Method and apparatus for performing AC/DC conversion to provide a regulated DC output with reduced distortion of the AC supply waveform. An AC supply is filtered and rectified to provide a DC signal. A plurality of flyback circuits, each having a series connection of a switch and a first winding which is connected in parallel to the rectifier circuit, as well as a second winding which is inductively related to the first winding, are provided. The second winding from each flyback circuit is connected in parallel through ORing diodes to form an output. The switches in each flyback circuit are repeatedly enabled and disabled in sequence. The first winding in each flyback circuit is energized from the DC signal when the respective series switch is enabled. When the switch is disabled, the inductively related second winding is energized. The combined output from each of the second windings provides a regulated DC signal.