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                               PRICING SUPPLEMENT

                                                  Registration No. 333-08369-01
                                               Filed Pursuant to Rule 424(b)(2)

                          UNITED PARCEL SERVICE, INC.

                                   UPS NOTES



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Pricing Supplement No. 1                                    Trade Date: 1/31/01
(To Prospectus dated March 22, 2000 and Prospectus
Supplement dated January 29, 2001)                           Issue Date: 2/8/01

The date of this Pricing Supplement is February 2, 2001




         CUSIP
           or
      Common Code           Principal Amount         Interest Rate           Maturity Date         Price to Public
      -----------           ----------------         -------------           -------------         ---------------
                                                                                       
       91131UAA2             $16,989,000.00              6.00%                  8/15/06                  100%





    Interest Payment
       Frequency                                                                Dates and terms of redemption
      (begin date)          Survivor's Option     Subject to Redemption        (including the redemption price)
    ----------------        -----------------     ---------------------         ------------------------------
                                                                       
        8/15/01                    yes                    yes                            100% 2/15/02
      semi-annually                                                                   semi-annually thereafter





                              Discounts and
    Proceeds to UPS            Commissions            Reallowance               Dealer               Other Terms
    ---------------           -------------           -----------               ------               -----------
                                                                                         
     $16,895,560.00            $93,440.00                $1.00                     ABN AMRO Inc.