As the Mode-1 perforated-plate matrix transformer/inductor (M1PPMT), the Mode-2 perforated-plate matrix inductor/transformer (M2PPMI) is attractive for the construction of low-profile inductors and transformers for switched-mode power converters. Finite-element simulation suggests that the M2PPMI may be approximated as weakly coupled U-cores. Conventional inductance formulae for U-cores, however, can underestimate the inductance of the M2PPMI by as much as 50%, the error source being the magnetic material in the winding windows. An analytical approach to model the inductance of the M2PPMI is presented here. The approach is guided by finite-element simulation, and has been verified experimentally. It suggests design guidelines for practical applications of perforated-plate magnetic devices. >