UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 11-K
                     ANNUAL REPORT PURSUANT TO SECTION 15(d)
                     OF THE SECURITIES EXCHANGE ACT OF 1934

(Mark One)

 [ X ]           ANNUAL REPORT PURSUANT TO SECTION 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]

                   For the fiscal year ended December 31, 2003

                                       OR

 [  ]          TRANSITION REPORT PURSUANT TO SECTION 15(d) OF THE
                SECURITIES EXCHANGE ACT OF 1934 [NO FEE REQUIRED]


             For the transition period from __________ to __________

                   Commission file number ____________________



A. Full title of the plan and the address of the plan, if different from that of
the issuer named below:

      The Terex Corporation and Affiliates' 401(k) Retirement Savings Plan


B. Name of issuer of the securities held pursuant to the plan and the address of
its principal executive office:

                                Terex Corporation
                          500 Post Road East, Suite 320
                           Westport, Connecticut 06880









TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN


Financial Statements
December 31, 2003























TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN


INDEX
--------------------------------------------------------------------------------

                                                                          Page
                                                                          ----

REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM......................1

FINANCIAL STATEMENTS

         Statements of Net Assets Available for Benefits.....................2

         Statement of Changes in Net Assets Available for Benefits...........3

         Notes to Financial Statements.....................................4-8

SUPPLEMENTAL SCHEDULES*:

         H - Line 4i - Schedule of Assets (Held at End of Year)..............9

         G - Part III - Schedule of Nonexempt Transactions..................10


          * Other schedules required by Section 2520.103-10 of the Department of
          Labor Rules and  Regulations  for reporting and  Disclosure  under the
          Employee  Retirement  Income  Security Act of 1974 are omitted because
          they are not applicable.












             Report of Independent Registered Public Accounting Firm




To the Participants and Administrative Committee of the
Terex Corporation and Affiliates'
401(k) Retirement Savings Plan


In our opinion, the accompanying statements of net assets available for benefits
and the  related  statement  of  changes in net assets  available  for  benefits
present fairly, in all material respects,  the net assets available for benefits
of the Terex  Corporation and Affiliates'  401(k)  Retirement  Savings Plan (the
"Plan") at December 31, 2003 and 2002,  and the changes in net assets  available
for benefits for the year ended December 31, 2003, in conformity with accounting
principles  generally accepted in the United States of America.  These financial
statements are the responsibility of the Plan's  management.  Our responsibility
is to express an opinion on these financial  statements based on our audits.  We
conducted our audits of these statements in accordance with the standards of the
Public Company  Accounting  Oversight  Board (United  States).  Those  standards
require that we plan and perform the audit to obtain reasonable  assurance about
whether the financial  statements  are free of material  misstatement.  An audit
includes  examining,  on a test  basis,  evidence  supporting  the  amounts  and
disclosures in the financial  statements,  assessing the  accounting  principles
used and  significant  estimates made by management,  and evaluating the overall
financial  statement  presentation.   We  believe  that  our  audits  provide  a
reasonable basis for our opinion.

Our audits  were  conducted  for the  purpose of forming an opinion on the basic
financial statements taken as a whole. The supplemental schedules of Schedule of
Assets  (Held  at End of  Year)  and  Schedule  of  Nonexempt  Transactions  are
presented for the purpose of additional  analysis and are not a required part of
the basic financial statements but are supplementary information required by the
Department of Labor's Rules and Regulations  for Reporting and Disclosure  under
the  Employee  Retirement  Income  Security  Act  of  1974.  These  supplemental
schedules are the  responsibility  of the Plan's  management.  The  supplemental
schedules have been subjected to the auditing  procedures  applied in the audits
of the basic financial  statements and, in our opinion, are fairly stated in all
material  respects  in  relation to the basic  financial  statements  taken as a
whole.




PricewaterhouseCoopers LLP

Stamford, Connecticut
June 24, 2004





TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN


STATEMENTS OF NET ASSETS AVAILABLE FOR BENEFITS
AS OF DECEMBER 31
--------------------------------------------------------------------------------

                                                  2003               2002
                                            -----------------  -----------------
ASSETS -
  Investments:
    Investments at fair value.............  $   124,064,379    $   55,697,914
    Commingled pool of investments at
      fair value..........................        2,164,995         1,764,301
    Investments at contract value.........        9,897,084         9,336,872
    Participant loans.....................        6,886,297         3,908,234
                                            -----------------  -----------------

          Total investments...............      143,012,755        70,707,321
                                            -----------------  -----------------

  Receivables:
    Participants' contributions...........          487,424           321,739
    Employer's contributions..............          258,896            99,871
                                            -----------------  -----------------

         Total receivables................          746,320           421,610
                                            -----------------  -----------------


NET ASSETS AVAILABLE FOR BENEFITS.........  $   143,759,075    $   71,128,931
                                            =================  =================










                 See accompanying notes to financial statements.





                                      -2-




TEREX CORPORATION AND AFFILIATES'
401(K) RETIREMENT SAVINGS PLAN


STATEMENT OF CHANGES IN NET ASSETS AVAILABLE FOR BENEFITS
FOR THE YEAR ENDED DECEMBER 31, 2003
--------------------------------------------------------------------------------




ADDITIONS:
    Net appreciation in fair value of investments....... $    28,197,067
    Interest and dividends from investments.............       2,409,941
    Interest from participant loans.....................         480,493
    Employee contributions..............................       9,647,704
    Employer contributions..............................       4,040,248
    Rollover contributions..............................         640,397
    Transfer-in from other plans........................      39,953,422
                                                         -------------------
         Total additions................................      85,369,272
                                                         -------------------

DEDUCTIONS:
    Withdrawals.........................................     (12,680,675)
    Administrative fees.................................         (58,453)
                                                         -------------------
         Total deductions...............................     (12,739,128)
                                                         -------------------

         NET INCREASE...................................      72,630,144

NET ASSETS AVAILABLE FOR BENEFITS AT BEGINNING OF YEAR..      71,128,931
                                                         -------------------

NET ASSETS AVAILABLE FOR BENEFITS AT END OF YEAR........ $   143,759,075
                                                         ===================




















                 See accompanying notes to financial statements.



                                      -3-


TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

1.   DESCRIPTION OF THE PLAN

     The following  description of the Terex Corporation and Affiliates'  401(k)
     Retirement  Saving Plan (the "Plan")  provides  only  general  information.
     Participants  should  refer  to  the  Plan  document  for a  more  complete
     description of the Plan's provisions.

     General  - The Plan is a defined  contribution  plan  that  covers  certain
     salaried and hourly  employees of Terex  Corporation  and its  subsidiaries
     ("Terex"  or  the  "Company")  meeting  minimum  eligibility  requirements.
     Certain  officers of Terex serve as trustees of the Plan (the  "Trustees").
     The  investments  of the  Plan  are  held in a trust  account  by  Fidelity
     Management  Trust  Company   ("Fidelity")  and  Massachusetts  Mutual  Life
     Insurance Company ("MassMutual").

     The Plan is subject to the  provisions  of the Employee  Retirement  Income
     Security Act of 1974 ("ERISA").

     An Administrative Committee, consisting of at least three members appointed
     by the Company's Board of Directors,  administers the benefit  structure of
     the Plan. The Company is considered the Plan  Administrator for purposes of
     ERISA.

     On September  18, 2002,  the Company  completed  the  acquisition  of Genie
     Industries,  Inc. and its affiliates  ("Genie").  The Genie Industries Inc.
     Profit  Sharing  401(k)  Plan  (the  "Genie  Plan")  merged  into  the Plan
     effective February 1, 2003, at which time Genie's employees became eligible
     to participate in the Plan. In connection with the merger, assets valued at
     $37,857,384  were transferred into the Plan from the Genie Plan on February
     1, 2003.

     On March 26,  2002,  the  Company  completed  the  acquisition  of Telelect
     Southeast  Distribution  Inc.,  ("Telelect  SE").  The Telelect East 401(k)
     Retirement Plan (the "Telelect East Plan") merged into the Plan on April 1,
     2003, at which time Telelect SE's employees  became eligible to participate
     in the Plan.  In  connection  with the merger,  assets valued at $2,096,038
     were  transferred  into the Plan  from the  Telelect  East Plan on April 1,
     2003.

     Participant  Eligibility  - Permanent  non-represented  employees may begin
     participation  on the  first  day  of the  month  following  their  hiring.
     Eligibility for represented employees is as follows:  Koehring Cranes, Inc.
     after  they  complete  three  months of  service;  and  American  Crane and
     Cedarapids  are eligible to participate in the Plan on the first day of the
     month following their hiring.

     Participant  Contributions  - Participants  may contribute a maximum of 80%
     (20% prior to January  1,  2002) of their  compensation  to the Plan in any
     combination  of  pre-tax  or  post-tax   earnings.   The  maximum   pre-tax
     contribution  permitted under Internal Revenue Service ("IRS")  regulations
     in 2003 and 2002 was $12,000 and $11,000, respectively. Participants age 50
     and older can elect to make  additional  pre-tax  contributions  ("catch-up
     contributions")  up to the  limits  prescribed  by IRS  regulations.  These
     additional  catch-up  contributions  are not eligible for matching employer
     contributions.

     Employer Contributions - With the exception of employees at CMI Corporation
     ("CMI"),  Pacific Utilities Equipment Company ("Pacific Utilities"),  Genie
     and employees  represented  by  collective  bargaining  units,  the Company
     contributes  50% of the first 8% of base  compensation  that a  participant
     contributes to the Plan. The Company  contributes  15% of the amount that a
     CMI employee  contributes to the Plan, Pacific Utilities  employees receive
     company  match of 50% of the first 4%  contributed  to the Plan,  and Genie
     employees  receive company match of 100% of the first 4% contributed to the
     Plan, subject to IRS limits.

     For  represented  employees,  the  employer  contributions  are as  follow:
     Koehring Cranes,  Inc. employees receive no employer match;  American Crane
     provides  that  Terex  will  match  50% of the  first 8% of the  employee's
     contribution;  and  Cedarapids  provides  that Terex will match 100% of the
     first 4% of the  employee's  salary that is  contributed  to the Plan.  The
     Company may make, in its sole discretion, supplementary contributions.


                                      -4-


TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

     All  Company  contributions  are  restricted  and are made in Terex  Common
     Stock.  However, each calendar year on the first business day of the second
     quarter,  all restricted  Company  matching  contributions  in Terex Common
     Stock will be reclassified to unrestricted,  thereby allowing  participants
     to exchange the value of Terex Common Stock into other investment  options.
     All Company  matching  contributions  posted  thereafter will once again be
     restricted  and invested in Terex Common  Stock until the  following  first
     business day of the second quarter.

     Contribution  Limits -  Contributions  are  limited  in that the sum of: a)
     total employer  contributions  and b) total employee pre-tax  contributions
     and c) total employee post-tax contributions,  cannot exceed the lesser of:
     i)  $40,000 or ii) 100% of the  participant's  total  compensation  for the
     year.   Participants   are  able  to  direct  current   contributions   and
     redistribute  accumulated  contributions  and earnings  between  investment
     funds.

     Vesting -  Participants  are  immediately  fully vested in their  voluntary
     contributions  plus any actual earnings  thereon.  Participants vest in the
     employer contribution after one year of eligible service with the exception
     of the  employees  of  Genie  who are  immediately  vested  in all  Company
     matching contributions under a safe harbor provision.

     Forfeitures  - Nonvested  employer  contributions  of  employees  that have
     separated  from the Company become  forfeitures  and are held in a separate
     account and may be used to reduce future employer contributions.  Effective
     January  1,  2002,   forfeitures  can  also  be  used  to  pay  the  Plan's
     administrative expenses.  However,  employees that return to service within
     five years from their  separation date will be entitled to continue vesting
     on the employer contributions which were previously forfeited.  At December
     31, 2003 forfeited nonvested accounts totaled $67,585.  These accounts will
     be used to offset future employer contributions.

     Allocation  of  Earnings  - Each  participant's  account is  credited  with
     contributions and an allocation of earnings from the respective  investment
     funds. A  participant's  contributions  are used to purchase  shares in the
     various  investment  funds.  The value of and the  earnings  credited  to a
     participant's account are based on the proportionate number of shares owned
     by the  participant  and the fair value of the  investment on the valuation
     date.

     Payment of  Benefits - Upon  retirement,  disability  or death,  the entire
     balance of the participant's  account becomes payable to the participant or
     designated  beneficiary.  Upon any other  termination  of  employment,  the
     participant receives the vested portion of his/her account; however, if the
     vested portion of the participant's  account is greater than $5,000 ($3,500
     prior to January 1, 2002) the participant can elect to keep the investments
     in the Plan.  Withdrawals  are also  permitted for financial  hardship,  as
     defined in the Plan document, or upon attainment of age 59-1/2.

     Participant  Loans -  Participants  may obtain loans in an amount up to the
     lesser of $50,000 or 50% of the vested  portion of their  account  balance,
     subject to the  discretion  of the Plan  Administrator  and  certain  other
     restrictions. Terms of all loans are established by the Plan Administrator.

2.   SIGNIFICANT ACCOUNTING POLICIES

     Basis of  Accounting  - The  accompanying  financial  statements  have been
     prepared on the accrual basis.

     Investments - Plan  investments are stated at fair value based on published
     market prices or other independent sources. Net appreciation (depreciation)
     in  aggregate  fair value of  investments  is comprised of all realized and
     unrealized gains and losses during the year.

     Expenses  - Fees  and  expenses  related  to  administering  the  Plan  are
     generally paid by Terex.

     Withdrawals - Withdrawals are recognized at the time of distribution to the
     participant.

                                      -5-


TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

     Use of Estimates - The  preparation  of financial  statements in conformity
     with  accounting  principles  generally  accepted  in the United  States of
     America  requires  management to make estimates and assumptions that affect
     the reported amounts of assets and liabilities and disclosure of contingent
     assets and  liabilities  at the date of the  financial  statements  and the
     reported  amounts of revenues and  expenses  during the  reporting  period.
     Actual results could differ from those estimates.

     Investment  Valuation and Income  Recognition - The Plan's  investments are
     stated at fair value except for its investment  contract which is valued at
     contract value with an insurance company (see Note 3). Quoted market prices
     are used to value investments. Shares of mutual funds are valued at the net
     asset value of shares held by the Plan at year end.  Purchases and sales of
     securities are recorded on a trade-date basis.  Interest income is recorded
     on the accrual basis. Dividends are recorded on the ex-dividend date.

     Payment of Benefits - Benefits are recorded when paid.

     Risks and Uncertainties - The Plan provides for various  investment options
     in investment securities. Investment securities, in general, are exposed to
     various risks, such as interest rate, credit and overall market volatility.
     Due to the level of risk associated with certain investment securities,  it
     is reasonably possible that changes in the values of investment  securities
     will occur in the near term and that such changes could  materially  affect
     the  amounts  reported  in the  statements  of  net  assets  available  for
     benefits.

3.   INVESTMENTS

     The following presents  investments that represent 5 percent of more of the
     Plan's net assets.


                                                                      December 31,
                                                        --------------------------------
                                                             2003             2002
                                                        --------------     -------------
                                                                       
     Terex Corporation Common Stock                     $  17,185,216  *     5,862,837   *
     Fidelity Magellan Fund                                 7,792,564        5,821,183
     Fidelity Equity Income Fund                            8,462,932        6,684,077
     Fidelity Retirement Money Market Fund                 15,918,615        4,826,637
     Fidelity Low Price Stock Fund                         13,478,750          **
     Fidelity Diversified International Fund                7,710,465          **
     Fidelity Freedom 2030                                  7,398,515          **
     Participant Loans                                       **              3,908,234
     Investment Contract with Massachusets Mutual Life
       Insurance Company, #GICO 35024, matures 12/31/05     9,897,084        9,336,872


      * Nonparticipant-directed
     ** This investment represents less than 5 percent of the Plan's net assets.

     During  2003,  the  Plan's  investments  (including  gains  and  losses  on
     investments  bought and sold, as well as held during the year)  appreciated
     in value by $28,197,067 as follows:

         Mutual Funds                            $  18,023,802
         Common Stock                               10,173,265
                                                 -------------
                                                 $  28,197,067
                                                 =============

     The Plan has an interest in a benefit-responsive  investment contract which
     is valued at contract value as determined by MassMutual,  the holder of the
     contract.  The contract  value at December 31, 2003 and 2002 was $9,897,084
     and $9,336,872,  respectively.  The contract value represents contributions
     made under  contract,  plus  earnings,  less  participant  withdrawals  and
     administrative  expenses.  At December  31, 2003 and 2002,  the fair market
     value of the  contract  was  approximately  $10,636,000,  and  $10,171,000,
     respectively.  There are no reserves  against the contract value for credit
     risk of the  contract  issuer or  otherwise.  Participants  may  ordinarily

                                      -6-



TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

     direct the  withdrawal or transfer of all or a portion of the investment at
     contract value. The guaranteed annual interest rate is 6 percent.

4.   NONPARTICIPANT-DIRECTED INVESTMENTS

     The  Company's  contributions  to the Plan  are  invested  solely  in Terex
     Corporation  Common  Stock.  Fidelity  holds all Terex  common stock in one
     investment  account and does not segregate  employer and employee purchased
     common stock activity.  As a result,  all Plan  investments in Terex common
     stock are  considered  nonparticipant-directed.  Information  about the net
     assets and the significant components of the changes in net assets relating
     to the nonparticipant-directed investments is as follows:

                                                          December 31,
                                                -------------------------------
                                                    2003               2002
                                                -------------      ------------
     Net Assets:

      Terex Corporation Common Stock.................$17,185,216    $ 5,862,837


                                                           Year Ended
                                                        December 31, 2003
                                                      --------------------
    Changes in Net Assets:
      Contributions..................................   $     3,946,395
      Investment income and gain.....................        10,173,265
      Transfer from participant-directed investments.         1,327,923
      Withdrawals....................................          (796,366)
      Net loan activity..............................           (43,674)
      Expenses paid..................................            (1,065)
      Transfer to participant-directed investments...        (3,264,609)
      Forfeitures....................................           (19,490)
                                                      --------------------
                                                      $      11,322,379
                                                      ====================

5.   PARTY-IN-INTEREST

     Certain Plan  investments  are shares of mutual funds  managed by Fidelity.
     Fidelity  also serves as a custodian  and,  therefore,  these  transactions
     qualify  as  party-in-interest  transactions.  Fees  paid  by the  Plan  to
     Fidelity for the investment  management services amounts to $58,453 for the
     year ended December 31, 2003.

6.   INCOME TAX STATUS

     The Plan received a  determination  letter,  dated May 5, 2004, that it met
     the  qualification  requirements  of  Sections  401(c)  and  401(k)  of the
     Internal  Revenue Code (the "IRC") and that the Plan is exempt from federal
     income  taxation.  The  determination  letter included the amendment to the
     Plan dated December 12, 2002. Subsequently,  the Plan has been amended. The
     Plan  Administrator  believes  that the Plan,  as amended,  continues to be
     qualified and exempt from tax under Sections 401(c) and 401(k) of the IRC.

7.   TERMINATION OF THE PLAN

     The Company believes that the Plan will continue  without  interruption but
     reserves  the  right to  discontinue  the  Plan.  In the  event  that  such
     discontinuance  results in the complete or partial termination of the Plan,
     the balance in each  participant's  account will be distributed as directed
     by the Trustees.


                                      -7-


TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

NOTES TO FINANCIAL STATEMENTS
--------------------------------------------------------------------------------

8.   NONEXEMPT TRANSACTIONS

     During 2003, the Company did not remit employee contributions timely in the
     case of one business unit. The nonexempt  transaction  has no effect on the
     tax status of the Plan.

9.   SUBSEQUENT EVENTS

     On February 14, 2003,  the Company  acquired  Commercial  Body  Corporation
     ("Commercial  Body") and  Combatel  Distribution,  Inc.  ("Combatel").  The
     Commercial  Body  Corporation  Employee Profit Sharing and 401(k) Plan (the
     "Commercial Body Plan") and the Combatel  Distribution,  Inc. 401(k) Profit
     Sharing Plan (the "Combatel  Plan") merged into the Plan effective April 1,
     2004, at which time the employees of  Commercial  Body and Combatel  became
     eligible to participate in the Plan. In connection with the merger,  assets
     valued at $1,584,185 and $1,502,830,  respectively,  were  transferred into
     the Plan from the  Commercial  Body Plan and the Combatel  Plan on April 1,
     2004.



                                      -8-



TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

LINE 4i - SCHEDULE OF ASSETS (HELD AT END OF YEAR)                    SCHEDULE H
DECEMBER 31, 2003
--------------------------------------------------------------------------------


                                                    (c) Description of Investment
                                                    Including  Maturity Date,
       (b) Identity of Issue, Borrower,             Rate of Interest, Collateral,
 (a)   Lessor or Similar Party                      Par or Maturity Value                 (d) Cost      (e) Current Value
 ---   -----------------------                      ---------------------                 --------      -----------------
                                                                                            
       Mutual Funds:
  *       Baron Growth Fund                         Registered Investment Company                       $        118,837
  *       Janus Mid Cap Value Fund                  Registered Investment Company                                156,127
  *       Fidelity Magellan Fund                    Registered Investment Company                              7,792,564
  *       Fidelity Contrafund                       Registered Investment Company                              6,177,062
  *       Fidelity Equity-Income Fund               Registered Investment Company                              8,462,932
  *       Fidelity Growth Company Fund              Registered Investment Company                              4,529,027
  *       Fidelity Intermediate Bond Fund           Registered Investment Company                              5,210,485
  *       Fidelity Capital & Income Fund            Registered Investment Company                                435,592
  *       Fidelity Mortgage Securities Fund         Registered Investment Company                              1,926,251
  *       Fidelity Independence Fund                Registered Investment Company                                257,470
  *       Fidelity OTC Portfolio                    Registered Investment Company                              2,153,532
  *       Fidelity Balanced Fund                    Registered Investment Company                              5,428,303
  *       Fidelity Convertible Securities Fund      Registered Investment Company                                337,881
  *       Fidelity Utilities Fund                   Registered Investment Company                                234,295
  *       Fidelity Low Priced Stock Fund            Registered Investment Company                             13,478,750
  *       Fidelity Aggressive Growth Fund           Registered Investment Company                              1,438,961
  *       Fidelity Diversified International Fund   Registered Investment Company                              7,710,465
  *       Fidelity Dividend Growth Fund             Registered Investment Company                              2,916,133
  *       Fidelity Freedom Income Fund              Registered Investment Company                                 75,749
  *       Fidelity Freedom 2000 Fund                Registered Investment Company                              2,404,770
  *       Fidelity Freedom 2010 Fund                Registered Investment Company                              4,634,782
  *       Fidelity Freedom 2020 Fund                Registered Investment Company                              4,454,726
  *       Fidelity Freedom 2030 Fund                Registered Investment Company                              7,398,515
  *       Fidelity High Income Fund                 Registered Investment Company                              1,064,752
  *       Fidelity Retirement Money Market
          Portfolio Fund                            Registered Investment Company                             15,918,615
  *       Spartan U.S. Equity Index Fund            Registered Investment Company                              2,060,703
  *       Fidelity Freedom 2040 Fund                Registered Investment Company                                101,884
                                                                                                        ------------------
                                                                                                             106,879,163
       Common Stock:
  *       Terex Corporation                         Common Stock                        $ 10,795,988          17,185,216
       Investment Contracts:
          MassMutual                                Guaranteed Investment Contract                             9,897,084
       Commingled Pool of Investments::
  *       Fidelity Managed Income Portfolio         Commingled Pool of Investments                             2,164,995
       Loans:
  *       Participants' Loans                       Interest rates ranging from
                                                    5.25% to 9.5% and with
                                                    maturities through 2018                                    6,886,297
                                                                                                        ------------------
                                                      Total                                             $    143,012,755
                                                                                                        ==================



       * Denotes a party-in interest to the Plan.



                                      -9-




TEREX CORPORATION AND AFFILIATES'
401(k) RETIREMENT SAVINGS PLAN

SCHEDULE OF NONEXEMPT TRANSACTIONS
AS OF DECEMBER 31, 2003
-------------------------------------------------------------------------------------------------------------------

 Identity of        Relationship                                Purchase  Selling    Lease                     Current    Net Gain
Party Involved        to Plan          Description                Price    Price     Rental  Expenses   Cost    Value     or (Loss)
-----------------     -------          -----------                -----    -----     ------  --------   ----    -----     ---------

                                                                                              
Terex Corporation     Sponsor     Sponsor failed to remit
                                  employee contributions timely  $ 4,233   $ ---     $ ---   $ ---     $4,233   $4,233     $ ---




                                      -10-





                                   SIGNATURES


Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
trustees  have duly caused this annual  report to be signed on its behalf by the
undersigned hereunto duly authorized.


                               The Terex Corporation and Affiliates'
                               401(k) Retirement Savings Plan


                               /s/ Phillip C. Widman
Date: June 28, 2004            By:  Phillip C. Widman
                               Senior Vice President and Chief Financial Officer
                               Terex Corporation




                                      -11-