  We calculate the pulsed fraction (PF) of the super-critical column accretion
flows onto magnetized neutron stars (NSs), of which the magnetic axis is
misaligned with the rotation axis, based on the simulation results by Kawashima
et al.(2016, PASJ, 68, 83). Here, we solve the geodesic equation for light in
the Schwarzschild spacetime in order to take into account the light bending
effect. The gravitational redshift and the relativistic doppler effect from gas
motions of the accretion columns are also incorporated. The pulsed emission
appears since the observed luminosity, which exceeds the Eddington luminosity
for the stellar-mass black holes, periodically changes via precession of the
column caused by the rotation of the NS. The PF tends to increase as
$\theta_{\rm obs}$ approaching to $\theta_{\rm B}$, where $\theta_{\rm obs}$
and $\theta_{\rm B}$ are the observer's viewing angle and the polar angle of
the magnetic axis measured from the rotation axis. The maximum PF is around 50
%. Also, we find that the PF becomes less than 5 % for $\theta_{\rm obs}
\lesssim 5^\circ$ or for $\theta_{\rm B} \lesssim 5^\circ$. Our results are
consistent with observations of ultraluminous X-ray pulsars (ULXPs) with few
exceptions, since the ULXPs mostly exhibit the PF of $\lesssim$ 50 %. Our
present study supports the hypothesis that the ULXPs are powered by the
super-critical column accretion onto NSs.
