UNION PACIFIC CAPITAL TRUST
Union Pacific Capital Trust is a statutory business trust that was formed under Delaware law on March 17, 1998. The Trust's original declaration of trust was amended and restated in its entirety by the Company, as sponsor of the Trust, and the trustees of the Issuer (the "Issuer Trustees") (as so amended and restated, the "Declaration"), on the Original Offering Date.
Pursuant to the Declaration, there are initially five Issuer Trustees. Three of the Issuer Trustees (the "Administrative Trustees") are individuals who are employees or officers of or who are affiliated with the Company. The fourth trustee is a financial institution that is unaffiliated with the Company (the "Property Trustee"). The fifth trustee is an entity which maintains its principal place of business in the State of Delaware (the "Delaware Trustee").
Initially, The Bank of New York, a New York banking corporation, acts as Property Trustee and its affiliate, The Bank of New York (Delaware), a Delaware banking corporation, acts as Delaware Trustee until, in each case, removed or replaced by the holder of the Common Securities. The Bank of New York also acts as indenture trustee under the Guarantee (the "Guarantee Trustee") and under the Indenture (the "Debenture Trustee").
SELLING HOLDERS
The Convertible Preferred Securities were originally issued by the Trust and sold by Credit Suisse First Boston Corporation, Merrill Lynch, Pierce, Fenner & Smith Incorporated, Smith Barney Inc. and Schroder & Co. Inc. (the "Initial Purchasers") in a transaction exempt from the registration requirements of the Securities Act, to persons reasonably believed by such Initial Purchasers to be "qualified institutional buyers" (as defined in Rule 144A under the Securities Act), to a limited number of institutional "accredited investors" (as defined in Rule 501(a) (1), (2), (3) or (7) under the Securities Act) and outside the United States to non-U.S. persons in offshore transactions in reliance on Regulation S under the Securities Act. The Selling Holders may from time to time offer and sell pursuant to this Prospectus any or all of the Convertible Preferred Securities, any Convertible Junior Subordinated Debentures and Company Common Stock issued upon conversion of the Convertible Preferred Securities.
The following table sets forth information with respect to the Selling Holders of the Convertible Preferred Securities and the respective number of Convertible Preferred Securities beneficially owned by each Selling Holder that may be offered pursuant to this Prospectus.
Credit Suisse First Boston Corporation.....................................
2,822,418
Fidelity Securities Fund: Fidelity Growth & Income
Portfolio(1).....................................................................................
1,377,000
Argent Classic Convertible Arbitrage Fund (Bermuda) L.P..... 1,335,000
Hartford Capital Appreciation Fund, Inc.(2)................................
1,230,000
Lipper Convertibles, L.P...............................................................
1,069,700
The Income Fund of America,
Inc.................................................... 976,200
Fidelity Devonshire Trust: Fidelity Equity-Income Fund(1)........... 817,600
J.P. Morgan & Co.
Incorporated...................................................... 752,133
Equity
Portfolio...................................................................................
700,000
Equity Income
Portfolio......................................................................
541,000
Aim Charter
Fund...............................................................................
500,000
Premium Total Return
Portfolio......................................................... 472,000
Alliance Growth and Income Fund,
Inc............................................. 444,000
Argent Classic Convertible Arbitrage Fund L.P..............................
390,000
Variable Insurance Products Fund: Equity-Income
Portfolio(1)...........................................................................................
384,500
Oppenheimer Main Street Funds Inc. for the Oppenheimer
Main Street Income & Growth
Fund................................................... 350,300
Commerzbank
AG...............................................................................
350,000
Salomon Brothers
Fund(3)..................................................................
350,000
The TCW Group,
Inc.............................................................................
346,800
SBC Warburg Dillon Read
Inc............................................................. 343,500
The Northwestern Mutual Life Insurance Company(4).......................340,000
General Motors Investment Management Corp.(3)........................... 300,000
Paloma Securities LLC........................................................................
300,000
The Cincinnati Insurance
Company..................................................... 300,000
Allstate Life Insurance
Company.......................................................... 286,500
Fidelity Capital Trust: Fidelity Value
Fund(1)...................................... 268,000
Fundamental Investors,
Inc.................................................................... 260,000
Oppenheimer Bond Fund Series -- Oppenheimer
Convertible Securities
Fund.................................................................. 250,000
Hartford Capital Appreciation
Fund(2)................................................. 246,000
Prudential Equity Income
Fund.............................................................. 243,900
Prudential Series Fund, Inc. -- Equity Income Portfolio.......................
243,900
Grantham, Mayo, Van Otterloo & Co., LLC..........................................
240,000
Highbridge International, LLC..........................................................
.....
230,000
MainStay Convertible
Fund....................................................................
230,000
Chilton International (BVI)
Ltd................................................................. 214,266
The Hudson River Trust -- Alliance Growth and Income
Portfolio.....................................................................................................
206,000
Transamerica Life Insurance & Annuity
Co........................................... 200,000
Fidelity Puritan Trust: Fidelity Balanced
Fund(1).................................. 200,000
Fidelity Puritan Trust: Fidelity Puritan
Fund(1)...................................... 190,600
Putnam Convertible Income-Growth
Trust............................................. 186,373
Chilton Investment Partners, L.P............................................................. 183,869
T. Rowe Price Associates,
Inc................................................................ 178,100
Allstate Insurance
Company.................................................................... 176,000
Vanguard Equity Income
Fund................................................................ 168,300
Fiduciary Trust Company
International................................................... 151,000
Chase Vista Growth & Income
Fund...................................................... 150,000
GLG Market Neutral
Fund........................................................................ 150,000
Fidelity Financial Trust: Fidelity Equity-Income II Fund(1).....................
139,400 Oppenheimer Equity Income
Fund.......................................................... 131,400
BT Holdings (New York )
Inc..................................................................... 130,500
Davis New York Venture Fund,
Inc.......................................................... 125,000
Salomon Brothers Investors
Fund(3)....................................................... 125,000
MFS Series Trust V -- MFS Total Return
Fund...................................... 117,500
Bond Fund of America,
Inc....................................................................... 111,100
Fidelity Management Trust Company on behalf of accounts
managed by
it(5)........................................................................................ 111,000
Allmerica Select Growth & Income
Fund................................................. 105,200
Paloma Strategic Fund, L.P..................................................................... 100,000
President & Fellows of Harvard
College................................................. 100,000
The Cincinnati Life Insurance
Company.................................................. 100,000
Baker, Fentress &
Company...................................................................... 93,100
JP Morgan Securities
Inc............................................................................ 92,133
MainStay Value
Fund.................................................................................. 90,000
Pacific Horizon Capital Income
Fund........................................................ 90,000
Teachers Insurance and Annuity Association of America....................... 90,000
Oppenheimer Total Return Fund,
Inc......................................................... 87,600
Shriners Hospitals For
Children................................................................. 87,000
The Chase Manhattan Bank NA Trustee for IBM Retirement
Plan dated
12/18/45.................................................................................... 85,800
Aim V.I. Growth & Income
Fund................................................................. 80,000
Excelsior Value & Restructuring
Fund....................................................... 80,000
Chrysler Insurance
Company...................................................................... 75,000
Continental Casualty
Company.................................................................. 71,000
Evergreen Income & Growth
Fund............................................................. 70,000
Equity Income
Fund..................................................................................... 67,200
The EB Convertible Securities
Fund......................................................... 66,900
Bear, Stearns & Co.
Inc.............................................................................. 61,000
American Home Assurance
Company..................................................... 60,000
American Investors Life Insurance Company, Inc.(3).............................. 60,000
AAM/Zazove Institutional Income Fund, L.P............................................. 58,200
Guardian Life Insurance Company of
America........................................ 57,000
MFS Series Trust I -- MFS Managed Sectors Fund................................ 56,400
Bank One Trust Company, N.A.................................................................. 54,600
The Charitable Securities
Fund................................................................. 53,506
Personal Trust Income Equity
Fund........................................................... 53,000
United National Insurance
Company......................................................... 52,000
Bankers Trust Trustee for Chrysler Corporation Emp.
#1 Pension Plan dated
4/1/89................................................................... 50,300
CIBC Oppenheimer
Corp............................................................................ 50,000
Employers Reinsurance Corp.
(3).............................................................. 50,000
GLG Global Convertible
Fund..................................................................... 50,000
Michigan Mutual Insurance
Company......................................................... 50,000
Stagecoach Diversified Equity Income
Fund............................................ 47,700
MFS/Sunlife Series Trust -- Managed Sector Series............................... 45,700
Employers' Reinsurance
Corporation........................................................ 43,745
The Common
Fund....................................................................................... 42,600
Lehman Brothers,
Inc.................................................................................... 40,700
IDS Bond Fund,
Inc....................................................................................... 40,000
The Victory Convertible Securities
Fund.................................................... 40,000
Motors Insurance
Corp.(3)............................................................................ 40,000
Presidential Life Insurance
Company.......................................................... 40,000
Public Employees Retirement Association of Colorado........................... 40,000
Sound Shore Partners L.P............................................................................ 40,000
Tennessee Consolidated Retirement
System............................................ 40,000
Chilton QP Investment Partners, L.P............................................................ 38,040
Davis Growth and Income
Fund.................................................................... 38,000
American Balanced Fund,
Inc....................................................................... 30,000
Associated Electric & Gas Services
Limited.............................................. 30,000
HSB Group,
Inc............................................................................................... 30,000
MainStay Institutional Value Equity
Fund..................................................... 30,000
Pillar Equity Income
Fund.............................................................................. 30,000
Selected American Shares,
Inc..................................................................... 30,000
Smith Barney Convertible
Fund..................................................................... 30,000
QA Vantage Fund,
Ltd.................................................................................... 30,000
Public Service Mutual Insurance
Company.................................................. 27,000
State Street Bank Custodian for GE Pension
Trust.................................... 26,500
Millers Mutual Fire Insurance Company of
Texas........................................ 26,000
The Potlatch-First Trust Co. of St.
Paul......................................................... 25,200
United Teacher Associates Insurance
Company......................................... 25,000
Life Special Income
Fund................................................................................ 24,000
Delaware Group Dividend and Income Fund,
Inc......................................... 23,900
Lone Star Life Insurance
Company................................................................ 23,700
Chilton Opportunity Trust, L.P.......................................................................... 23,100
Ozark National Life Insurance
Company........................................................ 21,200
NAC Reinsurance
Company(2)...................................................................... 21,000
July 24, 1998
RICHARD K. DAVIDSON Chairman, President, Chief Executive Officer and Director (Principal Financial Officer) Gary M. Stuart (Principal Accounting Officer) Joseph E. O'Connor, Jr. Philip F. Anschutz Director Robert P. Bauman Director Richard B. Cheney Director E. Virgil Conway Director Spencer F. Eccles Director Elbridge T. Gerry, Jr. Director William H. Gray, III Director Judith Richards Hope Director Richard J. Mahoney Director John R. Meyer Director Thomas A. Reynolds, Jr. Director Richard D. Simmons