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A novel circuit topology suitable for millimeter-wave voltage-controlled oscillators (VCOs) is presented. With the admittance-transforming technique, the proposed VCO can operate at a frequency close to the fmax of the transistors while maintaining remarkable circuit performance in terms of phase noise, tuning range, and output power. Using a standard micrometer CMOS process, a U-band VCO is implemented for demonstration. The fabricated circuit exhibits a frequency tuning range of 1.1 GHz in the vicinity of 50 GHz. The measured output power and phase noise at 1-MHz offset are -11 dBm and -101 dBc/Hz, respectively. Operated at a supply voltage of 1.8 V, the VCO core consumes a DC power of 45 mW.