As a continuation of previous work by E. Ikeno on analysis of current wave form in non-linear parametric oscillator circuits with varying capacitance, an analysis is made on the current of one half of the frequency of a parametric oscillator circuit which has a saturation coil whose number of turns varies in continuous and periodic manner. When the characteristics of the circuit was examined by the phase plane method, there were found, independently of the initialconditions, three types of oscillation according to the codenser capacity, namely, steady oscillation, occational oscillation and no oscillation, and computation of transient wave form revealed the cases of occur-rance and non-occurrance ofoscillation: when the oscillation occurred, distortion of wave form was more than that of parametric oscillation caused by variation of condenser capacity.