Soil moisture content from 0 to 2 m depth was monitored under 2-6 year old radiata pine (Pinus radiata) with three understoreys of bare ground, lucerne (Medicago sativa) and ryegrass/clover (Lolium perenne/Trifolium spp.) and under adjacent opengrown lucerne and ryegrass/clover pastures. By the fifth year soil moisture depletion/recharge pattern under the trees alone was similar to that under open pasture and under trees with pasture understoreys. Maximum plant available moisture storage was 207-223 mm in the top meter of this Templeton silt loam soil but only 69-104 mm at 1-2 m depth where coarse textures often predominated. Lucerne reduced soil moisture content (SMC) to lower levels during drier summers and extracted more water from 1 to 2 m depth than ryegrass/clover. Evapotranspiration (ET) during early summer when soil moisture was high was close to the Penman potential evapotranspiration (E p ), but the difference increased when SMC in the top meter dropped below 200 mm. The silvopasture treatments had higher ET in winter than pasture alone but this was still less than E p . Soil moisture deficits (SMD) at the end of each summer were sufficiently large to require slightly higher than normal winter rainfall and ET \ E p to recharge the soil to field capacity before the next summer. The soil moisture results, taken together with root and growth data, suggest that trees and understorey pastures are complementary in the first three or four growing seasons but this balance subsequently declines in favor of the pine trees. Management options, to extend the period that understorey pastures are productive, include reducing tree stockings, more vigorous pruning, using competitive understoreys and changing from pines to deciduous trees. Research on new silvopastoral combinations is suggested.