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This paper proposes a simple, practical PSPICE model of a three-phase, three-legged, saturated transformer with accurate performance. The transformer is modeled with its electric and magnetic equivalent circuits and a simple but reliable characterization of its nonlinear magnetic behavior. Two three-phase transformers of 380/220 V, 7.5 kVA, and 60 kVA, respectively, are studied in order to verify the goodness of the model. The parameters of these transformers are measured in the laboratory, and comparison of the PSPICE model with real measurements has been successful.