Abstract: An apparatus is disclosed for a combined transformer and inductor for transmitting power between a source and a load. The apparatus comprises a transformer core and an inductor core which are magnetically independent from one another. A primary winding is wound about the transformer core and is electrically connected to the source by a primary connector. A secondary winding is wound about the transformer core and is electrically connected to the load by a secondary connector. An inductor coil is wound about the inductor core and is interposed in series with one of the primary and the secondary windings. A plurality of air gaps are interposed in the inductor core for providing an inductance in one of the primary and secondary windings. The air gaps are uniformly distributed about the inductor core for uniformly distributing heat generated at the air gaps about the inductor core.