This paper presents an interleaved active-clamping zero-voltage-switching (ZVS) forward-flyback converter without an output choke. The presented topology has two active-clamping circuits with two separated transformers. Because of the interleaved operation of the converter, the output current ripple will be reduced. The proposed converter can approximately share the total load current between the two secondaries. Therefore, the transformer copper loss and the rectifier diodes conduction loss can be decreased. The output capacitor is made of two series capacitors which reduces the peak reverse voltage of the rectifier diodes. The circuit has no output inductor and few semiconductor elements, such that the adopted circuit has a simpler structure, a lower cost and is suitable for high power density applications. A detailed analysis and the design of this new converter are described. A prototype converter has been implemented and experimental results have been recorded with an ac input voltage of 85-135Vrms, an output voltage of 12V and an output current of 16A.