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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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) 10/11/2004 (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 Common Stock 10/11/2004   J(1)   9,440 A $ 0 (5) 596,886 D   Common Stock 10/11/2004   F(1)   2,969 D $ 0 (5) 593,917 D   Common Stock               75,000 I By Anne M. Mulcahy GRAT (7) Common Stock               4,503.34 I Employee Stock Ownership Plan Incentive Stock Rights 10/11/2004   J(1)   9,440 D $ 0 366,000 D   Xerox Stock Fund               13,300.425 (2) I Xerox Stock Fund Common Stock 08/12/2004   G V 1,700 D $ 0 (5) 592,217 D

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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

01/01/2002(3)

12/31/2010

Common Stock

934,600

934,600

D

Stock Option

$ 7.885

01/01/2004(3)

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(3)

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

$ 30.9688

01/01/1998(4)

12/31/2004

Common Stock

4,800

4,800

D

Stock Option

$ 36.7032

01/01/1999(4)

12/31/2005

Common Stock

114,436

114,436

D

Stock Option

$ 44.1563

01/01/1999(4)

12/31/2005

Common Stock

3,500

3,500

D

Stock Option

$ 46.875

01/01/1999(3)

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 (5)

08/08/1988(5)

08/08/1988(5)

Common Stock

$ 500,000

$ 500,000 (6)

D

Stock Option

$ 13.685

01/01/2005(3)

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		10/13/2004
**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)	Vesting of incentive stock rights.
(2)	Units purchased in Xerox Stock Fund under Xerox Savings Plan. Amount does not represent shares of stock, but dollars invested divided by unit value.
(3)	Options vest over three years, 33.3% per year beginning in year shown.
(4)	Options vest over three years, 33%, 33%, 34%, beginning in year shown.
(5)	Not Applicable
(6)	Hypothetical investment of deferred compensation in Xerox Stock Fund under the Xerox Saving Plan.
(7)	This GRAT includes 75,000 shares previously held directly by reporting person.

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