A power supply for converting AC to a regulated DC output current, utilizing two serial switched mode power supplies, the first providing an intermediate DC output voltage with only moderate ripple properties, this output being input to the second, which operates as a DC/DC converter to provide the desired output with low ripple and good regulation. The diode rectifier assembly has no reservoir/smoothing capacitor, or one of much smaller capacitance than in prior art power supplies. The large resulting rectifier output ripple is overcome by use of the two power supply units, at least the first having a smoothing capacitor at its output. A majority of the energy stored in this capacitor is utilized during each AC half cycle. Such power supplies also provide improved hold-up times. The power supply is also constructed to have low standby power consumption, by use of a double burst configuration.