A new switching dc-to-dc converter is synthesized which consists of the least number of storage elements (inductive and capacitive) and switches, and yet truly emulates the ideally desired dc-to-dc transformer having both input and output currents as pure dc quantities with no ripple. This result was facilitated by implementation of a new concept termed integrated magnetics, which leads in some special switching structures to the integration of otherwise independent and separate magnetic components (inductors and transformers) into a single magnetic circuit.