BOSOZ regulator question

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I have finished the powersupply and regulator for the BOSOZ. I can see on my O-scope that the regulator takes all of the a/c component out of the 60volts, but I notice that when I put a load on the power supply, the voltage drops about 2 volts per rail. Is this correct? I would think that a regulator would hold the voltage constant regardless of load.
 
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