A power converter with high efficiency, low component count, and high step down conversion capability. The converter has a full bridge circuit connected to a pair of buck output circuits. The full bridge circuit and buck circuits are not isolated. In one embodiment, a transformer is connected between the full bridge and buck circuits without providing isolation. In operation, the transformer is operated as an autotransformer, which results in reduced voltages and currents applied to the switches. As a result, the present invention is capable of reduced switching losses, lower output voltage and other benefits. The present invention also includes an embodiment having coupled inductors instead of a transformer. Also, the present invention includes embodiments having additional parallel buck output circuits for higher power and higher current capability.