This paper describes an ac/dc converter system consisting of a voltage-source converter (VSC) with purely capacitive snubbers and a two-phase by three-phase cycloconverter, connected via a medium-frequency (MF) transformer. By alternately commutating the two converters, it is possible to achieve beneficial switching conditions for all semiconductor devices. A commutation and modulation algorithm is described, which allows for pulsewidth-modulation control of the output voltage while maintaining soft switching. Low-load operation of the converter is a potential difficulty because the load current may be insufficient for recharging the snubber capacitors of the VSC. However, if the cycloconverter is used to momentarily short circuit the transformer, a quasi-resonant commutation mode of the VSC can be achieved, making a fast and soft commutation of the VSC down to zero load possible, without an auxiliary circuit. Furthermore, the design and operation of a 40-kVA prototype converter system are described. The experimental results from the prototype clearly show the practical feasibility of the studied concept.