An apparatus has a laminate substrate that has a first surface and an opposite second surface. A laminate transformer is located within the laminate substrate between the first surface and the second surface. The transformer has a first coil adjacent the first surface and a second coil adjacent the second surface. A magnetic core element on the first surface overlaps a portion of the first coil. A lead frame on the first surface is spaced apart from the magnetic core element. A portion of the lead frame overlaps a portion of the first coil to provide a thermal conductive path.