Filed by GMO Trust, on behalf of
                                                its GMO Pelican Fund
                                                Subject Company - Evergreen
                                                Equity Trust, on behalf of its
                                                Evergreen Large Cap Value Fund
                                                File No. 811-08413

                                                Filed pursuant to Rule 425
                                                under the Securities Act of
                                                1933; deemed filed pursuant
                                                to Rule 14a-12.


                                                        October 15, 2002



Dear Shareholders:

         We wanted to supplement our October 2, 2002 letter to you by letting
you know that a preliminary Prospectus/Proxy Statement was filed with the
Securities and Exchange Commission on October 8, 2002 in connection with the
proposed reorganization of the GMO Pelican Fund into the Evergreen Large Cap
Value Fund.

         As mentioned in our earlier letter, you will receive a final
Prospectus/Proxy Statement in the mail, on or around November 8, 2002. You
should read it carefully because it will contain important and more complete
information about the reorganization. A proxy card will be included with these
materials which you can use to vote your shares.

         In the meantime, the preliminary Prospectus/Proxy Statement is
available free of charge at the Securities and Exchange Commission's website,
which can be accessed at WWW.SEC.GOV. You can also get a free copy of that
document by calling GMO Trust collect at (617) 346-7646. The preliminary
Prospectus/Proxy Statement sets forth the identity of the participants in the
proxy solicitation and a description of the participants' direct or indirect
interests, by security holdings or otherwise. No authorized offer of a security
in connection with the proposed reorganization may be made except pursuant to
that final Prospectus/Proxy Statement.

         If you have any questions about the reorganization, our prior letter,
or this supplementary legend, I would also invite you to call GMO Trust at (617)
346-7646.

Respectfully yours,



GMO Trust



October 2, 2002


Dear Pelican Fund Shareholder:

I am writing to describe an upcoming change to the form in which the Pelican
Fund will be offered to investors.

The Trustees of the Pelican Fund have approved a "fund adoption" transaction
with Evergreen Investment Management Company, LLC (Evergreen Investments). The
Pelican Fund will become part of Evergreen's family of funds and be renamed the
Evergreen Large Cap Value Fund. The Fund will be made available to retail
investors using Evergreen's retail distribution network.

As a current shareholder of the Pelican Fund, you can continue to have access to
GMO's investment management expertise by participating in the fund adoption
transaction. Subject to certain regulatory approvals, the Evergreen Large Cap
Value Fund will have the same investment objective and operating policies as the
Pelican Fund. GMO will remain as the portfolio manager to the Evergreen Fund
after the fund adoption.

As background, GMO has offered the Pelican Fund to individual investors since
1989, and it is the only GMO fund offered directly to individual investors for
minimum investments of less than $1 million. During the past 13 years, the
retail investment marketplace has changed dramatically. Individual investors now
have a wide variety of tools and information available to them. We recognize
that retail investors have come to expect certain standards of service, and
deservedly so. GMO, as an institutional investment management firm, does not
offer retail shareholders the level of service that many other mutual fund
organizations do, and we have made a business decision to focus this part of our
asset management efforts as an investment sub-adviser to distribution firms that
are explicitly focused on serving the needs of retail investors.

GMO believes that retail investors will be better serviced by an organization
that has an existing infrastructure and is focused on fulfilling their needs. As
a shareholder of the Evergreen Fund, you will have the benefit of Evergreen's
services to retail investors while continuing to have access to GMO's portfolio
management expertise. Evergreen Investments is the brand name under which
Wachovia Corporation (NYSE: WB) conducts its investment management business.
Evergreen is a leading asset management firm serving more than four million
investors through a broad range of investment products with assets totaling over
$215 billion.

You will be receiving proxy voting materials on or around November 8, 2002.
These materials will explain the transaction in more detail, including a
discussion of how your shares in the Pelican Fund will be transferred to the
Evergreen Fund. Please read these materials carefully before voting. Should you
have any questions with regard to the fund adoption, please call the telephone
number provided in the voting materials.



I would like to thank you for the trust and confidence you have continued to
place in GMO over the years.

Sincerely,



Jeremy Grantham
Chairman of the Board