An ac/ac converter for accepting a pulsating dc input with encoded sinusoidal modulation and providing a multiphase modulated output. The converter comprises a bridge including a plurality of switches having switch legs for modulating the pulsating dc input at a carrier frequency over a plurality of phases. The bridge is coupled at one end to a pulsating dc source and coupled at another end to a modulated signal output. A controller is provided for the plurality of switches for causing, for each of the plurality of phases, under unity power factor, one of the switch legs to modulate the pulsating dc input at the carrier frequency while the other switch legs do not modulate the pulsating dc input at the carrier frequency.