An improved core-form transformer is disclosed. The core-form transformer includes a c-wrapped ribbon conductor with opposing wide sides and opposing thin sides. The c-wrapped ribbon conductor is wound around a core to form a plurality of coil sections. Adhesive is applied directly to one of the wide sides of the ribbon conductor to form a strong mechanical coupling within the coil sections. A novel transposing fold of the ribbon conductor is employed to create coil transpositions. The core-form transformer of the invention reduces circulating current losses while utilizing only a small number of transposing folds, generally adjacent to a first coil section, a last coil section, and an intermediate coil section.