A magnetic component has a variable inductance over a range of DC bias currents. The component includes a bobbin with a coil positioned around a passageway between first and second end flanges. First and second E-cores (either conventional or EFD E-cores) have respective middle legs positioned in the passageway with end surfaces of the middle legs juxtaposed within the passageway and spaced apart by a first magnetic gap. An I-bar is positioned in the passageway parallel to and spaced apart from respective first longitudinal surfaces of the middle legs to form a second magnetic gap between the I-bar and the longitudinal surface of the middle leg of the first E-core and to form a third magnetic gap between the I-bar and the longitudinal surface of the middle leg of the second E-core. The magnetic component provides higher inductances for lower bias currents and provides lower inductances for higher bias currents.