Abstract: Single, multistage, and distributed magnetic switched and tank resonant power conversion systems can use a transformer with a magnetic element operating in a non-saturated region (NSME). The NSME provides superior protection to conducted lightning transients, superior thermal operating bandwidth, higher magnetizing efficiency, greater flux/power density potential and form factor flexibility when implemented with many circuit strategies, some of which are disclosed herein. Efficient energy storage and transfer is achieved by the optimized application of NSME. The use of efficient rectifying flyback management techniques protects switches and provides additional output. The preferred embodiment teaches against common theories of transformers and uses a NSME in the core.