS STREET OMAHA, NE 68179			EVP & CHIEF FINANCIAL OFFICER

Signatures
By: Trevor L. Kingston, Attorney-in-Fact For: Jennifer L. Hamann		1/2/2020
**Signature of Reporting Person		Date