The pitch elicited by 300‐, 1000‐, and 3000‐Hz sinusoids frequency modulated by 20, 200‐, and 2000‐Hz sinusoids (the latter for the 3000‐Hz carrier frequency only) was investigated at 20 and 50 dB SL. The frequency deviation of the carrier frequency was ± 100 Hz for all stimulus conditions. Five normal‐hearing listeners matched unmodulated sinusoids in a free‐response task to any and all “pitches” perceived in the FM signals. Pitch matches occurred to individual spectral components when the component frequency spacing exceeded critical bandwidth. When component spacing was less than critical bandwidth, pitch matches occurred randomly within the energy band, at the center of the energy band, or at the ends of the energy band. No pitch matches were made in response to anything but spectral‐energy information.