A power factor corrected (pfc) ac-dc converter has a modified boost input and a modified buck output. Unlike the prior art boost input, the boost switch returns to the output, not to ground. Unlike the prior art buck output stage, a third switch connects to the input. This allows much of the input current to pass through the converter to the output. There is no input current measurement, but nearly ideal power factor correction is achieved through "natural modulation." A preferred pfc ac-dc converter uses a variable dc-dc transformer on its output, as a post regulator, to provide dielectric isolation and to provide voltage level shifting. The output of the pfc ac-dc converter has the control characteristics of a buck converter, so it is a natural mate for the variable dc-dc transformer. An ac-dc buck converter is most efficient at its maximum duty cycle. It cannot regulate for a lower input voltage, but it can reduce its duty-cycle to control for higher input voltages. A variable dc-dc transformer is most efficient at its maximum ratio. It cannot regulate for a higher input voltage, but it can reduce its effective turns ratio to control for a lower input voltage. With a small overlap in their control ranges, both parts of the power system can operate at maximum efficiency. The variable dc-dc transformer controls the output voltage for nominal and low input voltage. The ac-dc buck converter limits over-voltage transients.