The rapid development of solar power, electric vehicles, and microgrids has greatly contributed to the demand for multi-port power electronic transformers (PETs), and the modular multi-active bridge (MMAB) converter is currently the most commonly used PET. To reduce the number of transformers in the MMAB converter and to increase the converter power density, this article proposes an MMAB that combines multi-winding transformers and a high-frequency link (MMAB-MT). The proposed MMAB-MT converter has the same scalability and modularity as the MMAB but fewer transformers. The equivalent circuit of the MMAB-MT converter is analyzed, and a mathematical model is derived in the article. Finally, simulation results in MATLAB/Simulink confirm that the proposed MMAB-MT converter has the same electrical performance as the MMAB converter.