A variable inductor with a saturable core having three legs (42, 43, 44), including a center leg (43) and two outer legs. A control winding (45) is wound on the center leg and two outer windings (46, 47) are connected in parallel and wound on the outer legs. The inductances of the windings on the outer legs vary with the current through the control winding. The current through the control winding varies the saturation level of the outer legs. In one embodiment the inductance of the control winding is substantially constant with a change in current in the control winding. In another embodiment, the outer legs are saturated and the center leg is not saturated. Portions (48-51) of the core connecting the three legs are tapered down from the cross section of the center leg (43) to the cross sections of the outer legs (42, 44). The invention further includes methods of varying the inductance of an inductive circuit element in accordance with a control current.