Magnetic field fluctuations have been measured in the TPE‐1RM20 reversed‐field pinch [inPlasmaPhysicsandControlledNuclearFusionResearch,Proceedingsofthe14thInternationalConference, 1992, Wu¨rzburg (International Atomic Energy Agency, Vienna, 1992) Paper IAEA‐CN‐56/C‐4‐3]. The dominant modes arem=1/n=7–9, resonant near the axis. The fluctuations are coherent, corresponding to nearly continuous rigid body rotation with poloidal and toroidal frequencies off&thgr;=130–170 kHz andf&fgr;=11–14 kHz, respectively. Discrete dynamo events (in which toroidal magnetic flux is generated) of two different types are observed at high values of pinch parameter (&THgr;≳1.6). The first type is triggered by a single, wall‐lockedm=1/n=7 mode. The slowing down of the mode rotation is in rough agreement with a simulation which assumes the effect of induced eddy current in the vacuum liner. In the subsequent relaxation event, the locked mode decays and them=1 spectrum cascades to higher‐nmodes. However, in some cases the saturatedm=1/n=7 mode exists for periods up tot=0.4 msec, resembling single helicity Ohmic states. The second type of event is characterized by phase locking of severalm=1/n=7–9 modes and the appearance of largem=0/n=1–5 modes. Mode rotation continues through the event, similar to the normal machine operating condition.