A ring oscillator circuit having an odd plurality of inverter stages (i.e., 2N+1 stages). In accordance with one embodiment of the present invention, only one of the inverter stages is operated in response to a variable input voltage, while the remaining inverter stages are operated in response to a highly filtered constant input voltage. The inverter stages that operate in response to the constant input voltage oscillate at a base frequency. The inverter stage that operates in response to the variable input voltage causes the frequency of the output signal to deviate from the base frequency by an amount determined by the variable input voltage. In this manner, the variable voltage inverter stage implements frequency control for the ring oscillator. The gain of the ring oscillator circuit is reduced by a factor of (2N+1) with respect to the gain of a conventional ring oscillator.