PRICING SUPPLEMENT

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

                           United Parcel Service, Inc.

                                    UPS Notes

Pricing Supplement No. 45                                   Trade Date: 06/25/01
(To Prospectus dated March 22, 2000 and Prospectus          Issue Date: 06/28/01
Supplement dated January 29, 2001)

The date of this Pricing Supplement is June 27, 2001

<TABLE>
<CAPTION>
  <S>                   <C>                      <C>                     <C>                   <C>
     CUSIP
       or
  Common Code           Principal Amount         Interest Rate           Maturity Date         Price to Public
  -----------           ----------------         -------------           -------------         ---------------
   91131UBW3              $8,974,000.00               5.0%                 12/15/05                 100%

<CAPTION>
Interest Payment
   Frequency                                   Subject to       Dates and terms of redemption
  (begin date)          Survivor's Option      Redemption      (including the redemption price)
- ----------------        -----------------      ----------      --------------------------------
    07/15/01                   Yes                 Yes                   100% 06/15/02
    monthly                                                        semi-annually thereafter

<CAPTION>
                          Discounts and
Proceeds to UPS            Commissions            Reallowance                Dealer              Other Terms
- ---------------           -------------           -----------                ------              -----------
 $8,861,825.00             $112,175.00               $1.50             ABN AMRO Financial
                                                                         Services, Inc.
</TABLE>