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A time domain model for the ferromagnetic core is presented. The model includes the effects of hysteresis and eddy currents. Simulation of the nonlinear B-H trajectories is based on Preisach's theory, and it requires only the limiting hysteresis loop as input data. The model has been checked against measurements of the inrush currents obtained for a small transformer. There is satisfactory agreement between the calculated and measured current transients.