Ownership Submission
FORM 4
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

STATEMENT OF CHANGES IN BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940
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(Print or Type Responses)
1. Name and Address of Reporting Person *
MULCAHY ANNE M
   2. Issuer Name and Ticker or Trading Symbol
XEROX CORP [XRX] 		5. Relationship of Reporting Person(s) to Issuer
(Check all applicable)
_____ Director _____ 10% Owner
__X__ Officer (give title below) _____ Other (specify below)
Chairman and CEO
(Last)
(First)
(Middle)
800 LONG RIDGE ROAD, P. O. BOX 1600		 3. Date of Earliest Transaction (Month/Day/Year)
01/28/2005
(Street)

STAMFORD, CT 06904		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person
(City)
(State)
(Zip)
Table I - Non-Derivative Securities Acquired, Disposed of, or Beneficially Owned
1.Title of Security
(Instr. 3)		 2. Transaction Date (Month/Day/Year) 2A. Deemed Execution Date, if any (Month/Day/Year) 3. Transaction Code
(Instr. 8)		 4. Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4 and 5)		 5. Amount of Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V Amount (A) or (D) Price
Incentive Stock Rights               366,000 D  
Xerox Stock Fund               13,300.425 (4) I Xerox Stock Fund
Common Stock               75,000 I By Anne M. Mulcahy GRAT (5)
Common Stock               4,503.34 I Employee Stock Ownership Plan
Common Stock 01/28/2005   M(6)   150,000 A $ 4.75 742,217 D  
Common Stock 01/28/2005   S(6)   10,000 D $ 15.3 732,217 D  
Common Stock 01/28/2005   S(6)   4,162 D $ 15.39 728,055 D  
Common Stock 01/28/2005   S(6)   10,000 D $ 15.37 718,055 D  
Common Stock 01/28/2005   S(6)   4,700 D $ 15.43 713,355 D  
Common Stock 01/28/2005   S(6)   600 D $ 15.47 712,755 D  
Common Stock 01/28/2005   S(6)   400 D $ 15.45 712,355 D  
Common Stock 01/28/2005   S(6)   1,800 D $ 15.42 710,555 D  
Common Stock 01/28/2005   S(6)   2,500 D $ 15.44 708,055 D  
Common Stock 01/28/2005   S(6)   1,600 D $ 15.41 706,455 D  
Common Stock 01/28/2005   S(6)   4,000 D $ 15.4 702,455 D  
Common Stock 01/28/2005   S(6)   100 D $ 15.57 702,355 D  
Common Stock 01/28/2005   S(6)   1,300 D $ 15.54 701,055 D  
Common Stock 01/28/2005   S(6)   2,200 D $ 15.28 698,855 D  
Common Stock 01/28/2005   S(6)   900 D $ 15.27 697,955 D  

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.
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Table II - Derivative Securities Acquired, Disposed of, or Beneficially Owned
(e.g., puts, calls, warrants, options, convertible securities)
1. Title of Derivative Security
(Instr. 3)		 2. Conversion or Exercise Price of Derivative Security 3. Transaction Date (Month/Day/Year) 3A. Deemed Execution Date, if any (Month/Day/Year) 4. Transaction Code
(Instr. 8)		 5. Number of Derivative Securities Acquired (A) or Disposed of (D)
(Instr. 3, 4, and 5)		 6. Date Exercisable and Expiration Date
(Month/Day/Year)		 7. Title and Amount of Underlying Securities
(Instr. 3 and 4)		 8. Price of Derivative Security
(Instr. 5)		 9. Number of Derivative Securities Beneficially Owned Following Reported Transaction(s)
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
Code V (A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 4.75 01/28/2005   M(6)     150,000 01/01/2002(1) 12/31/2010 Common Stock 150,000 $ 0 (3) 784,600 D  
Stock Option $ 7.885             01/01/2004(1) 12/31/2012 Common Stock 934,600   934,600 D  
Stock Option $ 9.25             01/01/2004 08/28/2011 Common Stock 1,000,000   1,000,000 D  
Stock Option $ 10.365             01/01/2003(1) 12/31/2011 Common Stock 934,600   934,600 D  
Stock Option $ 21.7812             01/01/2005 12/31/2009 Common Stock 60,000   60,000 D  
Stock Option $ 27             01/01/2001 12/31/2009 Common Stock 250,000   250,000 D  
Stock Option $ 36.7032             01/01/1999(2) 12/31/2005 Common Stock 114,436   114,436 D  
Stock Option $ 44.1563             01/01/1999(2) 12/31/2005 Common Stock 3,500   3,500 D  
Stock Option $ 46.875             01/01/1999(1) 12/31/2008 Common Stock 49,044   49,044 D  
Stock Option $ 47.5             03/01/2003 12/31/2009 Common Stock 13,946   13,946 D  
Stock Option $ 59.4375             01/01/2000 12/31/2006 Common Stock 1,382   1,382 D  
Deferred Comp. $ 0 (3)             08/08/1988(3) 08/08/1988(3) Common Stock $ 500,000   $ 500,000 (4) D  
Stock Option $ 13.685             01/01/2005(1) 12/31/2011 Common Stock 609,000   609,000 D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
MULCAHY ANNE M
800 LONG RIDGE ROAD
P. O. BOX 1600
STAMFORD, CT 06904		       Chairman and CEO  

Signatures

 K. W. Fizer, Attorney-In-Fact   02/01/2005
**Signature of Reporting Person Date

Explanation of Responses:

* If the form is filed by more than one reporting person, see Instruction 4(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).
(1) Options vest over three years, 33.3% per year beginning in year shown.
(2) Options vest over three years, 33%, 33%, 34%, beginning in year shown.
(3) Not Applicable
(4) Hypothetical investment of deferred compensation in Xerox Stock Fund under the Xerox Saving Plan.
(5) This GRAT includes 75,000 shares previously held directly by reporting person.
(6) The exercise of stock options and the corresponding sale of shares reported in this Form 4 were effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on November 5, 2004 and disclosed under Item 8.01 of the Form 8-K filed with the Securities and Exchange Commission on November 5, 2004

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