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

                                  SCHEDULE 13G

                    UNDER THE SECURITIES EXCHANGE ACT OF 1934
                               (AMENDMENT NO. 1 )*
                                             ---

                               Equity Residential
--------------------------------------------------------------------------------
                                (Name of Issuer)

                                     Common
--------------------------------------------------------------------------------
                         (Title of Class of Securities)

                                    29476L107
                  -------------------------------------------
                                 (CUSIP Number)

                                December 31, 2003
         --------------------------------------------------------------
             (Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule
is filed:

[x] Rule 13d-1(b)
[_] Rule 13d-1(c)
[_] Rule 13d-1(d)

*The remainder of this cover page shall be filled out for a reporting person's
initial filing on this form with respect to the subject class of securities, and
for any subsequent amendment containing information which would alter the
disclosures provided in a prior cover page.

The information required in the remainder of this cover page shall not be deemed
to be "filed" for the purpose of Section 18 of the Securities Exchange Act of
1934 ("Act") or otherwise subject to the liabilities of that section of the Act
but shall be subject to all other provisions of the Act (however, see the
Notes).

                                PAGE 1 OF 4 PAGES




------------------------                                   ---------------------
 CUSIP NO. 29476L107                       13G                PAGE 2 OF 4 PAGES
------------------------                                   ---------------------

--------------------------------------------------------------------------------
 1     NAME OF REPORTING PERSON
       S.S. OR I.R.S. IDENTIFICATION NO. OF ABOVE PERSON

       Dodge & Cox                   94-1441976
--------------------------------------------------------------------------------
 2     CHECK THE APPROPRIATE BOX IF A MEMBER OF A GROUP*                 (a) [_]
                                                                         (b) [_]
       N/A
--------------------------------------------------------------------------------
 3     SEC USE ONLY

--------------------------------------------------------------------------------
 4     CITIZENSHIP OR PLACE OF ORGANIZATION

       California - U.S.A.
--------------------------------------------------------------------------------
                      5     SOLE VOTING POWER

     NUMBER OF              18,426,350
      SHARES       -------------------------------------------------------------
                      6     SHARED VOTING POWER
   BENEFICIALLY
     OWNED BY               202,000
                   -------------------------------------------------------------
       EACH           7     SOLE DISPOSITIVE POWER

    REPORTING               19,564,050
      PERSON       -------------------------------------------------------------
                      8     SHARED DISPOSITIVE POWER
       WITH
                            0
--------------------------------------------------------------------------------
 9     AGGREGATE AMOUNT BENEFICIALLY OWNED BY EACH REPORTING PERSON

       19,564,050
--------------------------------------------------------------------------------
10     CHECK BOX IF THE AGGREGATE AMOUNT IN ROW (9) EXCLUDES CERTAIN SHARES*

       N/A
--------------------------------------------------------------------------------
11     PERCENT OF CLASS REPRESENTED BY AMOUNT IN ROW 9

       7.1%
--------------------------------------------------------------------------------
12     TYPE OF REPORTING PERSON*

       IA
--------------------------------------------------------------------------------



          Item 1(a) Name of Issuer:
                    Equity Residential

          Item 1(b) Address of Issuer's Principal Executive Offices:
                    Two North Riverside Plaza
                    Chicago, IL 60606

          Item 2(a) Name of Person Filing:
                    Dodge & Cox

          Item 2(b) Address of the Principal Office or, if none, Residence:
                    One Sansome St., 35th Floor
                    San Francisco, CA  94104

          Item 2(c) Citizenship:
                    California - U.S.A.

          Item 2(d) Title of Class of Securities:
                    Common

          Item 2(e) CUSIP Number:
                    29476L107

          Item 3    If the Statement is being filed pursuant to Rule 13d-1(b),
                    or 13d-2(b), check whether the person filing is a:

                    (e)  [X] Investment Advisor registered under section 203
                             of the Investment Advisors Act of 1940

          Item 4    Ownership:
                    (a)  Amount Beneficially Owned:
                         19,564,050

                    (b)  Percent of Class:
                         7.1%

                                PAGE 3 OF 4 PAGES



                    (c)  Number of shares as to which such person has:

                    (i)  sole power to vote or direct the vote: 18,426,350

                   (ii)  shared power to vote or direct the vote: 202,000

                  (iii)  sole power to dispose or to direct the disposition of:
                         19,564,050

                   (iv)  shared power to dispose or to direct the disposition
                         of: 0

          Item 5    Ownership of Five Percent or Less of a Class:
                    Not applicable.

          Item 6    Ownership of More than Five Percent on Behalf of Another
                    Person:
                    Securities reported on this Schedule 13G are beneficially
                    owned by clients of Dodge & Cox, which clients may include
                    investment companies registered under the Investment Company
                    Act and/or employee benefit plans, pension funds, endowment
                    funds or other institutional clients.

          Item 7    Identification and Classification of the Subsidiary Which
                    Acquired the Security Being Reported on By the Parent
                    Holding Company:
                    Not applicable.

          Item 8    Identification and Classification of Members of the Group:
                    Not applicable.

          Item 9    Notice of Dissolution of a Group:
                    Not applicable.

          Item 10   Certification:
                    By signing below I certify that, to the best of my knowledge
                    and belief, the securities referred to above were acquired
                    in the ordinary course of business and were not acquired for
                    the purpose of and do not have the effect of changing or
                    influencing the control of the issuer of such securities and
                    were not acquired in connection with or as a participant in
                    any transaction having such purpose or effect.

                                    SIGNATURE

          After reasonable inquiry and to the best of my knowledge and belief, I
certify that the information set forth in this statement is true, complete and
correct.

Dated:  February 17, 2004
                                      DODGE & COX

                                      By:     /s/ THOMAS M. MISTELE
                                         ---------------------------------------
                                      Name:  Thomas M. Mistele
                                      Title: Vice President

                                PAGE 4 OF 4 PAGES