A tapped inductor slave regulating circuit provides a second slave output voltage derived from a tapped connection to the filter storage inductor of a first output voltage of a switching power supply converter. In the converter, an unregulated voltage is provided through a switching circuit to a storage inductor to develop a first output. The switching circuit is turned off and a synchronous rectifier is turned on to freewheel the current through the storage inductor and the load. The storage inductor is center-tapped and coupled to a switching circuit to provide a second slaved output. The location of the center tap is chosen to provide the proper voltage of the second output. In one embodiment, the switching circuit for the slaved output is turned on during the freewheel portion of each cycle to provide a proper voltage level for the second output. In another embodiment, a separate local feedback circuit is provided to further regulate the second output voltage level.