Ownership Submission
FORM 5
Check this box if no longer subject to Section 16. Form 4 or Form 5 obligations may continue. See Instruction 1(b).
Form 3 Holdings Reported
Form 4 Transactions Reported
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

ANNUAL 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 *
VARON LESLIE F
 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)
Vice President & Secretary
(Last)
(First)
(Middle)

P. O. BOX 1600, 800 LONG RIDGE ROAD		 3. Statement for Issuer's Fiscal Year Ended (Month/Day/Year)
12/31/2004
(Street)


STAMFORD, CT 06904		 4. If Amendment, Date Original Filed(Month/Day/Year)
 6. Individual or Joint/Group Reporting
(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 at end of Issuer's Fiscal Year
(Instr. 3 and 4)		 6. Ownership Form: Direct (D) or Indirect (I)
(Instr. 4)		 7. Nature of Indirect Beneficial Ownership
(Instr. 4)
Amount (A) or (D) Price
Common Stock             26,358.0725 D  
Common Stock             3,510.47 I Employee Stock Ownership Plan
Common Stock             5 I Spouse
Incentive Stock Rights             19,000 D  
Xerox Stock Fund             804.931 I Xerox Stock Fund

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly. Persons who respond to the collection of information contained in this form are not required to respond unless the form displays a currently valid OMB control number. SEC 2270 (9-02)

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 at End of Issuer's Fiscal Year
(Instr. 4)		 10. Ownership Form of Derivative Security: Direct (D) or Indirect (I)
(Instr. 4)		 11. Nature of Indirect Beneficial Ownership
(Instr. 4)
(A) (D) Date Exercisable Expiration Date Title Amount or Number of Shares
Stock Option $ 4.75           01/01/2002(1) 12/31/2010 Common Stock
10,200
  10,200
D
 
Stock Option $ 7.885           01/01/2004(1) 12/31/2012 Common Stock
46,800
  46,800
D
 
Stock Option $ 9.25           01/01/2004 12/31/2010 Common Stock
10,000
  10,000
D
 
Stock Option $ 10.365           01/01/2003(1) 12/31/2011 Common Stock
46,800
  46,800
D
 
Stock Option $ 21.7812           01/01/2001(1) 12/31/2009 Common Stock
19,000
  19,000
D
 
Stock Option $ 25.8125           03/01/2003 12/31/2009 Common Stock
2,580
  2,580
D
 
Stock Option $ 44.1563           01/01/1999 12/31/2005 Common Stock
3,400
  3,400
D
 
Stock Option $ 59.4375           01/01/2000(1) 12/31/2006 Common Stock
628
  628
D
 
Stock Option $ 59.4375           01/01/2000(1) 12/31/2008 Common Stock
3,050
  3,050
D
 
Stock Options $ 13.685           01/01/2005(1) 12/31/2011 Common Stock
31,000
  31,000
D
 

Reporting Owners

Reporting Owner Name / Address Relationships
Director 10% Owner Officer Other
VARON LESLIE F
P. O. BOX 1600
800 LONG RIDGE ROAD
STAMFORD, CT 06904		       Vice President & Secretary  

Signatures

Kate Fizer, Attorney-In-Fact 02/09/2005
**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.

Note: File three copies of this Form, one of which must be manually signed. If space provided is insufficient, see Instruction 6 for procedure.

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