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 *
BURNS URSULA 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)
Senior Vice President
(Last)
(First)
(Middle)
800 LONG RIDGE ROAD, P. O. 1600		 3. Date of Earliest Transaction (Month/Day/Year)
01/02/2007
(Street)

STAMFORD 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 01/02/2007   J(6) V 27,667 D $ 0 (2) 0 D  
Common Stock               3,316.78 I Empolyee Stock Ownership Plan
Common Stock               3,458 I Children
Xerox Stock Fund               2,078.23 I Xerox Stock Fund (3)
Common Stock 01/02/2007   J(6) V 27,667 A $ 0 (2) 135,494 D  
Common Stock 01/02/2007   F(6) V 9,707 D $ 0 (2) 125,787 D  
Common Stock 01/03/2007   M(5)   100,000 A $ 0 (2) 225,787 D  
Common Stock 01/03/2007   S(5)   1,500 D $ 16.93 224,287 D  
Common Stock 01/03/2007   S(5)   10,800 D $ 16.94 213,487 D  
Common Stock 01/03/2007   S(5)   19,900 D $ 16.95 193,587 D  
Common Stock 01/03/2007   S(5)   23,900 D $ 16.96 169,687 D  
Common Stock 01/03/2007   S(5)   12,300 D $ 16.97 157,387 D  
Common Stock 01/03/2007   S(5)   5,200 D $ 16.98 152,187 D  
Common Stock 01/03/2007   S(5)   1,800 D $ 16.99 150,387 D  
Common Stock 01/03/2007   S(5)   3,600 D $ 17 146,787 D  
Common Stock 01/03/2007   S(5)   10,400 D $ 17.01 136,387 D  
Common Stock 01/03/2007   S(5)   6,600 D $ 17.02 129,787 D  
Common Stock 01/03/2007   S(5)   100 D $ 17.03 129,687 D  
Common Stock 01/03/2007   S(5)   2,200 D $ 17.06 127,487 D  
Common Stock 01/03/2007   S(5)   1,700 D $ 17.07 125,787 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 $ 5.14             10/14/2007 12/31/2011 Common Stock 100,000   100,000 D  
Stock Option $ 7.885 01/03/2007   M(5)     100,000 01/01/2004(1) 12/31/2012 Common Stock 100,000 $ 0 (2) 180,400 D  
Stock Option $ 10.365             01/01/2003(1) 12/31/2011 Common Stock 149,600   149,600 D  
Stock Option $ 21.7812             01/01/2005 12/31/2009 Common Stock 40,000   40,000 D  
Stock Option $ 46.875             01/01/1999(1) 12/31/2008 Common Stock 15,282   15,282 D  
Stock Option $ 47.5             03/01/2003 12/31/2009 Common Stock 5,625   5,625 D  
Stock Option $ 59.4375 01/02/2007   H V   630 01/01/2000(1) 12/31/2006 Common Stock 630 $ 0 (2) 0 D  
Stock Option $ 13.685             01/01/2005(1) 12/31/2011 Common Stock 138,000   138,000 D  
Performance Shares $ 0 (2)             08/08/1988(2) 08/08/1988(2) Common Stock 35,300   35,300 (4) D  

Reporting Owners

Reporting Owner Name / Address Relationships
 Director  10% Owner  Officer  Other
BURNS URSULA M
800 LONG RIDGE ROAD
P. O. 1600
STAMFORD 06904		       Senior Vice President  

Signatures

 Karen Boyle, Attorney-In-Fact   01/05/2007
**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) Not Applicable
(3) Units purchased in and loan repayments to Xerox Stock Fund under Xerox Savings Plan. Amount does not represent shares of stock, but dollars invested divided by unit value.
(4) These performance shares were earned based on achievement of specific annual performance criteria that are not tied solely to the market price of Issuer securities. Performance shares, to the extent earned, are scheduled to vest three years from their respective grant date.
(5) This sale of shares was effected pursuant to a Rule 10b5-1 trading plan adopted by the reporting person on February 8, 2005 and disclosed under Item 8.01 of the Form 8-K filed with the Securities and Exchange Commission on November 5, 2004.
(6) Vesting of Incentive Stock Rights.

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