An inductive element for transforming and/or regulating voltage input from a multi-phase, interleaved power supply system into an output voltage to a load is disclosed. The multi-phase, interleaved power supply system includes a plurality of pulsed power sources, each of which is adapted to provide voltage at a discrete phase. The inductive element includes a magnetic core having, for each power supply, a distinct area of relatively-high magnetic reluctance, which is surrounded by areas of relatively-low magnetic reluctance, and a pair of windings. Each of the pair of windings includes a first, phase winding that is electrically coupled to an output of one of the pulsed power source and to the load, and a second, loop winding that is operatively coupled and proximate to the first, phase winding. Each of the second, loop windings is disposed serially on a closed loop.