A circuit that utilizes most of the energy stored in the bulk capacitor of an AC to DC or DC to DC converter power supply by providing an intermediate converter between a first stage boost converter and a DC-DC converter. When the bulk voltage starts to fall during the hold-up time, the intermediate converter boosts the falling voltage to maintain the regulated DC input to the DC to DC converter while reducing the operating range and increasing the operating duty cycle, so as to increase efficiency, reduce peak current and voltage stresses. The circuit also reduces the size of the output filter components and reduces the size of the bulk capacitance by up to half.